The earnest money deposit (the cash you as a buyer offer to hold a real estate property) is one of the most important and misunderstood parts of the home-buying process. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that home buyers can expect to put down anywhere from 1% to 10% of the real estate purchase price as earnest money. An earnest money deposit tells a seller that the buyer is serious about closing. Without earnest money, buyers could theoretically make offers on multiple homes, essentially taking them off the market until the buyers decide which one they like best. Check out below to see what sold in Highland Lakes in December 2019:
19856 Irongate Court, Northville: 2 bedrooms, 1 bathroom, 884 sq. feet, Sold Price: $121,500
Highland Lakes Home Sold
December 2019
Earnest money remains in an escrow account or with the title company until the real estate sale closes. And, if everything goes off without a hitch, that earnest money is transferred from escrow and put toward the buyer’s down payment and closing costs. For more information on Highland Lakes, or similar Northville or Novi neighborhoods such as Country Place, Crosswinds West and Lakewoode Parkhomes, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.