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What is earnest money or deposit?
Answers for Buyers
Sometimes new homebuyers forget about the "up front" cash needed when making an offer on a house. A seller is understandably suspicious of a written offer that is not accompanied by a deposit to show "good faith." Talk with your real estate professional about how much they recommend. A REALTOR® or an attorney usually holds the deposit, and it will become part of your down payment. If your offer is refused, your earnest money is refunded to you.
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