I wouldn't disagree with any of the answers here, but I'd suggest that the "average" amount of earnest money deposited with an offer to purchase contract can vary widely depending on what areas/neighborhoods of the City of Chicago that you're dealing with.
The amount of earnest money also can vary greatly depending on the purchase price of the property. Typically the higher the purchase price the more money you'll have to deposit but not necessarily a higher percentage of the purchase price. So if you have a $100,000.00 purchase and only put down 1%, you'll only need to put down $1,000.00. If that purchase price is $750,000.00, then the same 1% becomes $7,500.00.
What's most important is what specific agreement you come to with your specific buyer or seller. Good luck.
Broker Associate, Keller Williams Realty Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
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