My first deal with an Agent, what to do

[Andre Clarke]

I meet a real estate agent who provided me with what’s supposed to be my first deal. The agreed price for the property is $80000. However, he is asking for $5000 Earnest deposit which must be paid to the title company within 3 days after seller sign the contract. Is this too much of a Earnest deposit?

[Michael Noto]

@Andre Clarke As you are probably seeing there is no playbook for how much of a deposit to put down and ultimately your agent can guide you but you can put down what you are comfortable with. 

With that said, if the agent is seasoned and knows what it takes to put down for a deposit to lock up a deal in your market I would take his advice.