Home › Forums › Closed Forums › Buying and Selling RE › Bank wants a $3k nonrefundable deposit?
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August 14, 2009 at 10:05 PM #16188August 14, 2009 at 11:00 PM #444790
temeculaguy
ParticipantSounds hinky, I made about a half dozen offers on bank owned in the last year and they always wanted 3k that was conditionally non refundable. In each case, the only way they kept the money was if i got cold feet, all other situations I would be refunded and was refunded a few times (usually because I was outbid). In one case, the property wasn’t unoccupied yet, current occupant stripped the place before leaving and while i was in escrow, that got me out of the deal and my deposit back (10k worth of plantation shutters, light fixtures, appliances, etc.) I wanted a new price, they said no, i said FU, they gave me back my money.
I don’t think I’d sign a completely unconditional deposit, what if it burns down before escrow closes? You can’t insure it until it closes, that would cause you to eat the deposit, that blows.
August 14, 2009 at 11:00 PM #445570temeculaguy
ParticipantSounds hinky, I made about a half dozen offers on bank owned in the last year and they always wanted 3k that was conditionally non refundable. In each case, the only way they kept the money was if i got cold feet, all other situations I would be refunded and was refunded a few times (usually because I was outbid). In one case, the property wasn’t unoccupied yet, current occupant stripped the place before leaving and while i was in escrow, that got me out of the deal and my deposit back (10k worth of plantation shutters, light fixtures, appliances, etc.) I wanted a new price, they said no, i said FU, they gave me back my money.
I don’t think I’d sign a completely unconditional deposit, what if it burns down before escrow closes? You can’t insure it until it closes, that would cause you to eat the deposit, that blows.
August 14, 2009 at 11:00 PM #444982temeculaguy
ParticipantSounds hinky, I made about a half dozen offers on bank owned in the last year and they always wanted 3k that was conditionally non refundable. In each case, the only way they kept the money was if i got cold feet, all other situations I would be refunded and was refunded a few times (usually because I was outbid). In one case, the property wasn’t unoccupied yet, current occupant stripped the place before leaving and while i was in escrow, that got me out of the deal and my deposit back (10k worth of plantation shutters, light fixtures, appliances, etc.) I wanted a new price, they said no, i said FU, they gave me back my money.
I don’t think I’d sign a completely unconditional deposit, what if it burns down before escrow closes? You can’t insure it until it closes, that would cause you to eat the deposit, that blows.
August 14, 2009 at 11:00 PM #445390temeculaguy
ParticipantSounds hinky, I made about a half dozen offers on bank owned in the last year and they always wanted 3k that was conditionally non refundable. In each case, the only way they kept the money was if i got cold feet, all other situations I would be refunded and was refunded a few times (usually because I was outbid). In one case, the property wasn’t unoccupied yet, current occupant stripped the place before leaving and while i was in escrow, that got me out of the deal and my deposit back (10k worth of plantation shutters, light fixtures, appliances, etc.) I wanted a new price, they said no, i said FU, they gave me back my money.
I don’t think I’d sign a completely unconditional deposit, what if it burns down before escrow closes? You can’t insure it until it closes, that would cause you to eat the deposit, that blows.
August 14, 2009 at 11:00 PM #445319temeculaguy
ParticipantSounds hinky, I made about a half dozen offers on bank owned in the last year and they always wanted 3k that was conditionally non refundable. In each case, the only way they kept the money was if i got cold feet, all other situations I would be refunded and was refunded a few times (usually because I was outbid). In one case, the property wasn’t unoccupied yet, current occupant stripped the place before leaving and while i was in escrow, that got me out of the deal and my deposit back (10k worth of plantation shutters, light fixtures, appliances, etc.) I wanted a new price, they said no, i said FU, they gave me back my money.
I don’t think I’d sign a completely unconditional deposit, what if it burns down before escrow closes? You can’t insure it until it closes, that would cause you to eat the deposit, that blows.
August 15, 2009 at 9:36 AM #445445AK
ParticipantI wonder if the listing agent is trying to scare off people in favor of his/her own buyers …
A few months ago I passed on a nice little house that was offered on similarly unfavorable terms. Listing agent said the bank insisted on a 3% deposit, 5 day inspection period, 15 day escrow. It closed recently about 6% below what I’d call fair market value.
August 15, 2009 at 9:36 AM #445625AK
ParticipantI wonder if the listing agent is trying to scare off people in favor of his/her own buyers …
A few months ago I passed on a nice little house that was offered on similarly unfavorable terms. Listing agent said the bank insisted on a 3% deposit, 5 day inspection period, 15 day escrow. It closed recently about 6% below what I’d call fair market value.
August 15, 2009 at 9:36 AM #445374AK
ParticipantI wonder if the listing agent is trying to scare off people in favor of his/her own buyers …
A few months ago I passed on a nice little house that was offered on similarly unfavorable terms. Listing agent said the bank insisted on a 3% deposit, 5 day inspection period, 15 day escrow. It closed recently about 6% below what I’d call fair market value.
August 15, 2009 at 9:36 AM #444844AK
ParticipantI wonder if the listing agent is trying to scare off people in favor of his/her own buyers …
A few months ago I passed on a nice little house that was offered on similarly unfavorable terms. Listing agent said the bank insisted on a 3% deposit, 5 day inspection period, 15 day escrow. It closed recently about 6% below what I’d call fair market value.
August 15, 2009 at 9:36 AM #445037AK
ParticipantI wonder if the listing agent is trying to scare off people in favor of his/her own buyers …
A few months ago I passed on a nice little house that was offered on similarly unfavorable terms. Listing agent said the bank insisted on a 3% deposit, 5 day inspection period, 15 day escrow. It closed recently about 6% below what I’d call fair market value.
August 15, 2009 at 10:14 AM #445645PCinSD
GuestAppreciate the input. I guess my only option is to wait for the agent to get back to me. Just seems like a fairly onerous term, and one that’s not necessary to get the place sold. Almost seems like they are intentionally trying to discourage buyers.
August 15, 2009 at 10:14 AM #444863PCinSD
GuestAppreciate the input. I guess my only option is to wait for the agent to get back to me. Just seems like a fairly onerous term, and one that’s not necessary to get the place sold. Almost seems like they are intentionally trying to discourage buyers.
August 15, 2009 at 10:14 AM #445057PCinSD
GuestAppreciate the input. I guess my only option is to wait for the agent to get back to me. Just seems like a fairly onerous term, and one that’s not necessary to get the place sold. Almost seems like they are intentionally trying to discourage buyers.
August 15, 2009 at 10:14 AM #445394PCinSD
GuestAppreciate the input. I guess my only option is to wait for the agent to get back to me. Just seems like a fairly onerous term, and one that’s not necessary to get the place sold. Almost seems like they are intentionally trying to discourage buyers.
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