An earnest money deposit is also called an initial deposit, and it's typically made to show the seller just how serious a buyer is. There are several things to note before handing over several thousands of dollars though. Not only can earnest money deposits tie up money, which could otherwise be used for a more suitable property, but there is a possibility the earnest money deposit can be lost to the seller. Learn more about what it takes to navigate this process so it's mutually beneficial to City Centre home buyers and sellers.
For informational purposes only. Always consult with a financial advisor before proceeding with any real estate transaction.
Earnest money is not required for home sales, and it's entirely negotiable. It's…