Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
Re: Question on earnest money amount in CA
[ Edited ]

Keg2012 wrote:

Ugh. I wish I woulda known maybe I wouldn't have paid so much to the cc's ... What do you think the chances are? The one thing tht looks good for us is that with the house our debt/ income is only 31%....


It's possible. With the listing being aged, you should have a motivated seller, but if he's jerking you around about the deposit, it doesn't bode well (IMO) for the negotiating process. What are the comps in the area going for?

 

My primary rule with regard to buying real estate has always been that you have to be prepared to walk away. Construct the maximum deal in your head that you are prepared to offer, and try to get below it. If the seller remains incalcitrant and won't at least hit your worst case deal, then walk away. If the house is in good condition, in a desirable area and priced correctly, it should have moved long before now. That it hasn't tells me that either 1) it has problems or 2) it has a problematic seller. In this case, I'm betting on #2.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k