How much earnest money do you put down? – Waterford Lake home buying tips

One of the questions Waterford lake home buyers ask me is how much earnest money do you put down?  When you write your earnest money check you want to show the seller that you are serious about buying their house.  If it is a $400,000 house you do not want to write a $500 check.  It would be more appropriate to write a $5000 check.  For a $200,000 house I would want you to write a $2,000 or $3,000 check.

Sure you could write a bigger check for an earnest money deposit, but there is an potential issue when doing that.  In Michigan the earnest money check is only released when a mutual released signed by buyer and seller authorizing the brokerage company holding the check to release the check to one of the people in the contract.  Either the seller or buyer gets it.

 

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Lotus Lake in Waterford MI

Lotus Lake in Waterford MI

So if there is a dispute on who is to get the check, or if the seller is just being a jerk they can hold up the release of the money indefinitely.  It could take court action to get the check released (this rarely happens).   So in my opinion put down enough to show the seller you are serious, but not enough that you cannot move on.  It do not want to be stopped from buying a house because the seller is obstinate about releasing the money for a short time.

So that is how much earnest money do you put down on a Waterford Lake home buying tips – just enough to show you are serious and not enough to worry about it being held in the real estate account.

So what lake do you chose?  Are you looking for a small quiet lake?  Or are you looking to drag the grandkids around on tubes.  Here are some different lakes in the Metro Detroit area.  Hammond Lake Waterfront Properties is in West Bloomfield and Harvey Lake Highland Township is a smaller lake too.  Whereas if you are looking at Lakefront Homes for Sale Heather Lake, Lake Orion Township you will find that it is a high end prestigious lake with no little lake cottages.

If you are looking for an Oakland County MI all sports lakes you can email me at yesmyrealtor@gmail.com or call me at (248) 310-6239 and I will be glad to talk to you about the local lakes.  I know the local lakes very well and the real estate prices.

Michigan real estate help

Michigan real estate help

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Phone: (313) 310-9855 | Email: yesmyrealtor@gmail.com