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Old 09-08-2011, 09:36 PM
 
23 posts, read 46,502 times
Reputation: 11

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Good evening everybody!

My cash offer for the property is accepted today but seller (bank) wants more earnest deposit money! The original one is $1000 and now bank wants 10% of house price!

Is it usual and why they want so much earnest money?

Please also recommend good home inspection companies or individuals to me because the bank also wants to move COE day earlier.

Thanks so much for help!

Chicago bull
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Old 09-08-2011, 09:40 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,204,096 times
Reputation: 2661
Quote:
Originally Posted by chicagobull View Post
Good evening everybody!

My cash offer for the property is accepted today but seller (bank) wants more earnest deposit money! The original one is $1000 and now bank wants 10% of house price!

Is it usual and why they want so much earnest money?

Please also recommend good home inspection companies or individuals to me because the bank also wants to move COE day earlier.

Thanks so much for help!

Chicago bull
They do that sometimes on less expensive places. They want to make sure you mean your cash offer.

Changing close of escrow does not effect the due dilligence period. You should know who you are going to use for inspections before making a cash offer.
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Old 09-08-2011, 09:41 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,995,060 times
Reputation: 5057
what was the amount on the listing... also is this a short sale or reo
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Old 09-08-2011, 09:43 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,204,096 times
Reputation: 2661
Quote:
Originally Posted by airics View Post
what was the amount on the listing... also is this a short sale or reo
The bank does not care. They simply counter offer to 10% on any cash offer.

You can walk or put it up.

The agent might have a claim against the listing agent...but that does not do the buyer any good.
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Old 09-08-2011, 09:46 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,995,060 times
Reputation: 5057
doesn't say that the bank countered though..
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Old 09-08-2011, 09:48 PM
 
23 posts, read 46,502 times
Reputation: 11
Reo!

Last edited by chicagobull; 09-08-2011 at 10:16 PM..
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Old 09-08-2011, 09:50 PM
 
23 posts, read 46,502 times
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Quote:
Originally Posted by airics View Post
doesn't say that the bank countered though..
The bank gives its account offer to change some terms today.
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Old 09-08-2011, 09:56 PM
 
23 posts, read 46,502 times
Reputation: 11
Quote:
Originally Posted by olecapt View Post
They do that sometimes on less expensive places. They want to make sure you mean your cash offer.

Changing close of escrow does not effect the due dilligence period. You should know who you are going to use for inspections before making a cash offer.
Could you let me know why I need to have the inspector before making a cash offer?

"You should know who you are going to use for inspections before making a cash offer."
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Old 09-08-2011, 09:58 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,204,096 times
Reputation: 2661
Quote:
Originally Posted by airics View Post
doesn't say that the bank countered though..
Practically they don't have to. About half REOs are negotiated by email with no signed stuff until the very end.

No valid contract but I don't think the lender cares.
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Old 09-09-2011, 06:24 AM
 
Location: Vegas, baby, Vegas!
3,977 posts, read 7,638,982 times
Reputation: 3738
Home inspection, is a waste of $$, BUT you need someone with common sense and some technical background to walk the house looking for MAJOR problems.

Unless you are willing to take the house 'as is' warts and all. you really should hire a home inspector

Jonathan
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