How much was your earnest money deposit??? (sales, foreclosure)

[tanyaru]

and how much was the price???

[tgbwc]

The house we bought:
$5,000

$428,000 (plus $9k towards closing).

The house we sold:
$2,000

$294,000

[gnu]

My realtor has been telling me to aim for 1% of the purchase price. 2% and the removal of financial/appraisal contingencies if I want my offer to look more serious.

[tanyaru]

we put $5000 with $290K price tag. I just wonder if it wasnt too much...

[Workin_Hard]

During the boom ('04), we paid $500K and were required to post about $22K as I recall. (The builder paid the closing costs.)

The house we sold for $400K required a $5K earnest money check on the advice of our agent. (The buyers paid the closing costs.)

[oneasterisk]

Earnest money is negotiable from what I understand. The house I bought in 2003 we put down $1500 and it was $239k and 5k closing costs. I bought a foreclosure a few months ago and I also put down $1500 and bought it for $162k with 5k closing costs. I would put down the bare minimum because once they have the money, it's pretty much locked down until the deal closes or it falls through. In my case, it took 3 months for the foreclosure to close. $1500 wasn't a big deal, but if it was $22k like the poster above, then I'd be kind of pissed. It's not like they're giving me interest on the scratch

[AmandaVA]

We just bought a house in February - sales price was $155,000 (seller paid 3% towards closing costs) and our EMD check was for $1,500. It was a foreclosure/bank-owned property.

[bangorme]

Originally Posted by gnu

My realtor has been telling me to aim for 1% of the purchase price. 2% and the removal of financial/appraisal contingencies if I want my offer to look more serious.

And a brain transplant $500,000, because that's what anyone would need that would buy a house without having it inspected and appraised before hand.

[oneasterisk]

Originally Posted by bangorme

And a brain transplant $500,000, because that's what anyone would need that would buy a house without having it inspected and appraised before hand.

WTF

[bangorme]

Originally Posted by oneasterisk

WTF

I am referring to the quoted portion in my message and trying to say that the realtor that advised Gnu to agree to "removal of financial/appraisal contingencies " was out of their mind. In today's housing market, you would be taking a tremendous risk to plunk down 2% and agree to not require an appraisal stipulation. Which btw, I would precede with an inspection of the property. Your $700,000 house would appraise for about $450,000 if it is mold infested.