Home Buying in 75068>Question Details

Tami Lewis, Home Seller in Little Elm, TX

Is the amount of earnest money required negotiable?

Asked by Tami Lewis, Little Elm, TX Thu Jun 14, 2012

Landon Homes - Little Elm, TX

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8
Guy Gimenez’s answer
Earnest money is not a legal requirement in order to have a binding contract and in most instances, earnest money amount is negotiable. I've purchased a number of homes with zero earnest money.
0 votes Thank Flag Link Thu Jun 14, 2012
If your are placing an offer on a home from an individual seller (not a REO/Bank Owned) then the Earnest money is negotiable.
Right now we are seeing many multiple offer situations. If you wanted to make your offer look even better, you could raise the amount of earnest money and that could make your offer stand out over another offer.
I would be happy to answer any more questions you might have.

Gary Wiseman
Keller Williams Realty
972-746-9143
http://www.collincountydreamhomes.com

I can also help you find a great agent in your area!
1 vote Thank Flag Link Tue Feb 5, 2013
Perhaps yes.....we'll help you take a look at all the options.

Bruce Lynn
Keller Williams Realty
214-675-6992
0 votes Thank Flag Link Thu Jun 14, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
The right amount of earnest money is whatever you think means you are serious about buying the property. Typically people will expect approximately 1%, but I have done significantly less than that and had deals close.

In some cases though the seller will have a required amount they want you to put up for a property. Now keep in mind you need to know the terms of the agreement. In most cases earnest money is refundable but when you are dealing with either builders and banks they sometimes find ways to keep your money if you do not close the deal.

Regards,


Chris Hutchinson Real Estate
The Michael Group
972.809.0607
http://www.chrishutchinsonrealestate.com
0 votes Thank Flag Link Thu Jun 14, 2012
When you are dealing with a builder, then they will usually have a set amount. However, it can vary if you are adding things at the design center. I'm guessing that you are working with Elmer Carino if you are building a Landon home in Little Elm? I would advise of obtaining a Realtor to help you through this process. I will help you if needed. My contact info is below.
972-800-7844
-Chris
0 votes Thank Flag Link Thu Jun 14, 2012
If you are buying a repo home then No it is not negotiable, there is a $500 or $1000 earnest money required. Homes that are owned by a person can be negotiable. Earnest money shows how serious you are as a buyer! So the more you put in too earnest money can put you 1st in line :)
0 votes Thank Flag Link Thu Jun 14, 2012
Of course it is. However, of all the elements that can be negotiated, choosing this one, the element where you will get your money back if you are a straight shooter, would only raise red flags.

Of course every situation is different and this one may be exceptionally unique. There is just SO MUCH we do not know.
0 votes Thank Flag Link Thu Jun 14, 2012
???? Where is your Realtor assist with your questions. All depends on many factors invovled

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

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0 votes Thank Flag Link Thu Jun 14, 2012
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