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 is the ultimate professional! She anticipated questions I had and gladly/patiently answered any other questions I could come up... read moreJill is the ultimate professional! She anticipated questions I had and gladly/patiently answered any other questions I could come up with! She was organized and ready to move forward quickly getting me settled into my new house as fast as possible! I wouldn't buy another house without her! read less