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Updated almost 8 years ago,

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1
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Bear Long
  • Orlando, FL
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Earnest Money Deposit on multiple duplexes

Bear Long
  • Orlando, FL
Posted
I am getting ready to submit an offer on a package of duplexes and am wondering what an appropriate deposit would be. This will be the first offer I've made over $1M and my typical $5K deposit doesn't seem sufficient. I'm wondering what "rule of thumbs" people use (knowing that every deal is unique). We are offering a 30% down payment with 70% financed by the seller. One difference for me in this deal is I will need a longer than usual inspection period due to one of my partners being out of country. I know as a seller I would want a bigger deposit to consider pulling a property off the market for a longer contingency period. Appreciate any advice from folks with experience putting together bigger and/or package type deals.