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Reply to "Earnest money in MD - where do buyers come up with 5-10% before selling their previous home?"
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[quote=Anonymous]We're new to the area and I undersand custom in Montgomery County is to deposit 5-10% of the purchase price as earnest money when making writing a contract to buy a home. This seems high to me -- it isn't the norm where we're from. We will be able to manage a big downpayment once our current house sale closes in a month. But in the meantime where do I come up with like 75k in earnest money on a new place? Do buyers take out short term loans for this? Am I missing something here? TIA.[/quote]
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