Seller Wants Decent Earnest Money...........help !
i have a situation where the seller is/or seems motivated. i can get this property for about 70% ARV. ive already minus assignment fee, repairs, holdingcost, ect. i have buyers already lined up. i offered $1000 earnest money to go into escrow. seller wants $4000. says he wants to attract serious buyers. i tried to convince him my "partners" are very serious and buy houses in this senerio all the time. seller says he understands, but his out-of-state realtor in-laws advised a high earnest, in hopes of a quick,hassle free close. what can i tell this seller. i dont have that much in my personal account at this time. however i do have a grand. tried to raise money, no luck. TCI......what can i do.....?! thanks to all who respond.
ha jeff good point, but yea tell him that diplomatically. Sometimes you just have to walk away. If he is truly motivated he will accept the 1k which is more than enough.
I am in Cal also let m eknow if I can help? I can squeeze $1000 also if it makes sense.
You can require the seller to keep the check, not the funds in escrow until closing or default, or whatever point you are comfortable with.
Maybe you can get a larger deposit from your buyers.
Dan
AARONSAMA
can you tell me what form was you talking about
was it option to purchase OR offer to purchase
thanks