Offer Deposit

What's the value of a typical offer deposit for a single family home nowadays?

How much wiggle room is there for the offeror in getthing their deposit back? (i.e. how bad does the inspection have to be?, etc.)

Thanks

You can pretty much always get your deposit back. Put in "subject to financing" and you are golden. Any discovery on the the inspection, no matter how small gives you three choices, have the owner fix it, accept it or walk away from it.

Yeah as long as you have one subject to clause you can basically walk for any reason before the time limit.

Pretty much. For example, when people collapse an offer on financing more than half the time they just got cold feet.

That is why in bidding situations sellers take a lot less when they have an unconditional offer at hand.  This spring I regularly saw sellers taking 50k lower on unconditional offers vs the highest conditional (all offers over asking).  Obviously if you had a home listed at a million and there is conditional for 995k and unconditional for 950k the conditional one has a better chance.  But if you are at a million asking and you have 1.2 unconditional and 1.25k conditional most people take the 1.2 and run.

Deposit usually 10 to 20k on 600k home and 20 to 40k on $1 million.

 

Deposit usually 10 to 20k on 600k home and 20 to 40k on $1 million.

 

We put down $50K on a $1.45 million purchase and the people who bought our house for $1.2 million, put down $70k.

We put down $50K on a $1.45 million purchase and the people who bought our house for $1.2 million, put down $70k.

That's a good way too go when buying/selling.  I always encourage people selling then buying to have the same or lower deposit on the purchase.  Less risk if the buyer on the sale doesn't complete the transaction and you can't complete the purchase.

Mon Sept 12, 2016 – 9:00am:

Sept Sept
2016 2015
Net Unconditional Sales: 241 704
New Listings: 363 962
Active Listings: 2,061 3,478

Please Note
Left Column: stats so far this month
Right Column: stats for the entire month from last year