What Is Earnest Monday & Why Do You Need It?
The world of real estate is as vast as it is exciting. Buying homes in Colorado Springs can be incredibly rewarding, but there are numerous little details that demand proper attention and consideration in order for you to be successful. The MacGuire Team is here to help you make sense of real estate with this insider info on some of the pieces that make up a real estate transaction. This week, we're delving into one of the pieces found at the very beginning of the process: earnest money. The Background On Earnest Money Earnest money is a check you provide when you submit your offer on the home you wish to purchase. This check is essentially a deposit designed to prove to the seller that you are seriously interested in purchasing the property. There is no magic number for the amount of earnest money you should provide, but it generally ranges from 1-3% of the home's total purchase price. The earnest money you submit does not go straight to the seller. Rather, i...