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 was exactly the realtor I needed. She is professional, experienced and focused on the end goal. She... read moreJill Wente was exactly the realtor I needed. She is professional, experienced and focused on the end goal. She knew exactly what needed to be done at the house to get the most attention when we started showing. Jill offered knowledgeable advice and pinpointed an approach that got my home sold quickly and at a great price! read less