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How much earnest money is needed to buy a foreclosure?

April 26, 2017buy earnest foreclosure money needed

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How much earnest money is needed to buy a foreclosure?

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As a general rule, most banks will require buyers to put down $1,000 earnest money when purchasing a foreclosure. Some banks will require more and some banks may require less.This money is then applied towards a down payment or closing costs when the transaction closes.