OfflineI have a pain in the you know what Realtor who says my offers are weak, when in fact I told him to go in where they would accept my offer, he gave me a subtle hint that they would accept it at the price I wrote my offer in...the asking was $535k, I put in an offer of $495k...he said he got a soft ok...So I said I wont go any further and accept that...Then I tell him I will send earnest money of $1,000 after 5-10 days of inspection...that's all I was asking, now he says he wont even write my offer as it seems weak and that my request seems "irregular" and doesnt even know why I would ask that...I even put in buyer pays closing costs and close in 15 days...Can someone please explain to me how this is a weak offer and why someone wouldn't even remotely want to write it in or accept that?...how is asking 5 days for earnest money to be sent a weak offer? I hope he doesn't expect me to go above 1k earnest money...
Quick question
Posted on: Sat, 01/04/2014 - 00:28
It IS a weak offer. 1% is $4,950! Basically you are asking to tie up the property for 5 days with no "skin in the game". If you were the seller or their agent what would you think if some one made you that offer? Unless the seller is desperate and highly motivated and will take any offer, the $1000 earnest on a $495,000 offer is weak. When dealing with FSBOs that $1000 might work OR a $50,000 property.
The usual time frame for earnest when dealing with agents and MLS listed properties is 24 to 48 hours after MEC. If you have buyers that should be no problem.
I am surprised the agent has not asked for proof of funds yet. If not, that will be the next thing he asks for. Be ready.
Remember, the earnest means nothing unless the offer is accepted. So offer more earnest, if the offer is accepted, move quickly and get that earnest from your buyer. If you can't move the property simply terminate the contract. You will be out of contract if you don't provide the earnest money anyway.
Obviously, the key to making this work, offering a real world earnest amount and closing the deal, is having REAL CASH buyers ready to pull the trigger in 24 to 48 hours!
Good Luck Vonny, build that list!
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I gave the agent the proof of funds...
But I appreciate your response...So my best bet is not to offer unless I have a buyer...I thought I did but one wasn't interested and I didn't get a response from the other...The reason I want to lock it up now is so that im not marketing it as an agent...I don't have 4950 for earnest money, and I have no one to put it up for me...the reason I was asking for the 5 days...But the agent does have the proof of funds, just no way of getting the emd right now...
Im ok now, I have another willing player to help make the deal happen...we shall see...