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By Matty Miller

With a track record defined by precision and local expertise, Matty Miller is a cornerstone of the Jacksonville real estate market. Since 2017, Matty has successfully navigated over 200 real estate transactions, earning his Broker’s license in 2019 to provide a higher tier of service to his clients. Currently overseeing a single-family property portfolio valued at over $50 million, Matty specializes in the strategic management and acquisition of high-value assets across the First Coast. His approach combines deep market data with a boots-on-the-ground understanding of Jacksonville’s unique neighborhoods. Whether working with institutional investors or individual homeowners, Matty delivers the seasoned perspective required to maximize value in Florida's most dynamic coastal markets.

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The major differences between earnest money and down payments.

What’s the difference between an earnest money (or binder) deposit and a down payment? Many people assume the two are the same, but that is not true. 

Essentially, earnest money is the deposit a buyer has to make to prove to the seller they are serious about purchasing the home. These are slightly high right now because we’re in a competitive market, and buyers use them to make their offers stand out. This deposit can be anywhere from 1% to 4% of the sale of the house. For example, if you want to purchase a home listed at $400,000, you’ll have to pay a $4,000 earnest money deposit when the contract has been accepted. One big thing to note is you can end up forfeiting the money if you do something that is against your contract, like walking away during the inspection period.

“People assume earnest money and a down payment are the same, but they're not.”

On the other hand, a down payment is what you pay when you close the transaction. If you have both, your earnest money deposit is applied to your down payment when you close. 

The two payments may have some similarities, but they are not the same. If you need more clarification on this topic, call or email me. I’m happy to be your real estate resource!

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