Dear Moms,
Is anyone a realtor or in the business? My husband and I are interested in putting an offer down on a shortsale. We already know from our realtor that it takes up to 9 months for a short sale to go through and may still not go through as there are two loans on this house, with two different banks! Our question is how much earnest money do we put down with our initial offer to the seller?
Thanks,
C.
Thanks to those who advised to ask my realtor! I'm not sure why I didn't think of that. We are in South Florida where there are a LOT of short sales these days and she said typically $1000 is what is done with the initial offer to the seller. She said that once you are much further into the short sale the bank might require more but that is bank and property specific.
Good luck to everyone else out there - it is going to be a wild ride for us!
my son recently bought a short sale house. he put down $1K and it was applied to the purchase price. he would have got it back if the sale hadn't gone through.
khairete
S.
Last April we put down $2000 on a sale price of $236,000.
Your realtor can give you that information. It is probably what the lead bank requires based on the sale price of the house.
We bought a new house last year and our realtor said it is typically 1% of list price.
We bought our house last Sept and had to put down $1000 but our house we bought in 2010 required we put down $2500. The seller will request the amount from the buyer.
It's typically 1% of the purchase price.
