Realtor Question

[LFD2037]

If you don't trust your realtor why did you hire them?

Loooooong story!

[mpotts]

7 days is pretty normal. 1% is the standard for earnest money.

^^^^^^this^^^^^^^

[wes122984]

earnest money can vary depending on the buyers situation. you want enough to keep them in the game but not too much to make them back off.

my last house I bought all of my down payment, closing ect was coming from proceeds of a sale happening 1 day before my purchase closing. no way I could have come up with 1%.

[Nelson]

Earnest money is good faith money. If the contract goes south it's in both parties interest to go their separate way. I have had only only one earnest money forgot in 20 years as a relator. Most msl boards will not allow you to relist until the earnest money has been released. A buyer could drag their feet and it could be months before it's resolved. Don't get hung up on $ down but I would confirm with their lender that the buyers are solid and will close on the home.

[bbqfan5909]

Just went through this last week, $200 earnest and 7 day option.

[Birddog66]

A couple more questions:
Should I insist on @ least 1% earnest (selling price is $250K)?
If buyer changes their mind & back out, do I receive their earnest money?

I would go for 7 day option period/$200-250 option fee, $2000-2500 earnest money.

If buyer backs out of deal for any reason you keep the option fee. if buyer backs out of deal, but is in default of contract you should be able to retain earnest money.

Let me guess, your realtor is family or friend?

[Bily Lovec]

last house I bought was from a builder, I gave $1,000. that was waaaay under 1%.

[Henry]

Ive found that for new builds, $1000 (or less) is perfectly acceptable. For Pre Owned homes, the 1% rule is hard to deviate from, and rightfully so.

If you're taking your home off the market and something ends up falling through, you could have sold your home, and have probably also made another monthly payment on it.