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To exicute a legal and binding
contract your earnest money is required when making an offer on a property.
This is in effect a "good-faith" offer to the seller that you are sincerely
interested. Normally $500 to $1,000 is considered an appropriate earnest
money amount, however be sure to consult your Real Estate Agent for the
appropriate amount for your particular agreement. The earnest money will
be deposited into the "sellers" listing agents escrow account within 24
hours after a contract is accepted by all parties. Keep in mind that if
you "back-out" of the agreement you forfeit any earnest money provided
- - so be sure that you sincerely want to make the offer. Also, your contract
should ALWAYS be contingent upon your financing in the event that your
financial situation should change since the time of your prequalifications.
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