2006-08-23 08:45:08 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
At one point in time, 2 percent was traditional, but no longer.
With a buyer's market like it is in most of the country, sellers have comparatively little leverage. With 38 sellers per buyer here locally, if you ask for a large deposit, your buyer is likely to walk. On the other hand, I want to see at least enough to cover seller's expenses, expecially if it's a 100% financing deal. Anything less than that and there's no incentive not to walk away after the sellers have spent all the money for inspections and repairs and signed another purchase contract or a lease for interim housing.
You're likely to spend a lot of money giving this person exclusive shot at buying your property for 30 days. You do deserve recompense if they don't close the deal.
There are alternatives that make sense. Ask your listing agent.
2006-08-23 13:07:42 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
It depends on the house price. Typically .5 to 1%, so on a 200,000K house you'd want atleast 1,000.
The stronger the earnest money offer, the stronger the offer. :-). If the buyer defaults, you can write it in that you keep the earnest money.
But typically, you DONT request it. They make an offer that includes the earnest money...and you can counter offer. But if they include a fair amount of earnest money, are you going to risk the offer by countering and asking for more earnest money and not changing anything else? That'd be silly.
2006-08-23 15:48:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I sold a house last year to buyers who had a history of walking away from deals because they found a house they thought they liked better. They had already walked away from 3 other deals before they made the offer on mine. I made them put $5,000 down on $170,000. The other times they had put $500 on similar offers.
The house I bought was $35,000, and I put $250 earnest money with the offer.
2006-08-23 17:09:13 · answer #3 · answered by Sharingan 6 · 0⤊ 0⤋
Just remember the larger the amount, the less likely the buyer will walk away from the deal.
2006-08-23 15:55:02 · answer #4 · answered by hirebookkeeper 6 · 0⤊ 0⤋
As much as you can get. Always more than $5,000.00 That's an amount people won't readily walk away from.
2006-08-23 17:26:50 · answer #5 · answered by Anonymous · 1⤊ 0⤋
It depends on the price and the state-but its about $1000.00
2006-08-23 16:15:14 · answer #6 · answered by Isabella789 4 · 0⤊ 0⤋