Posted by Rob FL on September 11, 2000 at 10:13:49:
You didn’t give much details here. One solution is to offer more earnest money but make it payable only if the offer gets accepted. If coming up with the extra earnest money is a problem, try to get creative on how you can borrow it from a short-term source.
Think Agent is downing my offer because of Earnest Money - Posted by Les
Posted by Les on September 11, 2000 at 09:00:00:
Think Agent is downing my offer because of Earnest Money. Any idea on how to solve this problem. Thanks in advance.
Re: Think Agent is downing my offer because of Earnest Money - Posted by dewCO
Posted by dewCO on September 11, 2000 at 18:49:42:
It can be a pain when agents are involved, no doubt about it.
Sally’s suggestioins might meet with the same problem you think you have re: earnest money. However, have you checked to see if that is the problem?
Either the offer has been submitted to seller or it hasn’t. If it has theere should be a response back to you, like increase the earnest money. If you can’t tell if the offer has been presented, you might try to check with the seller (if you aren’t licensed, of course).
Re: Think Agent is downing my offer because of Earnest Money - Posted by Sally A.
Posted by Sally A. on September 11, 2000 at 12:45:11:
From now on, you might want to consider submitting a Letter of Intent instead of a formal offer. This will do three things: 1) It will let the buyer know you are interested in buying their property without you having to worry about Earnest Money (yet), 2) It gives them (hopefully) at least TWO choices of how they want to sell you their property, therefore you’ll have a better chance of obtaining the property without going through a TON of work filling out different offers (forms), and 3) The seller will generally (or at least the realtor will) keep a copy of your Letter Of Intent which will have your contact info on it so if the seller initially rejects your offer(s) and is sorry for doing so at a later time (when he/she is NOT getting the offers they were hoping for), he/she will most likely re-consider you.
Hope this helps.
Re: Think Agent is downing my offer because of Earnest Money - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on September 11, 2000 at 12:34:46:
Les,
What you think may not have anything at all to do with what the agent is doing. I suggest that you confront the agent, and ask about your concerns. Be direct and you should get a satisfactory answer. If you do not get a satisfactory answer just give his/her broker a call and ask for an explanation. You should get it promptly. You might indicate that you would like to have the explanation in writing.
If you do not get satisfaction at the broker/agent level you can always file complaint with the Div. of Real Estate (or it’s equivalant) in your state. This is the agency that can sespend or revoke licenses, and the usually get action fast.
It is possible that the brokerage has been instructed to reject certain offers without presenting them to the seller. This is rare, but is sometimes done. If this is the case the instructions should be in writing, and the broker should not object to you being shown the instructions…ED
Re: Think Agent is downing my offer because of Earnest Money - Posted by Shenesa
Posted by Shenesa on September 11, 2000 at 11:46:51:
Try putting a clause in the contract that states “Earnest money will be held in escrow account,uncashed with title company/lawyer until closing”.
This will give you a chance to either save up the money or get it from your buyer. Make sure you state in your contract that the earnest deposit is non refunable and will be used for damages with no legal ramifications(sp?)
Hope this helps,
Shenesa,NY
Also remember, everything is negotiable, even earnest deposits. It is not gospel to put down a certain amount of money at least in NYS.