My husband and I have had our eye on a property that we’ve wanted to get our hands on for a wholesale deal and today the homeowner FINALLY broke down and accepted our offer! It has been a long month of waiting and counter-offers back and forth but we did it! The only thing is that the homeowner wants to raise the earnest deposit. We submitted an offer on this property through a realtor and originally agreed on a $100 deposit. Although the homeowner has accepted our offer, he wants to raise the earnest amount to $1250. Should we be concerned about this? Has anyone experienced a last minute change like this? If so, how did you deal with it? Any feed back on this would be SO APPRECIATIVE. THANKS!
I would only be concerned if you think you may not close. That being said, I would still see if you could compromise on say $500 or $600 instead.
The earnest money really comes into play if you walk away from the deal without reason. Otherwise, you can usually use financing or inspection contingiencies to get that money back.
once an offer is accepted and a contract is made, is it even possible for someone to change it up like that?
The offer has NOT been accepted. If the seller has countered back with a “I’ll take it IF you give more earnest money,” then all they’ve gotten is another counter, not an accepted offer.
Above is correct. Earnest money only becomes an issue if you don’t close the deal. If the numbers work for you, give the money and close it.
Raj
ive experianced this type before and what you should remember is that you originally agreed to 100 dollars deposit and you should hold him to it end of discussion stay strong
Did they originally agree Eric? Haven’t heard back from fixers yet. Sounds to like they are still negotiating the contract.
Now, if the sellers’ have already signed your last offer, which has the $100 earnest money in it, then tough luck to them. The contract is binding. However, if not, then you ARE still negotiating.
Let us know how it turns out.
Raj
It looks like a couple of you have been waiting with baited breath as to the outcome of our deal. YES we got the property under contract and Yes today we received the official word that the owner accepted our offer. We have begun the process of notifying our handyman/ investors and have taken tons of pictures to pass along to them in the hopes that they can make an informed decision as to whether to pick up the property from us. I’ve placed a handyman special ad for this home selling for $145000 with a special incentive for first time handyman/investors who wish to work with us on this deal. We’ll see what happens. Our question today is: Since we bought this property through a realtor and she has our original contract to turn into the title company, do I just turn into the title company my contract with my buyer? Or do I need to be the one who turns in BOTH contracts when discussing with them a simultaneous closing or double closing. Please advise me how to handle this. Your help is most appreciated. Thank You!
fixers email me