What is the typical earnest money deposit for a Grand Rapids home offer?
Most Grand Rapids offers include 1% to 2% earnest money — about $3,000 to $6,000 on a $300K home, with 2% to 3% common in competitive multiple-offer situations.
The typical earnest money deposit (EMD) on a Grand Rapids home offer is 1% to 2% of the purchase price, or roughly $3,000 to $6,000 on a $300,000 home. In competitive multiple-offer situations, buyers often raise the EMD to 2% to 3% — up to about $9,000 on the same home — to signal seriousness to the seller. Earnest money is delivered within a few days of mutual acceptance and held in the listing brokerage's trust account or by a Kent County title company. It is not paid to the seller directly and is credited back to the buyer at closing.
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