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  • September 4, 2009 at 1:43 AM #16298
    ccutequeen
    Participant

    I had my eye on a place that happen to be short sale. There is already an offer and they are taking backup offers. My agent has asked me to make a “strong” offer such as listing price. I was ok with that as the listing price is still lower than the comps. It was suggested for me to put 4 grand as earnest money for a place around 300k. What I do not know is, what is recommended amount for earnest money on short sale with multiple offers?
    Also, since its backup offer for a short sale, who usually holds the earnest money in this case?
    Any advise on this would be greatly appreciated!

    September 4, 2009 at 5:19 AM #452817
    [email protected]
    Participant

    The amount of the deposit cam vary and is whatever is agree upon between the buyer and seller.

    Your agent’s broker is required to place your deposit in his or her’s trust account and is also required to keep a very accurate record of the deposit.

    September 4, 2009 at 5:19 AM #453617
    [email protected]
    Participant

    The amount of the deposit cam vary and is whatever is agree upon between the buyer and seller.

    Your agent’s broker is required to place your deposit in his or her’s trust account and is also required to keep a very accurate record of the deposit.

    September 4, 2009 at 5:19 AM #453425
    [email protected]
    Participant

    The amount of the deposit cam vary and is whatever is agree upon between the buyer and seller.

    Your agent’s broker is required to place your deposit in his or her’s trust account and is also required to keep a very accurate record of the deposit.

    September 4, 2009 at 5:19 AM #453352
    [email protected]
    Participant

    The amount of the deposit cam vary and is whatever is agree upon between the buyer and seller.

    Your agent’s broker is required to place your deposit in his or her’s trust account and is also required to keep a very accurate record of the deposit.

    September 4, 2009 at 5:19 AM #453015
    [email protected]
    Participant

    The amount of the deposit cam vary and is whatever is agree upon between the buyer and seller.

    Your agent’s broker is required to place your deposit in his or her’s trust account and is also required to keep a very accurate record of the deposit.

    September 4, 2009 at 6:11 AM #453020
    UCGal
    Participant

    I didn’t know you put earnest money on short sale offers – especially back up offers – until the bank accepted them.

    I thought short sales were “fire and forget” since the process takes so long and is non-binding until the bank accepts it.

    (I can see having a deposit required after the bank approves your offer.)

    September 4, 2009 at 6:11 AM #453622
    UCGal
    Participant

    I didn’t know you put earnest money on short sale offers – especially back up offers – until the bank accepted them.

    I thought short sales were “fire and forget” since the process takes so long and is non-binding until the bank accepts it.

    (I can see having a deposit required after the bank approves your offer.)

    September 4, 2009 at 6:11 AM #452822
    UCGal
    Participant

    I didn’t know you put earnest money on short sale offers – especially back up offers – until the bank accepted them.

    I thought short sales were “fire and forget” since the process takes so long and is non-binding until the bank accepts it.

    (I can see having a deposit required after the bank approves your offer.)

    September 4, 2009 at 6:11 AM #453430
    UCGal
    Participant

    I didn’t know you put earnest money on short sale offers – especially back up offers – until the bank accepted them.

    I thought short sales were “fire and forget” since the process takes so long and is non-binding until the bank accepts it.

    (I can see having a deposit required after the bank approves your offer.)

    September 4, 2009 at 6:11 AM #453357
    UCGal
    Participant

    I didn’t know you put earnest money on short sale offers – especially back up offers – until the bank accepted them.

    I thought short sales were “fire and forget” since the process takes so long and is non-binding until the bank accepts it.

    (I can see having a deposit required after the bank approves your offer.)

    September 4, 2009 at 7:31 AM #453435
    sdrealtor
    Participant

    UCGAl is corect. No check should be due until and unless you get written acceptance of your offer by the sellers lender.

    September 4, 2009 at 7:31 AM #453627
    sdrealtor
    Participant

    UCGAl is corect. No check should be due until and unless you get written acceptance of your offer by the sellers lender.

    September 4, 2009 at 7:31 AM #452827
    sdrealtor
    Participant

    UCGAl is corect. No check should be due until and unless you get written acceptance of your offer by the sellers lender.

    September 4, 2009 at 7:31 AM #453362
    sdrealtor
    Participant

    UCGAl is corect. No check should be due until and unless you get written acceptance of your offer by the sellers lender.

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