Question 1

Do I need to have Earnest Money and if so, how much?"

Accepted Answer

The Seller will want as much earnest money as possible, while the Purchaser, will want to put down as little as possible. There is usually a little negotiation involved in this process. The range for earnest money is typically somewhere between one to four percent of the purchase price.

Question 2

What happens to my earnest money if the deal doesn’t close?

Accepted Answer

Depending on the circumstances of the closing failure, the seller, purchaser or both could be responsible for the fees. In the case a dispute is taken to court, having an attorney is having help on your side.

Question 3

If I have a loan pre-approval from my lender, should I have a financing contingency in my contract?"

Accepted Answer

Yes you should have a financing contingency. Most pre-approvals from lenders are merely an indication of your general creditworthiness, and is NOT a commitment to loan you money for the particular house you are buying.

Question 4

What costs can I expect to pay at closing?

Accepted Answer

Real Estate fees vary case by case due to types of property and whether you’re the buyer or the seller.

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FAQ