Roadmap to Homeownership
You’ve Decided to Buy and Have a Pre-Approval!
Making an Offer
Your Realtor will help you prepare an offer that will likely contain some contingencies. Expect to put down an earnest money deposit of at least $1,000 and often much more. Deposits indicate to the seller that you are serious and it will be applied towards your purchase. Homes with multiple offers may require a larger deposit in order for you to stand out. First time homebuyers that live at home may have a particular edge since their purchase isn’t contingent on the sale of another home. This is appealing to sellers looking to reach settlement quickly.
Link to: “Some Costs to Consider When Buying a Home” – Marcia Singh’s Blog entry