 Question about a first home purchase? |
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turbo36 | Does anyone know how much good faith or ernest money is a decent amount to put down on a 360K house? |
My agent wants me to put down 5% or 15K. I always thought you could put down as little as 3-5K or less. The house is in NY. I know the money goes towards closing cost. I just think if I am buying the house, why should I have to put down such a huge amount. My agent said thats the only way the buyer will negotiate my offers. |
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tandkalexander
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Well.....that is crap. Get another agent. And what ever amount you feel good about is the right amount. Remember, this is to show the seller good faith on your part. If you back out of the deal, you forfeit the earnest deposit. My last real estate deal was done with a $500.00 earnest money deposit. And, it is a buyers market. Any seller will be happy to negotiate..... |
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frankie b
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Well in an ideal world all sellers would like to get the most amount down they can. Your job is to put as little down as you can, but within reason. I would say 5k would be sufficient on the home.Sellers are desperate to sell, and will most likely be looking at their sale price, not earnest money. There is always a risk of losing a deposit, so why risk more then you have to? If your agent isn't listening tell them you will submit the offer through another agent. He will listen then.
RE Agent,
Remax |
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The Authority
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Your agent is full of it.
A good binder deposit that I always shoot for for my listing is 1% of the sales price. That would leave you with a $3600 binder. In the market here in FL people are desperate and I would assume the market in NY isnt any better.
The less you put into the binder deposit, the less risk you are taking. The more $ you put into the binder shows you are very serious about going through with the transaction.
Tell your agent that you don't feel comfortable with that large a binder and that you want to put down 1%. Is this agent also the listing agent? If so that would explain why they are asking for such a large binder/earnest $ deposit |
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src50
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5% seems way high to me. A couple of thousand should be sufficient. |
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Alterfemego
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The amount of earnest money indicates your committment to purchase the property, it also reduces your overall mortgage amount. I'm not quite sure why your Realtor is telling you to put 5% down, usually the loan officer discusses that with you. If for no other reason but education, I would ask your Realtor why they want you to put this much down.
In Minnesota the rate varies widely, but $2,000 to $5,000 is most common. |
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basicfiberglass
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Generally (at least here in AZ) sellers will ask for 1-3% as earnest money. However, sellers think of earnest money as a commitment to buy and thus the more you put down, the more likely they are to listen seriously to your offer because it makes your offer more legitimate. i.e. you stand to lose something if you back out.
I'm not sure what the market is like in NY, but if there are multiple offers on the property there are a number of things that can help your odds of winning the sellers attention. Earnest money is one of them.... Other things like a pre-qualification letter from your lender and will help your case as well. |
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Taylor's Dad
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An seller wants to think you are serious before they negotiate. Nonetheless, it sounds like your agent is aiming high. Maybe he/she gets a cut if you forfeit the earnest money. I would put 5K out and let the buyer -- not the agent -- decide whether or not to enter negotiations. |
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sahel578
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In a hot market, then your agent is probably correct. I dont know what area in NY you are trying to buy into.
However, with the nationwide market what it is, it is kind of a buyers market, as long as you have the financing lined up already. I had a house built for more than that and only put down 3K in earnest. But I'm not a real estate agent and I built in Texas.
If you are uncomfortable with it, get another agent. |
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acermill
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The buyer wants a sense of security that your offer is genuine and not just a 'carrot on a stick'. The more money one puts down, the more seriously offers are taken. You don't HAVE to put down $15,000, but you then run a risk of the seller thinking you're not overly serious about this purchase. |
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pmm999992000
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As low as you can get them to agree. |
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gobonzzo
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According to contract law you could put down as little as $1 to make it a legal offer.
A contract offer and or acceptance requires "consideration". $1 is legal consideration. |
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christinekpainter
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It depends on teh area and on the sellers. If they have been messed with by previous people who seemed interested they may want more. I just bought a house for 240,000 and we put down 8,000 in ernest money. It is usually 5 to 10 thousand for every 100,000. |
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♥♥The Queen Has Spoken♥♥
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If the seller will only accept your offer then you are pretty much stuck with the 15K... |
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