Earnest money deposits (also known as a good faith deposit) are usually the first payment you'll make as a first time home buyer, but they aren't talked about enough.

This deposit is usually required once a buyer's offer has been accepted, often within the same day or within a couple of days -- so as a buyer, it's important that you have the cash on hand in an account.

The biggest benefit to earnest money deposits is that it takes the home "off the market" and moves the listing from "for sale" to "under contract". This is good news for you as a buyer because it relieves the pressure of a) looking for more homes b) competing against other buyers and c) giving you an adequate amount of time to do your due diligence (inspections, appraisals, etc.) before you close.

In this video, I will address everything you need to know about earnest money deposits, which include:

1) When you pay them

2) Why they are needed

3) How much they are

4) If you can get them back

and more!

Like, comment, subscribe, and share to stay connected!

Relevant videos:

5 Things I Wish I Knew In My 20s: https://youtu.be/siCJ1cqT53g

5 Money Moves I'm Making In My 30s: https://youtu.be/SJvfzxhdAIQ

Does student loan debt impact you from buying a house? Yes: https://www.youtube.com/watch?v=G8f2_d63a2E&t=0s

My debt free journey: https://www.youtube.com/watch?v=C0Tyt3n7PCY&t=0s

Like, comment, subscribe, and share to stay connected!

More resources:

Book an "Ask Me Anything" one hour personal finance session: https://calendly.com/maximizedmoney/60min

Open a Chase Sapphire Preferred travel credit card & earn 60,000 points: https://www.referyourchasecard.com%2F6f%2FS9MGK26U1M&v=4kZeCxZqZ1E

Open an HYSA and get an extra 1% back in interest: https://www.marcus.com%2Fshare%2FJOS-2LH-CT84&v=4kZeCxZqZ1E

Instagram (we have lots of fun over here): https://www.instagram.com/maximized.money

TikTok (we have even more fun over here): https://www.tiktok.com/@maximized.money

The #1 Workbook for first-time homebuyers: https://www.maximizedmoney.com/ready-to-own

Ready to find the right real estate agent for you? Download my free checklist for questions to ask: https://www.maximizedmoney.com/homebuyer-checklist

Want to get your finances together for your big home purchase? Join my free Homebuyer Goals Challenge: https://www.maximizedmoney.com/homebuyer-goals-challenge