“EMD” Earnest Money Deposit
Typically 1-3% of purchase price. Can be a personal check. Usually check is made out to the agent’s brokerage and deposited in the brokerage escrow account.
Appraisal Fee & Home Inspection
$400-500 for appraisal. $350 to $1000 for Inspection.
Conventional loans – At least 10-20% of purchase price, but for those with excellent credit, there is a new conventional program where buyers can put 3% down.
FHA loans – At least 3.5% of purchase price
Physician’s only loans, Rural Development Loans, and Veteran’s Administration Loans – Can be as low as $0 down.
Average about 2-6% of sales price of the home
and can include
Up to one year’s worth of taxes to be paid in advance, up to one year’s worth of insurance to be paid in advance, lender fees, lenders title policy, recording fees, and underwriting fees.
How is a real estate agent compensated?
In most cases, the seller pays the real estate agent’s commission. There is generally no fee charged to the buyer.
*This information is based on buyers purchasing in SE Michigan area.