Quote:
Originally Posted by Patents111
My plan is to purchase an existing home in TV. I will offer all cash with few or no contingencies. In Northwest Virginia, such an offer is typically accompanied by a good faith deposit of about $1,000. I assume it would be higher in TV and that the agent or realtor would like it to be as high as possible- the number and type of contingencies might have an effect also.
For any who have bought an existing home in TV, what amount of deposit was requested, offered by you, negotiated or finally accepted. Many thanks.
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I had to leave a $20,000 at contract signing. Whatever you put down make sure everything is contingent on the inspection. Also, if you really want the house it shouldn't make a difference if you leave $10K, $15K or $20K since you will be paying for the house in 30 days anyway. These days some buyers back out and sellers of hot properties want to make sure that's not going to happen to them. This is what happened to the home we just bought. Good for us that the previous purchaser backed out so we were able to get the house but the seller wanted more ernest money from us and i was OK with that because the sale was contingent on the inspection which went fine. The only thing is to make sure the inspector checks the irregation system and look carefully for signs of a previous water leak or flood,VERY important. Before the inspection i would also drive by the house at different times in the day and or evening to make sure you don't have any "crazy" neighbors or other obvious neighbor issues that you may not like.