What is earnest money and who gets to keep it? If you’re a seller reviewing offers for your home, earnest money is the good faith deposit on the sale of the home. Some buyers will offer higher earnest money to show they are serious about the sale. Keep in mind this money goes towards down payments and closing costs at closing. If the buyer terminates the contract, there are different situations where the buyer or seller would keep the earnest money, but generally speaking the earnest money is refunded to the buyer at closing so it’s not something that is going to increase your bottom line, it just shows a buyer is serious about your home.
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Realtor® | Real Estate Negotiation Specialist
North Star Team at Compass