Emily Wong - Real Estate Expert

In most cases, sellers will ask for a good faith deposit which is also called earnest money. This safeguards the interests of both the seller and the buyer. Earnest money shows the seller you’re serious about buying the home, which can be reassuring to them if they agree to take the house off of the market while awaiting the appraisal and inspection results.

If you’re a homeowner, think back to your experience being a first-time buyer. What do you wish you would’ve known? What would you tell first-time buyers before they enter the world of homeownership? We would love to hear from you!