{"id":18357,"date":"2022-07-27T00:31:26","date_gmt":"2022-07-27T00:31:26","guid":{"rendered":"https:\/\/woodriverweekly.com\/?p=18357"},"modified":"2022-07-26T19:34:05","modified_gmt":"2022-07-26T19:34:05","slug":"showing-how-earnest-you-are","status":"publish","type":"post","link":"https:\/\/woodriverweekly.com\/index.php\/2022\/07\/27\/showing-how-earnest-you-are\/","title":{"rendered":"Showing How Earnest You Are\u00a0"},"content":{"rendered":"

BY ANNA & MICHELLE<\/em><\/p>\n

The expression \u201cputting your money where your mouth is\u201d demonstrates a monetary sincerity to what could be empty words.\u00a0In today\u2019s competitive market where multiple offers are common, sellers want as much assurance as possible that the buyer is sincere and will close on the sale.<\/p>\n

The seller who accepts a contract expects the buyer to follow through, but, in most cases, doesn\u2019t know the buyer either personally or by reputation.\u00a0The earnest money submitted by the buyer with the contract shows their commitment to the terms of the offer.<\/p>\n

If the amount is relatively small, the seller could be concerned that the buyer may walk away from the contract if they change their mind before closing.\u00a0The lost time could be injurious to a seller who is trying to meet a deadline.<\/p>\n

The more earnest money a buyer deposits indicates to the seller a higher level of commitment to the contract.\u00a0Except for stated contingencies in the sales contract, if the buyer fails to close on the sale, the earnest money could be forfeited.\u00a0Significant earnest money makes the seller feel more secure that the contract will indeed close.<\/p>\n

There certainly are a lot of things that can dictate how much earnest money is appropriate.\u00a0Local customs, price of the home and type of mortgage can all help to determine the proper amount.\u00a0In some areas, it may be common for it to be one to five percent of the purchase price.\u00a0In other areas, it might be a specific amount, like $1,000 to $10,000, depending on the sales price.\u00a0It really comes down to whatever the buyer and seller agree is the proper amount.<\/p>\n

Another strategy is for the buyer to put up an adequate amount initially prior to inspections or other contingencies, and then to put up an additional amount when the contingencies have been removed.<\/p>\n

The earnest money demonstrates the buyer\u2019s sincerity in making the offer and proceeding according to the agreement so the seller can take their home off the market and start making plans to move and give possession of their home.\u00a0A higher-than-normal amount could also help the seller to choose yours in a multiple-offer situation.\u00a0Ultimately, both parties want to close as anticipated according to the contract and the earnest money helps facilitate that.<\/p>\n

Your agent can explain what is customary for your area and price range.\u00a0Many times, a disinterested party, like a title company, will hold the earnest money and the sales contract will provide how to dispose of it should the contract not close.\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

BY ANNA & MICHELLE The expression \u201cputting your money where your mouth is\u201d demonstrates a monetary sincerity to what could be empty words.\u00a0In today\u2019s competitive market where multiple offers are common, sellers want as much assurance as possible that the buyer is sincere and will close on the sale. The seller who accepts a contract […]<\/p>\n","protected":false},"author":1,"featured_media":18360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[64,38],"tags":[],"class_list":["post-18357","post","type-post","status-publish","format-standard","has-post-thumbnail","category-better-homeowners-news","category-sponsored"],"_links":{"self":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/18357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/comments?post=18357"}],"version-history":[{"count":1,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/18357\/revisions"}],"predecessor-version":[{"id":18361,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/18357\/revisions\/18361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media\/18360"}],"wp:attachment":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media?parent=18357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/categories?post=18357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/tags?post=18357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}