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 all-around excellent realtor. We had an excellent experience and results with her assistance in... read moreJill Wente is an all-around excellent realtor. We had an excellent experience and results with her assistance in selling and purchasing our home. She has detailed knowledge of the communities she works in. Jill assisted with ideas on how to prepare the home for sale. She put in all the time, effort and recommendations needed to help us purchase the ideal new home. She accompanied us throughout the entire process. Her negotiation skills aided us in obtaining more money for our home sale and in lowering the amount for the purchase of another. read less