I placed an offer on an apartment building with 44 units. They accepted my price but the broker/agent wrote on the counter that he wanted $20,000 earnest deposit, deposited into his company trust account on the 3rd day of financing being approved. I was told that normally on commercial properties you do not offer earnest deposit, is this true? If so, could I just send a counter counter offer saying 0 earnest? And isn’t an earnest deposit suppose to be before financing so as to show the buyer is serious about the deal?
Also I asked for a buyers repair credit and they lowered it a lot. Should I raise my price a little and ask for it again? I will appreciate the answers, thank you.
Anything goes regarding commercial.
However, competition and seller motivation dictate what actually flies.
If you’re looking for seller participation in the financing, it’s best not to flag the deal all over the place, with signs of financial incapability. Just saying.
The agent asking for a $20k deposit after you get approved for funding is probably reasonable. If you get that far, what difference does it make?
Thank you Javipa!