When buying or building a home in Idaho, or in any state for that matter, the seller requires consideration in order to enter into an agreement with a buyer. Consideration is more commonly known as “earnest money,” which is a payment (outside of financing) to the seller that shows that the buyer intends on purchasing the property. You can call it a “good faith” payment in an effort to motivate the seller to take the home off the market and move toward selling the property to the interested buyer.
Where does the earnest money payment go?
Earnest money doesn’t go directly to the seller as it’s held in an escrow account and goes towards the final purchase price of the property once the transaction is finalized.
How much do I pay?