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The seller of the home I am buying in Sound Beach wanted 10K in earnest money. We were equally as surprised and figured our measly 1K would be enough. We settled on 5K...but I got an earful about how this is the state of the market these days. Once again...all real estate is local! IN Utah, where I am selling my home, 1K would be plenty for earnest money.
I was also told (as Tom says) that the earnest money will not be used and I would get it back. It is more for the warm fuzzys of the seller. Best to work this with your lawyer.
Thats nuts
The buyer should be driving the deal in this market
not the seller
Id walk out on principle(its not like theres a shortage of inventory) then tell them they need to lower their price 10k just for pi$$ing me off.
It is at all possible to buy a house with 0 down? I have heard of people who have done it...how does that work?
There are definately programs that allow for no money down. In fact, there are programs that provide 106% financing, allowing you to finance your closing costs as well.
The difference in these programs between now and those of a couple of years ago (that are now blowing up) is that they are "full documentation" loans. In other words, you need good credit and be able to prove your income.
The buyer should be driving the deal in this market
not the seller
Id walk out on principle(its not like theres a shortage of inventory) then tell them they need to lower their price 10k just for pi$$ing me off.
Im funny like that
F them
C
Come on, C. I thought you were smarter then that. If someone wanted you to take your house of the market, would you do that for $1,000? Even though it is a buyer's market, sellers still need to protect themselves. You have to weigh the entire situation. Look back to my post on this thread about the difference between pre-approval and pre-qualification to get a better idea of the risk involved for the seller.
Come on, C. I thought you were smarter then that. If someone wanted you to take your house of the market, would you do that for $1,000? Even though it is a buyer's market, sellers still need to protect themselves. You have to weigh the entire situation. Look back to my post on this thread about the difference between pre-approval and pre-qualification to get a better idea of the risk involved for the seller.
I thought you werent talking to me
(did you get my pm?)
It was 10K initially...my realtor and lawyer talked them down to 5K before they even mentioned it to me. Its all good...great house at a great price. They had lost 3 contracts on this house previously so I guess I can understand their jitters.
It was 10K initially...my realtor and lawyer talked them down to 5K before they even mentioned it to me. Its all good...great house at a great price. They had lost 3 contracts on this house previously so I guess I can understand their jitters.
Hi guys I have a question hope you guys can help. I am thinking about buying a house in huntington for $345K, the real estate agent at the open house told me that the seller wants 20k+ in earnest money. Is this the norm on LI, I was thinking more like 1-2%. In any case the seller rejected my offer b/c i only wanted to put down 7K. I am a first time buyer so I am new to all this. Advice appreciated.
Earnest money?
20K???
*rollin on the floor laughin*...is what I would be if somebody asked for that.
They gotta be kidding.
I've NEVER given anybody any earnest money
and I'm on my fourth home.
Plus so many shady deals and scams take place here, I wouldn't dare.
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