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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

    106 Strongridge Trail Unit Lot 224, Simpsonville image
    106 Strongridge Trail Unit Lot 224, Simpsonville $393,829

    Conveniently located within a minutes drive to I-385, Downtown Simpsonville, Downtown Fountain Inn and easy access to Harrison Bridge Road and Fairview Road.The Devonshir...

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    401 Chick Springs Road, Greer image
    401 Chick Springs Road, Greer $313,000

    Location Location Location!!! Perfect Location in Greer SC. This 4 Bedroom 2 Full Bath all brick ranch home is situated on a spacious corner lot perfect for cookouts and ...

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    19 Lynell Place, Greenville image
    19 Lynell Place, Greenville $499,000

    Beautiful 4 bedroom home in highly desirable Forrester Heights sitting on end culdesac lot. Not only does it have 4 bedrooms but it has a large office on main level off ...

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    37 Elmsley Road, Greenville image
    37 Elmsley Road, Greenville $573,990

    THIS IS VERDAE AND HOLLINGSWORTH PARK!! RARE OPPORTUNITY TO BE A PART OF GREENVILE'S PREMIER COMMUNITY!! OVER 25 HAVE SOLD SINCE THE NEW YEAR!! THIS COMMUNITY IS ONLY 12 ...

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    135 Hester Store Road, Easley image
    135 Hester Store Road, Easley $850,000

    Great find a short distance from Greenville and North of Easley. This 4 bedroom, 3 1/2 bath home has had many updates. The main house is a custom built brick ranch with c...

    • 4 Beds
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    104 Woodgrove Way, Greer image
    104 Woodgrove Way, Greer $285,000

    Welcome Home! This Beautiful 3 bedroom 2 bath spacious home was built in 2020 and is located in Woodgrove subdivision only minutes from BMW and Highway 101. You will lo...

    • 3 Beds
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    22 Larose Court, Simpsonville image
    22 Larose Court, Simpsonville $489,000

    Beautiful craftsman style home in newer section of much sought after Kilgore Farms. This practically new home is in immaculate condition and offers all that you could ev...

    • 4 Beds
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    7 Matlock Circle, Greer image
    7 Matlock Circle, Greer $118,500

    Location! Location! Wonderful and rare opportunity to purchase a diamond in the rough in the heart of Greer off Hwy 14 just minutes from downtown Greer. This location is ...

    • 2 Beds
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    • 1471481 MLS
    3 Meadow Ridge Drive, Greer image
    3 Meadow Ridge Drive, Greer $375,000

    Welcome Home! What an opportunity to get a 3 bed, 2 bath, 1/2 bath and bonus room home in Greer close to nearly everything!!! Not a cookie cutter home at all! Great fr...

    • 3 Beds
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    • 1471480 MLS
    12 Parkins Oak Court Court, Greenville image
    12 Parkins Oak Court Court, Greenville $2,124,000

    BUILDER PERSONAL HOME - 5 Bedrooms/2 Bonus Rooms/Large Upstairs Office or Craft Room/3 Car Garage, 1 Acre private lot/ Large back porch with sliders for indoor-outdoor en...

    • 5 Beds
    • 5 Baths
    • 1471479 MLS
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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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    Simpsonville, Greenville County, SC 29681
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