"How Much Is Min. Earnest Money To Put Down In New York"
How much is the minimum deposit i can put down on a home in New York. Do I legally have to put 10 dollars down to make it a binding contract. I would appreciate a breakdown as to how this works.
thanks
The answer is no. I have bought many houses with no earnest money check or deposit ever given. As long as the contract is signed is all that matters. The earnest money is for the buyer to feel comfortable with your decision and his.
The minimum is the least amount the seller will accept. Earnest money is negotiable.
If the buyer offers no contingencies and a quick closing, the seller may not be too concerned about taking his property off the market and not require a deposit.
Thanks for your help guys.
Anthony, those answers you received up to now may work in rural, upstate New York, they will not work in the Bronx or anywhere in the non-mountainous parts of the state!
Generally, NYC is an attorney town. They will generally not let their clients tie up their property without recieving 10% of the purchase price down on contract!
Check it out!
Bill
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Experience financing investor deals, investments in tax liens and real estate.