Posted by Ron Thompson on December 26, 1999 at 20:49:39:
Thanks for the response. This one was vacant.
Offers - Posted by Ron Thompson
Posted by Ron Thompson on December 26, 1999 at 09:42:07:
Is there a set amount of earnest money required to make an offer through a realtor?
A few months ago I was looking at a vacant property in FL. The realtor faxed me a form for the offer that seemed to be from the Money Store (the owner of the property). This form required $1000.00 deposit and stated that they needed 60 days to respond.
I never made the offer as I didn’t want to tie up that much money for 2 months with no interest.
I hated to miss out on this property because the asking was $20K below market and it was a forclosure that had been around for a while. I felt there was plenty of room for negotiation.
Ron Thompson
Re: Offers, what int % is reasonable to you? - Posted by leslie
Posted by leslie on December 27, 1999 at 12:03:37:
If int% on your $1k earnest money/deposit is the issue what rate would you feel is fair to both parties?
What overall return would you like and what do you anticipate?
Re: Offers - Posted by Bill K.
Posted by Bill K. on December 26, 1999 at 20:40:52:
Ron - As a FL Realtor I can tell you there is “usually” no set amount required to make an offer on RE in general. HUD and VA require certain deposit amounts on their REOs or they won’t consider the offer. With REOs in general you have to use their contracts and addendums and play by their rules. In your case they will take your deposit and wait 60 days and take the best offer they can get.I once lost a deal over $100. Mine was an all cash offer.The other was contingent on financing. Go figure. If the house is in any kind of decent shape an owner-occupant will outbid an investor every day of the week. My favorite saying is “if everybody knows about it ; it ain’t a good deal”.