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Earnest Money Definition

Earnest money shows you’re serious: Typically when an offer to purchase a house is made, you, as the buyer, will also pay an “earnest money” deposit.  This deposit shows the seller that you’re serious about the offer to purchase the property. It is a show of good faith.

Earnest money deposit can typically range from $500 to $10,000 or more...depending upon the value of the property being purchased and the norm in your community. As your real estate professional, I’ll help you determine the appropriate amount to pay as an earnest money deposit. Sometimes the seller can also request a certain amount or a percentage of the sales price, and some may agree to accept less.

Usually the buyer's broker, or sometimes the listing broker will hold this deposit until you have an accepted offer. Then, within 48 hours after acceptance, that check will be deposited by the broker holding it into a special escrow trust account, and escrow will be opened. Although the closing attorney can hold the earnest money deposit, that is rare in Greenville SC real estate transactions.

earnest_money_depositYou should make sure that the amount of your earnest money can be made readily available before you consider signing an offer. Sometimes the amount of your earnest money deposit can help make your offer more attractive, especially in a multiple offer situation.

Once the offer is accepted and acknowledged, your deposit will be included as part of your down payment, and offered as a credit to you on the settlement statement. If your offer is not accepted, you'll get back your deposit.

Keep in mind that if you back out of an offer once it's accepted and all conditions have been met, you may forfeit the full amount of the deposit and may be liable for other costs incurred by the seller. But, there are also clauses that you can include in the contract that will allow you to get your earnest money back if say, the home inspection is not acceptable, home did not appraise for selling price, you were unable to obtain financing, or the seller refuses to make the repairs that the contract requires him to make.

Our team is very familiar with the real estate contract, and can help you avoid making mistakes that can cost you your earnest money deposit. Contact Victor at 864-438-5050 with your questions.

Hot New Greenville SC Homes for Sale Listings

531 Deep Water Court, Inman image
531 Deep Water Court, Inman $679,900

You will be amazed with the details inside and out of this custom-built Lake Cooley home. Randy Settle, Yaupon Construction, is known by his quality homes and attention ...

  • 3 Beds
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1 Cromarty Lane Unit 44, Simpsonville image
1 Cromarty Lane Unit 44, Simpsonville $377,975

All New For 2021! A Lofty Beauty…… This Kendall has a luxurious open floor plan with grand vaulted living room ceilings and classic gas fireplace that can be enjoyed whil...

  • 3 Beds
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202 Katie Lane, Easley image
202 Katie Lane, Easley $299,900

Gorgeous Mountain Views from this beautifully updated three bedroom 2.5 bath home with unbelievable Bonus Room. Offering 2700 SF, den with fireplace, NEW luxury vinyl ti...

  • 3 Beds
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10 Sunray Lane, Simpsonville image
10 Sunray Lane, Simpsonville $615,000

Rarely do you find a home that checks all the boxes, but 10 Sunray Ln is that home! The current owners went all out in upgrading this home and it shows! As you make your ...

  • 5 Beds
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3 Ginger Lane, Taylors image
3 Ginger Lane, Taylors $324,900

Golf course views in this ALL BRICK traditional family home, Featuring 4 bedrooms, 3 FULL bathrooms, plus an office. Quality build is proven with the extensive crown and...

  • 4 Beds
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2 Squires Meadow Court, Greenville image
2 Squires Meadow Court, Greenville $439,900

Located in desirable Stonehaven community and zoned for award winning schools, this all brick home with two car garage sits on nearly half an acre on a corner lot with fe...

  • 4 Beds
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208 Holly Branch Place Unit 17, Simpsonville image
208 Holly Branch Place Unit 17, Simpsonville $374,425

This gorgeous Newcastle home features an 8ft stained entry door with a beautiful entry foyer. Nice open floor plan that has beautiful hardwood flooring in all the main li...

  • 3 Beds
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  • 1438120 MLS
7 Paddock Run Lane, Simpsonville image
7 Paddock Run Lane, Simpsonville $299,000

Welcome home to this Beautiful Brick 4BR/3BA traditional CUSTOM BUILT family home in the sought after neighborhood of Webbington which exudes CLASSIC Elegance and Warm Li...

  • 4 Beds
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5 Milford Lane, Greenville image
5 Milford Lane, Greenville $159,500

Great Location! Just minutes to I-85, This home features 4 bedrooms and 2 full baths. Upon entering the home, you will be greeted by a spacious living room area with pr...

  • 4 Beds
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  • 1438103 MLS
219 Woodhaven Dr, Greer image
219 Woodhaven Dr, Greer $220,000

Beautiful 3 bed 2 bath home located conveniently near downtown Greer, BMW, inland port and GSP international airport.This home recently underwent a full remodel which off...

  • 3 Beds
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  • 278429 MLS
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Popular Neighborhoods

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Invaluable Resources

  • Contingencies in Real Estate
  • Why Use a Buyer's Agent
  • Zillow Zestimate Accuracy
  • Seller Closing Costs
  • Tips to Making an Offer on a Home
  • Tips to Successful Negotiations
  • Earnest Money
  • Homestead Exemption in SC
  • Radon in Your Home
  • Why a Home Inspection

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PRODUCER Realty, LLC
425 N. Main Street, Suite C
Simpsonville, Greenville County, SC 29681
Office: 864-438-5050  Toll Free: 800-731-7703
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