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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

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    576 Allenton Way, Greer image
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    576 Allenton, Greer image
    576 Allenton, Greer $687,900

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    216 Pewter Circle, Simpsonville image
    216 Pewter Circle, Simpsonville $429,900

    Brand new 5 bedroom, 3 full bathrooms, located in the heart of the beautiful town of Simpsonville. You are greeted with a stunning foyer. Off to the left of the foyer yo...

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    125 Fennec Drive Unit Homesite 15, Fountain Inn image
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    80 Southwood Drive, Greenville image
    80 Southwood Drive, Greenville $599,900

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    101 Turner Street, Easley image
    101 Turner Street, Easley $268,900

    Welcome to downtown Easley's finest gem! Nestled on a private corner lot, this newly remodeled 3-bedroom, 2-bathroom home offers a truly captivating living experience. St...

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    209 Walla Walla Court, Greenville image
    209 Walla Walla Court, Greenville $475,000

    This amazing two-story home is nestled on a quiet cul-de-sac in Riverstone. The attached two-car garage (with epoxy floor, painted walls, overhead storage, and hanging tv...

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    102 Country Gardens Drive, Fountain Inn image
    102 Country Gardens Drive, Fountain Inn $249,000

    Welcome to an elegant home in the desirable community of Country Gardens, nestled in a tranquil area of Fountain Inn. Upgrades include brand-new vinyl-flooring throughout...

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    405 Grantleigh Court Unit Site 38, Simpsonville image
    405 Grantleigh Court Unit Site 38, Simpsonville $499,900

    BASEMENT HOME! Brand New Home in sought after Simpsonville Community, Ivy Walk! Conveniently located to Fairview Rd and Main Street Simpsonville. The Wrigley C on unfinis...

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    Recent Blog Posts

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    Things to do in Greenville SC

    • Main Street Fridays
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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
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    Simpsonville, Greenville County, SC 29681
    Office: 864-438-5050  Toll Free: 800-731-7703
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