What is Earnest Money?

Earnest money is due shortly after a Buyer's offer on a home is accepted. There are some important questions to answer regarding "earnest money" --



How much do I have to put down?

When is it due?

Why do I have to put it down?
Is it refundable?
What if I change my mind (have concerns from the inspection), etc?

Where is it kept?

Who will protect it?
Can I get any of it back if I cancel?



Check out this video to find out the answers to these questions. As a buyer, you need to know all the ins and outs of earnest money--since it's your first investment in your new home.