Earnest Money
Under what circumstances can I actually lose my earnest money?
How is this different from down payment?
What is the usual amount and how little can I go?
How is this different from down payment?
What is the usual amount and how little can I go?
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I would like to know the answer to this one as well.
How little can I go?
I have seen as little as $1.00 cash.
A check for $1.00.
As much as the full downpayment.
Promissory notes;
a. Created for the occasion.
b. Existing Note & Deed of Trust
c. Personal Note.
d. Post dated check.
wsmann: what kind of concessions?
Around here you could expect to pay around 1% of the purchase price in earnest money though 1/2% is acceptable as well. Larger earnest money amounts are preferable if you are looking to get a price break.
concessions like price reduction, contingencies on yield, soil testing, inspections etc.
It seems locally sellers like to price raw land as though it was fully developed or close.