Offlineyears ago i purchased a new home using a strategic technic in which i walked away from closing with $10k. My question is when you make an offer on a property these days, do you have to give a good faith payment? On that property i had to leave a check for $500,(i got the money back when i closed the deal) which i beleive had something to do with the MLS in case i backed out. Anyone have any input on this subject?
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mick2, it depends on both the buyer and seller. In some cases, the buyer will volunteer to leave a good faith payment to show that he/she is really interested in the property, and insinuating the the seller should seriously considering accepting a reasonable offer. On another note, the seller may suggest a good faith payment to avoid the property being tied up and the buyer walking out on the deal. Sometimes you do not have to pay cash, but use a copy of a check instead. Another thing, if your money is accepted and cashed, it means the offer is accepted. Great for the buyer in this case. God Bless.
Sandra
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if i simply want to make an offer to tie up the property to assign it to someone else, will i need to give a good faith check to the seller? and if so, will the check remain uncashed unless i back out of the deal?
Provide a good faith check of $10 to make the contract legal. The risk will be small if you need to back out.
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why not use the techniques out of deans new book... That way you don't have to use any money unless you actuall assign the house? wouldn't that be alot simplier? I mean unless you absolutely need to put money up I wouldn't.
you never know until you find out...