When you sign an offer to purchase, your sales professional will ask you for ” earnest money.” This refers to a monetary commitment that shows you are serious about wanting to buy. Usually, you will be asked to write a check for one to 10 percent of the sale price.
This money will be held in a special escrow account. If your offer is accepted, your earnest money will be included as part of your down payment. If your offer is not accepted, you’ll get back all your earnest money. But keep in mind that if you back out, you may forfeit the full amount.