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Answers (6)
- jofopony
- Contributions:1
As a seller I would like to see at least 2500 on 170k before I pull a house from the market.
- Jenna Schreiber, CRS, "Realtor Jenn"
- Contributions:31
I agree $1500 or less is best. You do not want alot of money tied up in escrow should a dispute arise. The exception would be if the home you have found is a bank foreclosure. Some have minimums set for good faith money and will not look at an offer with less.
Best of Luck,
Jenna
Best of Luck,
Jenna
- Jeff Konstant, "jkonstant"
- Contributions:1970
Be sure to ask your agent what happens if the seller, for any reason, does not agree to return it to you should things go badly. Your contract probably is clear that you have certain rights to it's return. What is probably not clear is that the seller (and brokers),in most cases, must agree in writing before it is actually returned to you.
- Matthew T. Smoot, "Matthew Smoot"
- Contributions:83
I agree with the other two responses. I always recommend about 1% of the purchase price. However, with the price range you are searching for $1,000 should be fine. If you find out you are in competition then I would increase it to get a bit of an edge over the other offer.
- Robert McArtor, "AdvantageRobert"
- Contributions:89
I think $1,000 should be sufficient for that price range. Bank Owned properties are a different story. If you are serious about your interest in the property, show the bank you are serious...give them a substantial deposit. I represented a client that gave $10,000 EMD...we were up against another offer and won it because of the EMD. I have a podcast series on my website for buyers, check it out sometime. Good Luck. http://www.MarylandHOMESTeam.com/
- Vincent DeLorenzo, "Vincent DeLorenzo"
- Contributions:51
1 percent is pretty typical. On bank owned properties a lot of people use EMD's of $1,000. If you are in love with a property you certainly can increase the EMD to show you are serious.
How much for a good faith deposit amount
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