Earnest money.

[Darren]

Can anyone tell me what the percentage amount of the selling price for property is typically required? Does it vary between residential and commercial?

[Minelson]

Every time we have purchased property it was just $500.00....

[po boy]

There are a number of variables such as purchase price, property type and your negotiating skills.
Never sign a contract with a non refundable earnest money deposit.

Here is a link that will help you understand the mortgage process http://www.mortgageunderwriters.com/

[Belfrybat]

When I sold my country property, listed at $84,000., the realtor set the earnest money at $1,000., which I thought was fairly low. But apparently unless a property is over $100,000., that is standard around here.

[AngieM2]

Mom and Dad just bought an $81,000 place and the earnest money was $500.

But for an auction house they tried on, it was $2,500 for having a place in the auction (it was refundable due to some circumstances).

this in N. Alabama area.

[Minelson]

For us it was still just $500 even though the properties were over 100,000.

[Becka]

Our realator told us $250 was acceptable for under $100,000 and $500 for property over $100,000.

[BethW]

There's no set amount here. Last time we bought a house, we were writing a contract on a house that we thought might have competing contracts, so we put down a deposit of $5,000 down to show how serious we were.

My mom's a real estate agent. She took receipt of a $50,000 earnest money deposit just last week.

[Darren]

The property is 7+ acres with 1000' of frontage on a US highway within city limits. Asking price is $350,000. The land has all utilities to the border and an unpaved access road through the parcel.

[KY Doug]

I don't think there is any set amount here. As others have said, if there are other bids, the amount of earnest money can make a difference.

I once bid on a house I really liked. I put $1000 up as earnest money only to have another bidder put up almost 50% of the same bid price.

Always make sure your deposit is refundable.

Doug

[Tiempo]

Ours was $1000 on $115k

[ChristieAcres]

Licensed Real Estate Agent here, but in WA State. I recommend Buyers decide how serious they wish to appear, by determining the amount of the Earnest Money and ALWAYS make sure the box is checked to insure it is refundable with multiple contingency "outs." When asked, I recommend $1,000 per $100K. I've seen Sellers choose between the same amount of offer and go with the highest Earnest $.

[Joshie]

Originally Posted by Darren

The property is 7+ acres with 1000' of frontage on a US highway within city limits. Asking price is $350,000. The land has all utilities to the border and an unpaved access road through the parcel.

Around here you'd expect to put down about $5000 in earnest money.