How Much Earnest Money Deposit Is Required in Buying A House?

When home buyers have chosen a home to buy, they declare their commitment to the seller with a sizable chunk of change known as an earnest money deposit. The seller needs reassurance. The earnest money deposit demonstrates your good faith in purchasing the home and your intent to move the deal forward. Hence, it is also referred to as a “good faith” deposit. 

A higher earnest money deposit could not only help buyers get the home over other offers but may also allow them to gain more flexibility with the seller on the overall deal. That could include better terms on the closing date or asking the seller to make repairs before move-in.

So, how much earnest money deposit is needed when buying a home in Washington State? 

There is no standard requirement amount for earnest money deposits in Washington State. It is negotiable between the buyer and seller however, Washington State home buyers generally make an earnest money deposit of 1% to 3% of the sale price. You will want to rely on your local real estate professional to make sure you're on the right path. They know the “norm” for your area. It is also important to remember, the deposit sends a strong signal to the seller, and it could affect your chances for success. 

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