The earnest money's, also known as a good faith deposit, purpose is to show that the buyer is serious about going through with purchasing the property; this money is held by the title company as the money has to be held by a neutral third party.
The amount that is paid traditionally is 1% of the purchase price, but it can be increased or decreased depending on the circumstances or what the buyer is able or willing to submit.
If the buyer chooses not to buy the property and you notifies the seller in writing during the option period, the earnest money will be returned to the buyer, if the transaction is cancelled after the option period has expired the seller has the right to keep the earnest money as damages. Both the buyer and the seller have to sign a document releasing the earnest money, but if one of the parties refuses to sign trouble could ensue to the tune of three times the earnest money in damages paid to the rightful recipient of the earnest money.
Would you like to be a home by New Years? Christmas? It can be done!
Would you prefer a new home? I can help you navigate your way through the builder's paperwork and timetable; not being aware of these things can cost you money.
Make your offer a win-win. The best offers gives the seller something that they want while you get what you want. Instead of making a low offer, unless the property is over priced, give the seller their price but ask for a contribution for an interest rate buy-down, you will save a lot more money this way and you are telling the seller that their home is worth what they think it is (this keep their blood pressure down), but in the end you are getting what you want: Lower Payments.
Let's take a closer look: For every $1000 you save on price you save $5-10 per month on the payments, if you get the seller to pay for a point off your interest rate you could save hundreds.
FHA financing does not revolve around credit in that poor credit does not result in automatic denial. It is preferred that borrowers have good credit, but if there are some issues you will be allowed to explain what happened. If the underwriters are satisfied with your explanation the credit issues can be overlooked and approval is yours.
If you don't have enough good credit your utility bills can be used to show that you do have the ability to pay your bills on time, this will work only if you HAVE paid your utility bills on time. 
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As a full time professional buyer’s agent, I specialize in helping home buyers find the right property in the right area.
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