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Mortgage Offer, Accept?

Home Real Estate Investing Mortgage Offer, Accept?

  • Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5396
    Joined: 01/12/2016

    What’s the earnest deposit amount?

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    Just 2%

    #196671 Reply
    Liked by Vagabond MD
    Avatar DCdoc 
    Participant
    Status: Physician
    Posts: 326
    Joined: 06/14/2016

    I would do it just for the “cool” factor and bragging rights.

    #196673 Reply
    portlandia portlandia 
    Participant
    Status: Physician
    Posts: 341
    Joined: 07/07/2017

    The other offers were someone contingent on sale and their house had been on market for almost a month I think, so no go. The other was someone who came in with a low ball offer and wanted me to pay closing. Both of those were on day 2 on the market, this one came day 4. I thought I priced it a smidge high, but its had an incredible amount of interest online and in person…so Im thinking maybe not? Friday will be one week. I was gonna drop the price by next week if we didnt have a solid offer.

    I agree the offer makes me feel red flags..their agent thinks it will be no problem and is “just looking out”, and given that he isnt a starter and was a two way player (housing is covered, etc..) and this is only his second year the minimal credit history, etc…does make sense a bit. I am trying to learn all about the sportzballz rn.

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    The realtor’s answer doesn’t give me any more confidence and I’m not surprised she doesn’t feel this ask to be a problem. If she disclosed that she had reservations about her client closing the deal, it could be argued that she is not acting as a fiduciary. How does a 90 day close affect his minimal credit history? It’s not like his credit is going to get any better in 3 months. Also, how much more secure will his job as a marginal NBA player be in 3 months vs. today? I assume that his contract is guaranteed for the rest of the season at this point? I would want answers to these questions from the realtor that are easily digestable, not some vague references about “just looking out” for a guy who isn’t a starter, etc.

     

     

    #196674 Reply
    Liked by octopus85
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3013
    Joined: 01/21/2016

    What’s the earnest deposit amount?

    Click to expand…

    Just 2%

    Click to expand…

    2% does not seem like enough. 5% with no contingencies sounds better. 10% sounds even better. I have not bought/sold a house for many years (20 years, this month, to be exact), so I might be out of touch.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #196683 Reply
    White.Beard.Doc White.Beard.Doc 
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    Status: Physician
    Posts: 679
    Joined: 02/06/2016

    2% is way too little.  In this area, 10% is the standard deposit.  I would say that the long wait to close requires him to show how serious he is.  10% earnest money with a carefully written contract with no contingencies and I would go ahead with the deal. That means he is extremely likely to close, and if not, he pays you for your trouble with the 10%.

    #196688 Reply
    portlandia portlandia 
    Participant
    Status: Physician
    Posts: 341
    Joined: 07/07/2017

    What’s the earnest deposit amount?

    Click to expand…

    Just 2%

    Click to expand…

    Yikes. 2% earnest and 90 day close screams not a serious buyer. He needs to convince you otherwise with a big fat non refundable deposit.

    #196691 Reply
    Liked by Vagabond MD
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5396
    Joined: 01/12/2016

    In our area 1k is pretty standard for earnest money. I dont think I’ve spent more than 3-5k on a deposit. Just not how they do it. Just put an earnest check in for somewhere else at sub 1% for 1k myself.

    #196692 Reply
    White.Beard.Doc White.Beard.Doc 
    Participant
    Status: Physician
    Posts: 679
    Joined: 02/06/2016

    Well, a small deposit may be standard in your area, but a very long interval to close is not standard.  Therefore a big earnest money deposit is called for in this situation.

    #196694 Reply
    Avatar Xeno 
    Participant
    Status: Physician
    Posts: 102
    Joined: 01/24/2016

    Just don’t do owner financing.

    #196696 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5396
    Joined: 01/12/2016

    Just don’t do owner financing.

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    lol

    #196697 Reply
    Avatar wideopenspaces 
    Participant
    Status: Physician
    Posts: 905
    Joined: 01/12/2016

    Are you ditching CA?? Or just moving to another area? I think I somehow missed that you were moving. New job as well?

    #196701 Reply
    Liked by SLC OB
    wonka31 wonka31 
    Participant
    Status: Physician
    Posts: 457
    Joined: 03/24/2018

    Lebron James has the cash, tell him to pony up.

    #196702 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5396
    Joined: 01/12/2016
    Earnest refinancing bonus

    Lebron James has the cash, tell him to pony up.

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    Close, wrong LA team.

    #196708 Reply
    Liked by adventure
    Avatar SLC OB 
    Participant
    Status: Physician
    Posts: 301
    Joined: 06/23/2018
    Are you ditching CA?? Or just moving to another area? I think I somehow missed that you were moving. New job as well?

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    Exactly what I was thinking!

    #196712 Reply
    SerrateAndDominate SerrateAndDominate 
    Participant
    Status: Physician
    Posts: 311
    Joined: 02/01/2018

    Too bad it isn’t Boban. Love that guy

    Earn everything.

    #196716 Reply

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