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I am competely new at short sales process and I hope that someone can help me.
I put an offer in for a house that is on short sale, and other than the initial good faith payment, my agent wants me to put down 10% of the purchase price by approx. 20 days after i submitt my offer. I dont see any other people ask about this.... and I hope someone can tell me if this is the usual process? after reading about the waiting time for short sales, I just dont want to get my money tie up in this if I can help it.
First, a buyer can put down as much or as little as they like. In fact, buyers don't technically need to put down any amount to have a contract. However, that does not mean that the seller will agree to your offer, and they may prefer to have you put more money down so that you feel more engaged in the process...and be less likely to walk away. Often times, it comes down to local tradition and your agent is the best person to offer you advice on that but, no matter what, if you are in multiple bid situation (happens here a lot), the seller will look most favorably on the offer with the best price, terms, and earnest money deposit.
I would be afraid to have that much money on the line. When I put my good faith deposit Of $2,000 (California) my agent only photo copied the check and sent the photocopy along with the contract. My agent held the check herself. It was not deposited until 3 months later, after the banks accepted our offer, and even after we had our inspection of the house. Not sure how your state works, but it would concern my to put 10% down, unless the house is listed for a pretty low price where the 10% isn't a ton of money (my frame of reference is 350K is reasonable where I live).
my agent wants me to put down 10% of the purchase price by approx. 20 days after i submitt my offer.
Nothing wrong with telling your agent "no". People forget how to say "no" these days. Short sale approval could take 12 months or even longer.
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