teton wrote:
I just realized I combined two topics in my last post so I am splitting one off on its own. When I sent my contract to the seller, I included a $1000 earnest money deposit. They accepted my offer and my contract has been sent to my attorney. He sent me a letter stating what his services would include. He said that after both attorneys agree the contract is good to go, I will need to increase my earnest money deposit to $187000. This is ten per cent of the purchase price. I am financing with an FHA loan and my GFE says I need less than $6k at closing and this doesn't include the $1000 I already put up in earnest money.
Is this typical to ask for so much earnest money? In my contract, it says I will pay $1000 in earnest money. I am waiting to hear from the attorney to find out the purpose of the additional earnest money, but there are people here who are knowledgeable and may be able to give me answers to questions that I don't even think to ask.
Uh, you're buying a $1.87 million home through FHA?
Are you missing a decimal point, or maybe you added an extra zero?
10% earnest money is way more than I have seen. For us, we had to pay 3% earnest money, and that seemed like a lot since homes in our area are - or rather, were 
- more expensive than the national average.
