Buying a Home #7 - The Good Faith Deposit

After the home inspection, and the agreement on how to move forward in light of the inspection report provided to the buyer, the Good Faith (or "earnest money") Deposit is submitted. This is a sum of money that the Buyer is willing to have held in an escrow account until the closing date. At closing, the deposit funds are used for closing costs. The Deposit is a way to communicate to the seller how committed the buyer is to following through on the purchase of the property. It also gives the Seller peace of mind, knowing that funds will be ready and available to close successfully. 9 times out of 10, if there are 2 very similar offers on the table, the buyer with the greater deposit amount will secure the deal.

Our guest Ryan Burke is the Head of Sales of The Giambra Team at Keller Williams in Western New York, helping coach and lead 10 agents as well as transacting well over $1 Million in real estate monthly for his clients. He’s never too busy to share his expertise, and was generous enough to clear an hour of his busy schedule to join us in the studio for a discussion about deposits and loan applications.

A note from Nick and Erik:

Thanks for listening! Although we are a part of "The Giambra Team" with Keller Williams in Western New York, we have a passion for promoting others and providing resources for any consumer or professional in the industry.
We are Real Estate People and our mission is to make every real estate transaction inclusive, transparent, and rewarding.
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