What to consider
When you’ve finally found “the one,” it’s time to make an offer. This can become a strategic chess game, and you (and your realtor) must find the balance that will get you the house without compromising your budget.
Your offer should be competitive but not extravagant; it should be detailed and specific; it should utilize proposed contractual contingencies without offending the seller. It’s the written equivalent of walking a tightrope, but that’s why your realtor is there to help. Your offer may be accepted, rejected, or countered, and it takes a practiced hand to play the game of counteroffers and win.
Your earnest money deposit (EMD) is a sum of money that you agree to pay upfront to show the seller that you are serious about your offer. Exactly as it says, EMD is a deposit. It is applied towards any upfront costs you have when buying the home. Based on the terms of your offer, you may be able to back out of the contract and get your EMD refunded before certain dates. Your CityWorth real estate agent will help you keep track of those milestones. If you lose your EMD, it goes to seller to make up for them having to put their house back on the market. If you are thinking of changing your mind after placing an offer, just make sure you are within the dates of your contract.
If a seller is reviewing multiple buyers on their home, they may go with the offer that has the highest EMD because those buyers are putting up more risk to get the home.