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Making An Offer >Good Faith Deposits
After many months of searching, you have found your ideal house. You are a little older and a little wiser now, so you want to give the impression that you are serious without appearing to be too eager. What should you do? In the marketplace, "money talks."
There is no absolute rule about how much "good-faith" deposit you should put down--but it is a tool to make your point with the seller. The typical $1,000 will hold many homes for you, except in larger-home markets where it may be critical for you to show that you are an especially serious and able buyer. You don't want to make a deposit that is too large in case there is a problem getting your money back, but if your offer is substantially below the asking price, a larger deposit--$5,000 or $10,000--might influence the seller.
If you make a low deposit with your offer, be sure to provide for an increased deposit when the offer is accepted or upon removal of the contingencies.
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What 70-room East Coast mansion was built as a summer home and is known as a "Gilded Age cottage"?
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Cornelius Vanderbilt's "Breakers" Mansion in Newport, Rhode Island, named for the waves crashing along the cliff that separates the property from the ocean. |
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John Thurman, ABR, GRI, CRS Heart of Texas Realty 13810 Bluff Lane San Antonio, TX 78216 Phone #: (210) 481-6767 Fax #: (210) 496-2354 John@HeartofTexasRealty.com
John Thurman, ABR, GRI, CRS, is the Broker/Owner of Heart of Texas Realty and Talk Show Host of the Real Estate Focus Show on News-Talk 930 KLUP. He specializes in assisting families’ relocate either across the country or across the street. He is the Charter President of the Rotary Club of San Antonio at The Dominion, Founder and Chairman of Gateway San Antonio Corridor, Inc, and Founder of the First Voice Networking For Realtors in San Antonio.
San Antonio’s Most Listened To Realtor and Host, Real Estate Focus Talk Show on News-Talk 930 KLUP.
RE License # 518954         
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