• Mint
• 15 Mar, 2021

When a buyer is serious about purchasing a property, they use earnest money to signal their intent to purchase it. Although the deal is not finalized at this point, a significant earnest money deposit often prompts the seller to accept an offer, which changes the listing status to “under contract.” While the amount of earnest money required varies, it frequently amounts to 1 to 3 percent of the total cost of the home. While earnest money is not always required, most sellers...
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