How To DEAL With HIGH EARNEST MONEY Deposit

Earnest money, earnest money deposit, or EMD as what it's most commonly called, which serves as proof that the buyer's offer to purchase the property is made in good faith is something unavoidable and depending on the state, earnest money may often range between 1% and 2% of the home's purchase price. In hot housing markets, the earnest money deposit might even go from anywhere between 5% and 10% of a property's sale price. Some think that the higher the earnest money deposit, the more serious the buyer is about purchasing the property. But that's not always the case. You still have to think if it is normal for that state to have super high earnest money. An example from me and my student's conversation is Texas. $75,000 is not a normal number for an EMD in Texas. The normal EMD in Texas is between $2,000 to $5,000. The thing is, it matters very little if the EMD is high or not so long as you have an option agreement and you have the authorization to market that deal, then market it and still try to find a buyer for it. A buyer who is serious and is decided to buy that property would still be serious regardless if the earnest money being asked is low or high.

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