What is earnest money and how much do I need?
Earnest money is a good-faith deposit you put up when your offer is accepted, showing you're serious. In Florida it's typically 1% to 3% of the price, held in escrow and credited at closing.
With your contingencies intact, it's refundable if the deal falls through for a covered reason. We'll advise an amount that's competitive yet protected by your contract terms.
The deposit that shows you mean it
Earnest money is a deposit you make when a seller accepts your offer. It signals you are serious. In Florida it typically runs 1% to 3% of the purchase price and goes into an escrow account.
The deposit is held by a neutral party, usually the title company or a broker. It is not paid to the seller until closing.
It comes back to you
Earnest money is not lost money. At closing it applies toward your down payment or closing costs. If the deal falls through under a valid contingency, you usually get it refunded.
The right amount depends on how competitive the market is. Apply now and we will help you set a deposit that wins the home without overexposing your cash.
Verify the details for your own situation against these government and agency sources: CFPB Owning a Home guide and HUD homebuyer resources.