Bank is requiring a $2500 deposit on offers

[Aly W.]

I'm considering making an offer on a REO that was originally listed as a short sale 18 months ago for $260K. It's now at $185K. It would be a rental property, and given the formula for rentals and the repairs required, my offer would be approx. $60k. It's been on the MLS as a REO for 2 months with no offers.

The listing agent's notes say:

Sold as is. Buyer responsible for c/o and all inspections. NO stove or bathroom sink. Buyer must provide pre-approval with proof of funds for total downpayment or proof of funds for cash deal. *Buyer must exercise patience*. $2500 earnest money deposit required to be held by LA. Sellers addendum required.

I'm using a buyer's agent. I don't intend to put $2500 down or anything close to that if being "patient" will tie up that money for months. Can my agent refuse to submit the offer without the $2500, or can the listing agent refuse to submit it to the bank without it?

Thanks!