It's sort of weird but economically many forms of fiction seem to be farm leagues for Hollywood (and, increasingly, prestige TV). "Here's ~$25k. If you can make a character a million people care about, we'll bring in 1,000+ professionals and carve your vision out of the ether."
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Peanut gallery: Earnest money typically means “I have the strong current intent of closing on this deal but I probably don’t have financing arranged for it yet and can’t w/o you agreeing to a price so here is 2% of the sale price for you to contract up. If I walk, you keep it.”
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I wonder what the ratio of executed and non-executed contracts are for novelists vs home ownership. Completely speculating here, but if the answer is “not many get executed” I suspect there’s less “earnestness” than the housing market.
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Oh, options absolutely make sense to me, I think that for most transactions, both buyer and seller are ahead in EV. (Funny how that's true for nearly every mutually consentual transaction, eh?) I've often thought of it as a non-refundable deposit.
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In fact, it didn't take more than a few minutes of thinking for me to realize "Huh, this transaction makes sense." But as a young 20-something undergrad, it's weird to learn that there are people who basically get paid to not do something.
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