What is Earnest Money?
My name is Nicole Serviss and I’m a REALTOR® who helps families north of Seattle invest in real estate so that they can upsize to the house of their dreams.
In Washington State, our real estate contracts are designed to protect the buyer's earnest money, as long as the buyer follows the terms of the contract. It's important for a buyer to do their due diligence in all areas before committing 100% to a home.
We have contingencies for reviewing HOA documents, inspections, listing information, title reports, etc. Having a knowledgeable REALTOR® by your side will help the buyer better understand the risks involved with each unique property. As long as you terminate your contract within the agreed timeframe, you'll get your earnest money back.
Many buyers in this competitive market are opting to make their earnest money deposits non-refundable and immediately released to the seller. This makes their offer more desirable, but can be nearly impossible to recover those funds unless the seller defaults on the terms of the contract.
I would encourage any buyer making an offer to make sure you have a skilled REALTOR® who will answer any and all their questions. Read every document sent to you and read it thoroughly. Ask your agent to guide you on where to look for the information you don't currently have, and take the time to understand the information you find. I would also add that I'd never offer more earnest money than I was willing to lose.
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Where I show you how I help families move up to the home that better fits their needs.
