Tips for FSBO's : How Much Should You Ask For Good Faith Deposit Amount?
Because your home is more likely your largest asset, deciding to sell your home is not a decision that you should take lightly.
Everyone wants to sell their home for top dollar, fast and for the least amount of money.
Original article in www.ReallyNiceHomes.com
26 Tips you should know to get your home SOLD for TOP DOLLAR @ the fastest time!
Tip #15 How much deposit money should you ask from buyers?
It is unreasonable for any buyer to ask a seller to take a house off the market without a reasonable deposit of good faith
Yes, there are contingencies in a contract and sometimes even this deposit becomes one.
You could have a contract where the "Good Faith deposit" will not be deposited into the closing agent's escrow account until all inspections have been cleared.
In some cases, you may get an initial smaller deposit with the contract as they offer (the buyer) to pay an additional deposit when the inspection contingencies are completely cleared.
Just remember that technically a good faith deposit is not of any consideration until the contract is violated or an agreement is reached to void the contract or finally the actual sale of the house occurs. .
You can't spend the deposit money. .even if you're the one holding on escrow. . until
What happens if your buyer backs out from the sale of the property by another reason NOT covered by any agreed
contingency?
My advice is to be sure on this by speaking to an attorney. . .If the buyer believes otherwise. . this could potentially cost you time and money.
To protect yourself from any misunderstandings sit down with the buyer and fully understand the conditions of the contract as you both agree to the terms
There are no gray areas here. .
Just to be sure. ..let me repeat it again. . talk to an attorney!
What happens if the good faith deposit money is not enough to cover the damages the buyer may have caused you?
Let me repeat it again. . talk to an attorney!
There are no limits here. . and I know that the deposit amount is never one.
So how much should you ask for a deposit?
1%?
3%?
5%?
25%?
Watch this video where I discuss deposit amounts. .
26 Tips you should know to get your home SOLD for TOP DOLLAR @ the fastest time!#1 Determine your home's value with your head and not your heart!
#2 You don't need a make over. .just move it over!
#3 Why are you selling?. . .a trick real estate agents use
#4 How should respond to Low Ball Offers?
#5 The DANGERS of Overpricing Your Home and How To Fix It!
#6 Make Buyers Bite with this trick!
#7 Negotiating Tips To Get More Money for Your House
#8 Should I put a lockbox on my For Sale By Owner House?
#9 How to protect yourself from BOGUS HOME INSPECTIONS
#10 HELP: Neighbor from HELL is keeping me from selling my house
#11 Approval letters for Donald Duck the buyer
#12 Neat trick to protect your property from scammers
#13 How to hire a FREE Attorney for your sale. .
#14 What to do if the appraisal comes in low -- HELP!!!
#15 How much earnest deposit money should you ask as a FSBO?
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My dedication to the pursuit of quality seller representation in MD, DC or VA is my relentless determination to achieve perfection in my craft for the benefit of all my clients. I believe that my team of Real Estate Professionals are uniquely qualified to give you the results you are looking for as a seller.No matter if you are selling today or maybe years down the road, please contact me for all your real estate needs. You are going to like the way we do business.
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