All Forum Posts by: Edward Shen

@Russell Brazil

I see what you are saying. 30 Days closing is what my realtor told me, I didn’t decide the date. i guess i never thought about whole seller if you want to hold the property to find a potential customer to upsell the property, make sense.

@Steve Morris

What does using a title company do? I am also confused about the deposit offer because i thought how offer work is to see if the seller is interested in the offer first? Not exactly a deposit, though i guess they say it as the “down payment”. It’s funny cause after all we don’t even know if they are interested in the offer or not.

Another question is, this Earnest deposit, is it a deposit only when the seller accepts the offer or right away before the offer is made? What happen if the offer is denied or if the seller accepts and rescind their offer? What’s the penalty for the seller? Do we get our refund back? do the seller has to pay us double for canceling?

@Russell Brazil

i guess my question is, why does $1500 make you not interested if you will be settling in a month. Also why do you want to just tied up the house for not selling? The thing is also that the house been on the market for close to 3 months now and apparently didn’t had much offer... I don’t see why people will want to put down a down payment and just not buy something to tied down a house. You mostly just lose your money.

@Mike Cumbie

Yup, the house is originally asking for 100k in which is only a shell house that need massive repair. It’s only 800 sq feet... In which i want to offer 60k sold as-is. The only thing that will make me back out is if when i inspect the house and have a estimate from contractor, that is over the price of my repair budget, then i’ll back out. That’s why i want to deposit only 1-2k. When they accept the offer, you can go and inspect and get estimate right?

@Marc Winter

Thanks for another good advice. The house is legit just a shell that need full renovation. The only thing that will have me back out is that, if they accept the offer and i inspect the house and get initial estimate from contractor that exceed what my repair cost will be, then i probably will back out. They were asking for 100k, though if they accept my 60k offer i felt that 1-2 Down payment Earnest Deposit is what it should be.

@Mike Cumbie

Hi Mike, thanks for the advice! What’s the general Earnest money that buyer usually deposit that you see for for sold as is flipper properties ?

@Marc Winter Thanks for the advice. Is there a minimal or limit to how much you should offer? I honestly will like to offer like 1.5k just incase if anything happens. The place is a ok flip if it’s 60k but i am not particular super excited about it. If more of if it works out it works out.

Hi everyone,

So i am planning to offer on my first house and is working with a realtor. I wanted to make a offer on a 100k house with 60k (cause the inside is absolutely terrible and the seller is trying to sell based on the region being developed). My realtor asked me that i need an deposit amount to give to the other office agent. He suggested 5k to be enticing, though i feel that it is kind of high since we we will closing in cash anyway. I am confused on what this deposit is. Is this a down payment essentially? Also what if the seller did accept it and somehow we back out of it, Is this deposit gone? I never heard of a deposit to the agent office, maybe is because i am new.

If i can get clarify that be great. Thanks.

@Stephanie Simmons

Thanks for the tip! I usually want opinion of others that i work with before i put can offer. However, most of the offer is usually low balling due to the price that i want to pay with my calculation. I told my realtor that i wanted to low ball a place that was on the market for 70 days and looking at comparison around the same area it was not worth 100k. He answer that “He understand, but within reason”. I don’t get why realtor think it’s wrong to put in low balling offer especially if the buyer know that’s what he is doing for the price he wants. I mean no disrespect, but it seems like i am being shame for low balling, idk.

In your opinion, if i were to offer 60k cash, will you consider selling a house that need full rehab?

@Stephanie Simmons

That’s amazing! So did the 149k first offer got rejected? Or you had to make a final offer cause they didn’t accept it right away? I am glad that things worked out even better than you expected! My biggest worry right now on a house that i am considering is the repair cost... I am buying a shell house and it’s 100k (which was already reduced from 115k) On the market for over 70 days. I want to offer 60k since it need all new renovation. it’s 800 sq feet.