Deposit Money - Posted by joey

Posted by Russ Sims on June 27, 2007 at 18:40:05:

No…at least not in these parts. I just purchased a home that was (I thought) for sale by owner. I submitted an offer with zero earnest money and the next day an agent calls and asks for $5,000 earnest money! I simply said no and the agent got the seller to sign off on it. I lucked out because usually if a home is listed the seller’s agent will insist on earnest money (that’s part of their job). In fact you may not even get your offer presented without it. But you’ll have a lot better luck with FSBOS. Often you’ll be dealing with a seller who doesen’t even think to ask for earnest money. If you don’t bring it up, and it’s nowhere in your contract, chances are pretty good you won’t have to pay it.

Deposit Money - Posted by joey

Posted by joey on June 27, 2007 at 17:30:30:

Do you always have to to put a deposit down when making an offer?

thank you

Re: Deposit Money - Posted by Dave T

Posted by Dave T on June 29, 2007 at 09:11:42:

No, you don’t have to. Earnest money deposit is not required to have an enforceable contract.

However, an earnest money deposit is such a common practice as a demonstration of good faith, many sellers expect it as a matter of course.

Re: Deposit Money - Posted by GS

Posted by GS on June 29, 2007 at 02:13:52:

It’s different anywhere you go in the states.

In Ohio I only give earnest money upon acceptance.

In Florida I have to put 25% of 5% down before offer and the remaining
down upon acceptance. That’s in South Florida dealing in Multi’s.

In your offer put down what earnest money you want and beside write
Upon Acceptance.

If this is an Owner Occ you may have to do this prior to offer.