For San Diego Home Buyers

San Diego Real Estate Blog written by Exclusive Buyer's Broker, Justin Gramm.

FAQ - How much must I pay for my good faith or earnest money deposit?

Earnest Money DepositIf you're buying a home in San Diego County, you may be expected to put down an earnest money (good faith) deposit as soon as you've negotiated the purchase price and terms with the seller. From my experience, putting down a deposit that is worth 1-3% of the purchase price is typical. However, there are no hard rules concerning your earnest money deposit. Some sellers (perhaps a builder) may require a larger deposit, while other sellers may not care as much. Ultimately, the amount of your earnest money deposit will be determined by you and the seller as part of your negotiations. If you don't want to put down a large amount of money, you could certainly offer any figure that works for you, and see what the seller says.

Read Also: FAQ: Why do I need to pay an earnest money deposit? What is an earnest money deposit?

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Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage. He also writes this blog, "For San Diego Home Buyers."

Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.

If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or  E-mail.

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By: Justin Gramm

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San Diego Exclusive Buyer Broker, Buyer's Agent, Real Estate | DRE License #01855249
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