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Updated about 7 years ago on . Most recent reply

Nile Reavis's profile image
Nile Reavis's profile image
Nile Reavis
  • from Boston, MA
  • Member since Jan 26, 2017
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Nile Reavis's profile image
Nile Reavis's profile image
Nile Reavis
  • from Boston, MA
  • Member since Jan 26, 2017
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Nile Reavis
  • Boston, MA
4
Votes |
15
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Starting Out

Advice on making an offer on first real estate property

Nile Reavis
  • Boston, MA
Posted
The sellers agent is asking for a deposit to go with my offer on a property. How common is it for a cash deposit to be included with an offer on a property?
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Larry Turowski's profile image
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Larry Turowski
  • Flipper/Rehabber
  • from Rochester, NY
  • Member since Mar 21, 2014
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Larry Turowski's profile image
Larry Turowski's profile image
Larry Turowski
  • Flipper/Rehabber
  • from Rochester, NY
  • Member since Mar 21, 2014
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Larry Turowski
  • Flipper/Rehabber
  • Rochester, NY
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Larry Turowski
  • Flipper/Rehabber
  • Rochester, NY
Replied

@Nile Reavis 100% normal.  This is called an "earnest deposit."  It shows that you are earnest in your intent to buy and creates a binding contract.  Also, it is forfeited if all contingencies are met but you fail to purchase.

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