What is earnest money?
Earnest Money is similar to a security deposit placed down by the buyer on the property. Depending on the price, location and terms agreed upon, the buyer and seller negotiate the amount offered as Earnest Money. There are terms surrounding what may or may not happen to these funds in the event of default, so please be sure to review your contract for full understanding. Of course, you can always contact us for more details!
How long does it take to buy a home?
This really depends on a few factors, but once a buyer has made an offer on a property, we estimate most closings to take 45-days or less. Each loan type and contract terms can be different, so be sure to refer to your contract for the “closing date”.