Upon execution of a residential contract, the buyer is required to deposit a defined amount as earnest money with a title company or the builder. The amount of earnest money is one of numerous terms that are negotiated between buyers and sellers. The amount of earnest money depends upon the local real estate market and whether its a buyers market or a sellers market.
When you’re buying a home in Spring Texas, the earnest money will typically be 1% of the sales price. When the Spring Texas real estate market is in the midst of a hot sellers market, the earnest money increases to 2% to 3% of the sales price.
If you are buying a new construction home in Spring Texas, the amount of earnest money will depend upon the builder. I’ve seen some of our builders require as little as $1,000 as earnest money while other builders require as much as 5% of the sales price as earnest money.
Simply put.... ultimate professional. Jill came and provided clear and concise guidance to our family as to what will... read moreSimply put.... ultimate professional. Jill came and provided clear and concise guidance to our family as to what will be required to sell our home quickly. I was involved in a relocation and had a tight timeline to sell my home and relocate my family to our new destination. Jill came in and showed us how to take a home that we loved and turn it into a "product" that someone else would love. The house sold in 7 days.... enough said. Jill will be a fierce advocate for you in negotiations and if you listen and trust her experience, she will be the best realtor you will ever have!! Thanks again for your excellent service! read less