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.
Jill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge... read moreJill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge and truly could not have chosen a better realtor to work with. Jill is professional and patient, she is an incredible resource who is 100% there for her clients at all times. We had a lot of questions and didn't want to pay any closing costs or prepaid costs out of pocket - Jill is a Master Certified Negotiation Expert and it SHOWS. We got exactly what we wanted at the price we wanted AND had several bonuses thrown in, including appliances and gutters. She was there for inspections/walk-throughs and kept in contact with our builder's salesperson as well. If you want a strong realtor who is also pleasant to work with (which I've learned is rare), then Jill is the realtor for you!! read less