This comment got lost. Sorry for the long delay... The whole idea with putting down money on a property is that you want the owner to delay attempting to sell it to another person while you decide if you want the house or not, furthermore, you are paying to secure the contract while you go through the process of getting funding, inspecting the property, getting an appraisal and so forth. So really, you should look at this question as having two parts. One, you specifically asked about the amount
@CoryGHarrington I ran out of room. Long story short. If you are looking at the house to determine if you want it then you should expect the seller to reserve the right to sign a contract with the first person interested in doing a deal. You can certainly request that they hold the property for you but that will not likely happen. A sure fire way to secure the property is to have a contract in hand and sign the contract for sale with an option fee only and no earnest money deposit. Take 10 days.
@CoryGHarrington Once you have the contract signed and recorded at the title agency you can be assured that the seller will not easily sell it underneath of you. There are additional ways to secure the deal that prevents them from selling as well. We would need to talk directly for that one. I can talk with you for a 15 minute period for no cost. PS the option money should be 5-10 bucks and no more. I never pay more than $10.
How much is a good amount for a "good faith deposit" in order for the owner of the property to keep the property off the market so you can walk through and decide if you, or your partner want to buy it?
This comment got lost. Sorry for the long delay... The whole idea with putting down money on a property is that you want the owner to delay attempting to sell it to another person while you decide if you want the house or not, furthermore, you are paying to secure the contract while you go through the process of getting funding, inspecting the property, getting an appraisal and so forth. So really, you should look at this question as having two parts. One, you specifically asked about the amount
CoryGHarrington 7 months ago
@CoryGHarrington I ran out of room. Long story short. If you are looking at the house to determine if you want it then you should expect the seller to reserve the right to sign a contract with the first person interested in doing a deal. You can certainly request that they hold the property for you but that will not likely happen. A sure fire way to secure the property is to have a contract in hand and sign the contract for sale with an option fee only and no earnest money deposit. Take 10 days.
CoryGHarrington 7 months ago
@CoryGHarrington Once you have the contract signed and recorded at the title agency you can be assured that the seller will not easily sell it underneath of you. There are additional ways to secure the deal that prevents them from selling as well. We would need to talk directly for that one. I can talk with you for a 15 minute period for no cost. PS the option money should be 5-10 bucks and no more. I never pay more than $10.
CoryGHarrington 7 months ago
How much is a good amount for a "good faith deposit" in order for the owner of the property to keep the property off the market so you can walk through and decide if you, or your partner want to buy it?
Filmaker25 1 year ago