Tip #15: Binder deposits - what are they? And typically, how much is it?

Daily Real Estate Tip #15!

“What is a binder deposit? How much are they? Who does it go to? Is it my money or the sellers?”

Are you currently shopping for a home? Getting excited to put down an offer soon? Are you prepared for the next steps after you make an offer?

One of the checklist items after your offer was accepted (congratulations!) is your binder deposit or aka “earnest money deposit.” It’s typically due within 3 days after you go under contract. Keep in mind, that’s a negotiable term in the offer paperwork!

The other negotiable term is the amount!

Check out the video below to learn more about binder deposits and find how much they typically are!

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