Seller wants $15.000 EMD on a $ 300.000 house how can I reduce that price down to lets say $500 or $10.00
Everything is negotiable. I could see 1k em for that price but 15k sounds excessive to me.
I thought the same thing :shocked
Wonder how many offers the seller has had at that price with the EM so high? It never hurts to try if it’s a place you could sell to someone else. Is that high EM common for your area?
$15,000 is too much, home last sold for over $350.000 in 2006 that’s why this property appeals to me, asking price is $305.000 an invester assigned a contract probably for less than $305.000 I’m on this investors buyers list, and it is listed with a Realtor also… :banghead :banghead
All my offers are accompanied with a check for $500. That is my earnst money. I have never had a person not accept my offer because of earnst money.
15K earnest money is waaayyyyyyyy to much. If something happens during the loan processing and you can’t close it is entirely possible you could lose those funds.
Offer them 1K with your contract and see what they say. If they demand the 15K then tell them you want a 45-60 day option period in which you can walk away at anytime without your EM being at risk.
The problem with earnest money is you never get it back. They just put it in the deal. The buyer doesn’t get it as more money but you don’t get it back to do things with it like buy hamburgers or paint the house. That is why no matter how much earnest money they ask for I write the offer with $500 earnest money. It doesn’t help the seller but it does hurt the buyer to have a large earnst money.