Question About A First Deal
I just put my first house under contract with a $500 deposit of my own money. Is there a fair way that I should be able to get my fee AND the 500 back from my buyer, or should I just eat this loss and have the buyer pay the deposit in the future?
Thanks in advance for all the help on this site
Patrick
I don't see a big problem on this. Obviously your buyer likes the numbers well enough to purchase the deal from you. If your fee is within reason, just simply tell him you need to be reimbursed the earnest money within the deal. Remember, you have the property under contract--not the other way around. Good Luck.
Dave
Thanks a lot Dave for the reply;
This is my first deal on my own, and the seller said he has a lot more (19 more to be exact) houses that he wants to sell. Are there any other tips you could give a newbie? I've asked the buyer for a verification of funds letter as well as the deposit. We're waiting on the appraisal till next week, so I'm kind of sitting on my hands. Any info is greatly appreciated. Thanks again,
Patrick
don't be shy. figure your profit margin. then tell the buyer what you need. if its a good deal and you know it is the buyer will not hesitate.....kenmax
pk24,
Talk to the seller. You're showing them right now with this first deal that you are the real deal. They have some experience with you now, do you feel that they trust you? It only takes $10 to make a contract legit, and the down payment is really only reassurance to the seller that you will perform. The seller may accept a lower deposit from you in the future.
And this is my opinion only, You get your deposit back when you collect your fee anyway. You may not call it that, and it may not be spelled out as such on the contract, but you get it back when you get paid.
Thanks for the replies, I'm waiting on the appraisal and I'm confident that this will go through fairly smooth.
Patrick