Earnest money shows your interest and seriousness in purchasing a property. When your bid is accepted on a HUD home, you have to show that you are serious about purchasing the property, which is done with the earnest money. Unlike standard home sales, however, you do not have put a large amount of money down. The typical earnest money deposit is $500 for homes selling for $50,000 or less and $1,000 for homes selling for more than $50,000. This money is due to HUD before the … [Read more...]