Shokoofeh Nowbakht

How much does it cost to make an offer?
October 2, 2008 · Shokoofeh Nowbakht  

“How much does it cost to make an offer,” my first time home buyer asked.  Nothing, but you do need to write a check for up to 3% of the purchase price, made out to a title company of your choice. This is the “earnest money,” or “good faith money.” This is not a down payment, but just a deposit to secure the offer or contract to show how serious the buyer is. In the simplest words, by default, buyer has 17 days, unless otherwise stated in the contract, to cancel the contract and get their deposit back.

 

 

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Filed Under F A Q, Local Trends, Real Estate Finance, Real Estate for Buyers and Sellers

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