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Matt Shaw ABR
Licensed REALTORŪ
State of Iowa
Ph # 515.360.2247
Fax # 1-866-754-9351
4800 Mills Civic Pkwy #203
West Des Moines, IA 50265
Earnest Money:
Once you have determined your offering price you need to decide how much you want to put up for earnest money. Earnest money is a security deposit for the sellers that if they're accept your offer, take their house off the market, and not take any more offers that you're going to go through with the transaction and won't back out.
You want to your earnest money to big enough that sellers know you're serious, but not so big that you're placing significant funds at risk.
When competing with multiple offers on the same property putting a larger earnest money deposit down and showing the sellers your serious can give you that extra needed advantage over your competition.
Your earnest money will be cashed and held in the listing brokers trust account, or by another third party. When you close on the property your earnest money will be reimbursed back to you at the closing towards your closing cost.
Closing Cost:
Closing cost are fees that are incurred by the buyer and/or seller, and are paid at the time of closing. These fees may include but are not limited to origination fees, down payment, appraisal, and escrow fees. It is very common for the buyer to ask the sellers to contribute money back at the closing to help with these fees. You will usually find that the more you're asking the seller to help with your closing cost the less they're willing to negotiate on price.
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