The earnest money deposit is essentially a good faith deposit you make to secure your home. This is typically the first step of the home buying process. After your Bungalo home offer is accepted, your title company or closing attorney will collect 1% of the purchase price upfront and ensure this money is credited towards your total funds needed to close. Once we have confirmation your earnest money deposit has been received, we officially take the property off the market and start the process of closing on your home.
What is an Earnest Money deposit?
Secure your new home by depositing 1% of its asking price. Every dollar of this deposit is credited toward the purchase of your new home.
Written by Bungalo Team