Reasonable Earnest $ Amount

[Account Closed]

Hello,

I am about to place an offer on a Short Sale that needs a lot of work (butterflies in my stomach) I obtained bids to get the work done and my realtor will submit them with the offer. There have been several low offers turned down, but none of those offers have included estimates for any of the repairs.

What would be a reasonable $ of earnest money to put down? Would it be wise to just pay the HOA transfer fee and Capital Reserve Fees or negotiate? My realtor said that she has never seen a bank pay them. She also asked about a warranty and again, said she has never seen a bank pay. There is also a 5% surcharge for the short sale and potentially the payment of lawyer fees to handle the negotiation of the short sale if the seller doesn't pay them.

I have taken those items into consideration when I came up with the offer. 

Thanks,

Jane

[Phil Z.]

I would walk away from any deal requiring the buyer to pay 'Short Sale Negotiation Fees'.  That's the red flag of a real estate hustler.