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.
We highly recommend Rick to help you find the perfect home. He was very kind to us, listened to us... read moreWe highly recommend Rick to help you find the perfect home. He was very kind to us, listened to us and really go to know us which meant he found our dream home. Working with Rick was easy and pleasurable he responded very quickly to our e-mails and texts. Rick made us feel like he had our back every step of the way and got us the best deal possible. read less