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To the best of my knowledge there is no set amount, I think the norm in our area is 1% of your offer. The more you offer the more favorable the seller may be toward your offer.
Depending on the state you live in the amount may vary.In California, the maximum amount a buyer can lose as earnest money is 3% of the overall purchase price. This is true even if the buyers deposit is greater than the 3%. Therefore, as a buyers agent, I would generally not suggest their deposit be more than the 3%. In some cases buyers may not have 3% and in that situation a smaller deposit may be necessary. Customarily buyers will offer deposits from 1-3%. Some important things to consider may be understanding that along with other important aspects of a buyers offer, sellers generally view buyers deposits as an indication as too their motivation and commitment to purchase. Therefore in multiple offer situations the offer with the greater deposit may get some additional consideration. Lastly, if my buyer is inclined to try and get the property for much less than the listing price, I again may suggest he offer a higher deposit just to help offset the sellers reaction to the lower offer.I hope this information is helpful.Brad
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