Reply to Earnest money in MD - where do buyers come up with 5-10% before selling their previous home?

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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][quote=Anonymous][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]

Yes, they have savings.

Is it uncustomary to have savings where you come from?[/quote]

Thanks for the snark. Actually, I don't have too much saved at the moment. I'm selling a large home worth 1M and most of what we have is tied up in that. Poor economy, a couple of kids in college, and a husband out of work for a while have made things a little tight. We could probably take it out of our retirement funds, but I was hoping to avoid that.

Anyway, thanks for your help (not).[/quote]

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