"Welcome to Rachel Gibson, REALTOR® podcast series! Today, we're diving into a crucial part of the home-buying process: the earnest money deposit. Whether you're a first-time homebuyer or just brushing up on your real estate knowledge, understanding earnest money is key. So, let’s break it down."

"Alright, let’s get to the basics. An earnest money deposit is a sum of money a buyer puts down to show they're serious about purchasing a property. Think of it as a good faith gesture."

"Usually, this deposit is made when the buyer and seller sign a purchase agreement. The amount can vary, but it often ranges from 1% to 3% of the purchase price. In some markets, it can be more or less." In the Kingman, AZ market it tends to be a standard $1000 in land and in housing it's between $1000 and $5000 depending on how competitive the house in quest ...