I don't have much liquid cash to put in a deposit for the offer. Is it ok if I put an offer in without a deposit?
2007-03-26 09:10:17 · 5 answers · asked by thurznite 2 in Business & Finance ➔ Renting & Real Estate
Are you speaking of earnest money for a home purchase?
Yes, you can make an offer with no money attached. Sellers prefer to see some money up front for the house - it's a measure of how well financed you are. If you are short, you may fall out of escrow and the sellers have to start over. So, make sure you are pre-approved (not pre-qualified) before you go home shopping.
2007-03-26 09:16:55 · answer #1 · answered by John T 6 · 0⤊ 0⤋
Of course you can make an offer that does not include an EARNEST money deposit. However, most sellers want to be sure that a prospective buyer is serious (in EARNEST) about buying the property.
If you can somehow otherwise convince the seller that you do indeed intend to actually close, an EMD is unnecessary. But - this old saying is usually true: "money talks, _____ walks."
Perhaps you could purchase the property using a land contract and structure it so that part of your initial payments constitute the amount of the expected deposit.
2007-03-26 11:23:27 · answer #2 · answered by PLS 2 · 0⤊ 0⤋
It is OK if the seller is willing to accept your offer without earnest money down. Some people are also willing to take a small down payment like $100.00 but it is all up to the individual seller. You can also show them a pre-approval letter stating that you do qualify for lending for the amount of their property. Any Mortgage Broker in your state or Lending professional can supply you with that.
If it is Ohio or Florida, email me:
palmerdepetro@yahoo.com
Good luck,
Palmer
2007-03-26 09:16:48 · answer #3 · answered by Question Guy 1 · 0⤊ 0⤋
You can put as little as $500 for earnest money.
If you do not have earnest money, I am not sure how you would qualify for financing. It is also possible that the seller may want more than $500 for earnest money, but it is a place to start.
Also be aware that you will need the cash for inspections unless you expect the costs to be rolled into your closing costs. Your earnest money will be credited against the closing costs when you close.
2007-03-26 09:16:54 · answer #4 · answered by AuntLala 3 · 0⤊ 0⤋
Most real estate companies require a good faith 1% deposit.
2007-03-26 09:24:36 · answer #5 · answered by KathyS 7 · 0⤊ 0⤋