The Earnest Money Deposit (EMD) is an important aspect of the house buying process. This deposit essentially indicates to the seller that you, the buyer, are serious about wanting to purchase their home. The deposit shows you are committed. Once the deposit is accepted by the seller, the property is then taken off the market, therefore the seller is trusting that the buyer is eager to move forward with the sale. Otherwise, the seller is losing valuable time and money by removing the property from active listings. It is also a safeguard for sellers, deterring buyers from making offers on multiple properties.
It is quite possible that either a Seller or Buyer might change their mind about the sale/purchase of a home. While it is more common for the buyer to try to back out, there are occasions when the seller might also have a change of heart.
Many first-time home buyers find that the perfect home is out of their reach. The house prices, along with the down-payment expected, closing costs and inspection fees are too much to consider, and that is why many start looking for the perfect fixer-upper instead. According to a survey done by Realtor.com, nearly 60 percent of first-time home shoppers that are ages 18-34 say they would consider a house that needs renovations. A key factor for this is likely the expense of buying newer, turn-key houses.
If you are in the market to buy a new home, the Fall just might prove to be the right time to find the home you’ve been waiting for. While the majority of people hope to be completely moved into a new home by the fall, if you have the option to wait until the temperature start to drop, you might find that things work in your favor. As reported by the National Association of Realtors, you will find April, May, June and July are typically the busiest months for people to purchase new, or “new to them” houses. Families strive to be settled in their new location by the time the new school year begins, especially when moving to a new town.