Earnest Money

California by the way. Northern California

Thanks

That is why I don't deal with Agents.

I would try a different agent or tell the one you are using that your "cash" is not available until closing. However you would be glad to put up $1000. There is no law in California that states a buyer must put up 30%. Heck, Fannie only requires 10% on a cash deal. I think your agent just wants to be sure you perform. Don't let them push you around. Tell them you will just use another agent to submit the offer. OR move on to another property.

Good luck,
Michael

30% Earnest money deposits are unreasonable. The seller or more likely the agent is trying to weed out non-committal offers where buyers are fishing for a good deal. If you are serious about this property, you can prove it through pre-approval letters from your lender and reasonable contingencies. Be upfront with the agent and try to arrange for a quick close.

30% is totally unreasonable. They are testing to see if you are real and have the money. Make your offer of a EMD and if that doesn't work move on to another agent unless you can prove that you do have the availability of the funds.

but what is EMD?

Thanks

That amount is ridiculous. I've had properties, that I've put offers on, that stated in the listing, the EM must be a certain amount. I've still gone ahead and offered a lesser amount. Most times they accepted the dollar amount I offered. If they countered back at the higher amount, I paid it.

It never hurts to ask for something in your offer. One of three things will happen, they will accept it, reject it, or counter it. Never take it personally. It's just business. If you can't make the deal work with the sellers requirements, move on to the next deal.
Never get emotionally attached to any deal!!!

Good Luck,
Jim

EMD stands for earnest money deposit. I agree that is ridiculous to ask for 30% I am a broker besides an investor I am in Massachusetts. The agent is trying to make sure you are a serious buyer. You can as previously stated counter offer with what you want to put down. Or walk away from the deal it's not personal it's just real estate. Do not let them dictate to you what they want. I have had that happen to me before and because the market is starting to turn around they want a little more down with the offers. I always put 2K with P&S that's all. If it is a private seller I will try to get away with less.

I hope this helps! Make it a Great Day! God Bless!

I thought my agent was on something when she asked me that.

As everyone mentioned, counter back in the $500 to $1,000 range, which is more standard. Let us know how this turns out.

Good luck!

- Tom

That the DG Family knows more than these agents & brokers....

Remember, they work for you, you don't work for them. They push,......you push back a little harder....

Regards,
Sharon

If you look up to the left top, you will see a list. "Glossary of Terms" will help when you see acronyms that you are unfamiliar with. The P&S in Maria's post stands for Purchase & Sales.

Best of luck!

Karen

If you don't have the earnest money amount of let say 5-10%, how do you come up with it?

Thanks

Hey Anne,
to come back to your original question, there is an other way. Just go straight to the seller's agent and make the offer yourself. If you don't know who that is, look up the property on Zillow, it will tell you.
If it turns in to a deal, go back to your agent and show him the commission he missed out on.
Keep on moving.
Thomas

Do what you have to do to get the deal done or skip it and on to the next
big deal this is business nothing personal.