OfflineI just want to know if anyone is having any luck making offers thru a broker on non bank owned properties on the MLS thru a broker, adding the clause Deposit given after acceptance of offer,and after my approval of a 10 day inspection period? It seems no brokers are going for that,and im not having any luck getting offers accepted. Seems to me their not even interested in my offer being low anyways,and adding that clause pushes them even further away from presenting my offer. I also added a clause that says buyer request sellers refusal in writing, signed by seller if offer is refused. Not having any luck with that too. Brokers are pretty much laughing at me. Then i had a broker presenting my offers, and now hes bailed out on me. Any tips would greatly be appreciated
EARNEST MONEY
Posted on: Thu, 09/29/2011 - 00:02
You are encountering what happens in the real world. Just give them a copy of an earnest money check. Most earnest is not due for 48 hours after both parties sign the accepted contract. If you back out with in the inspection period the earnest will be returned to you. The first one I did I actually got a cash advance from a credit card to cover the earnest! Where there is a will there is a way. I double closed it and paid my card back plus about $5500 in my pocket!
After you do some deals agents will start to work FOR you! Right now you are getting the newbee investor cold shoulder! Produce with no silly weasel contingencies, actually close and they will chase after you.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
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Try adding this language into your general addendum to your purchase agreement.
Buyer to have 4 days from Mutual Acceptance to deposit Earnest Money.
Buyer to have 10 days from Mutual Acceptance to perform due diligence before Earnest Money becomes non refundable.
If your states' general purchase agreements gives a choice on who holds the earnest money, better choice to have the selling broker (the buyers agents office) hold the check.
Keep the earnest money low.
Happy Investing!
Think Less ~ Do More
Take Action = Results!
If it is to be, it is up to me.
like Mike said, the real world is different from the theoretical. When making a deal, look at it from the seller's side. Would you take your home off the market for a guy that offers you a lowball amount and then doesn't even give an earnest check to show the sincerity of the deal? Also, if a lowball offer comes in, the length of time for inspection should be shortened to show the seller that you mean business.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Thanks Guys !! How much of a earnest money deposit should i give non bank owned properties listed with a broker to make seller and broker happy, while making low ball offers ?
Hi Louie it can be any amount you an your Agent or Broker agree to , it can be$1 to what ever, normally they Like $500, Jim
jbischoff
Like Michael M. & Bill said; the real world. The dollar days are pretty much gone tooo! unless your seller is a friend or you state an additional amount in a very very short period of time, like the same day or next day. They are ALL getting tired of looking at paperwork with no substance. You are NOT alone in this situation. Most won't even write it up any more unless you have been doing business with them with closings over time.
Michael Radtke
www.nationalpropertyscout.com
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