[Duppman]

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.

We purchased a month before the pandemic hit, put 10K down with an inspection required.

[jrref]

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.

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.

[virtue51]

I closed in September 2019 and placed a deposit of $10,000. I closed on the house in 30 days, had an inspection and had a real estate lawyer review all documents. This is the single largest purchase for most people. You don't want to be surprised after you own the house.

[Annad]

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.

I have a home for sale. Forsalebyowner 204 del rio drive. Check it out!!

[oxfordreb52@gmail.com]

Interesting responses for sure. For the most part of these replies, the figure that is mentioned $10,000. No where is there a requirement to put down any money but it is a good practice to put down something that is reasonable between both parties. I would gamble to say your realtor came up with this figure as it is the normal amount all realtors in TV throw out unless you are buying a very expensive house in the $1,000,000 and above. Then it is about 10% of the value but there is no set amount. In fact I questioned my realtor about this for TV and he said what many of the above answers revealed. In TN, MS, IN, and several other states I have purchased houses, the % was 2. I put down $5k here, all cash deal, and closed in 21 days. That was a 1.5 years ago. Don’t just take these opinions to heart as they are opinions and not a law. You are normally in the driver’s seat and can judge how quickly the house is in demand. Mine here had another offer and they took ours.

[Jawskid6044]

They offered 2k I countered with 10% which amounted to 50k. They accepted without question.

[sloanst]

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.

Anyone demanding payment up front falls into 2 categories. They are either frauds or they are lousy business managers. In either case, don't deal with them.

[msmr23@gmail.com]

$10,000 each for 3 transactions in the villages. It wasn't negotiable

[Mosells]

Typical as a sellers agent, I tell the seller don’t get hung up on the deposit. First the seller requires the buyer to demonstrate proof of funds. If the deal does go south for any reason, the buyer is not going to purchase. The deposit is held in escrow until the buyer and seller sign a mutual release. The advice I offer my seller, are you willing to take the house off the market while you litigate? If the buyer cannot purchase, what judge will make the buyer go through with the purchase. I know it’s contract law. Are you willing to tie up your house for months or years in litigation? Give the buyer back the money, and let’s move forward with another buyer. The size of the earnest money is immaterial. That’s my opinion and I’m sticking with it.

[JMintzer]

Originally Posted by sloanst

Anyone demanding payment up front falls into 2 categories. They are either frauds or they are lousy business managers. In either case, don't deal with them.

Wrong thread...

[Bellavita]

If you were buying my home for Cash I would require a substantial down. A good faith $1000 down is what you did in 1950, this is a new market and you need put down a minimum of 10% if you truly have cash for me to consider your offer. The way you are buying is a risky deal, no background just cash.

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.

[Luggage]

Even under certain circumstances a certified check can be stopped. Certified means the funds are in the bank

[retiredguy123]

Originally Posted by Bellavita

If you were buying my home for Cash I would require a substantial down. A good faith $1000 down is what you did in 1950, this is a new market and you need put down a minimum of 10% if you truly have cash for me to consider your offer. The way you are buying is a risky deal, no background just cash.

10 percent earnest money would be exceptionally high. $10K is more typical for pre-owned houses sold in The Villages.

[Skunky1]

Quick answer, $10,000.
Whenever buying a house in the Villages make sure to check with the Architect committee to make sure all improvements (patios,driveway add on,Screenroom etc) have been approved. If they have not been approved you may have to bear the cost of having them removed.

[Papa_lecki]

Personally, I prefer a buyer mortgaging the property.
A “cash” buyer can fill out all the disclosure forms int he world, but at settlement, they can’t come up with the money
A mortgage requires the mortgage company perform due diligence on buyer, to ensure they have the money.