Charlotte, NC area: hate on OP, houses, boats & hoes

I believe we wrote the EM check to the Realtor company we were using...as I understand it, that money gets credited to the loan amount, at the time of closing.

 

Both the DD and EM are credited at closing, so no money is lost as long as the deal goes through.

 

yeah, that's what I meant.

we lost a couple thousand in DD money before we found our current house...always tough to swallow that loss if the deal falls through.

 

@murphmobile if you are interested....a little "overlanding" trip, a few locals are taking in Nov 07

 

Flipside of that is why me, as the buyer, subsidize a deal you will most likely make a big ass profit on? Especially if the house was occupied and you had to pay that anyway 2 sides the coin I guess.

 

counter argument: "you should have bought sooner when the market was down "

 

My time machine is broken! Plus I would not be getting this much for my house up here, probably would be under contract for at least 50k less.

I was speaking hypothetically.

 

You aren't really subsidizing the sellers pockets, the balance still gets deducted from the sale, so it's a wash either way...it's really just a deposit and letting the seller know you are serious and aren't wasting their time while under contract when it could be sold to someone else who is serious.

 

Also, the stronger your DD and EM, the more it shows you aren't f-ing around. We were gonna do $500/$500 on our house, our realtor said the sellers would take another offer if we didn't do at least $1k/$1k especially since there were already multiple strong offers on the table, around the same as what we offered.

 

As a Seller in this market, I wouldn't take a house off the market for a buyer that offered less than $1k DD and double that in EM. Any price point house. The house we are selling here in Charlotte has $2k DD/$8k EM

 

For the house in Asheville, the buyer was so desperate they gave us $5,000 DD and $3,000 EM. Unusual to have more DD than EM.

 

we ended up doing $1500/$1500 on our house, because we knew it would get sold that coming weekend.

Now, we would prob have to do $2k/$2k at a min for the price house we are looking to buy.

 

2k may be low for the EM based on the price range of houses you have posted here that may be considered. But your Agent probably will help you put the offer together (though I think 99% of them are worthless).

 

No due diligence given from us just $1000 earnest money. It was a for sale by owner and the ladies selling the house loved us.

 

I think we settled on $3K DD, and $3K EM for our deal. agree, agents are only in it for themselves. some are better than others. I remember asking a friend in FL for a referral for a good agent back in the day. He laughed, he said thats an oxymoron, no such thing.....

 

My house was a foreclosure i only offered 500 EM no DD. Then when I sold my house FSBO I took 1000 DD and 1500 EM. Had my cousin print off a contract for me sans his companies name for her to sign. Needless to say she walked right into a contract that benefitted me as the seller since she didn't have a lawyer or realtor review it. My house also wasn't even close to what yall have/had very modest little farm house.

 

I hire agents to do paperwork but I've done 100% of the negotiating on every house I've bought. I've also found every house I've bought myself come to think of it.

 

I just wish there was sone type if fiduciary for realtors it might would help with the games they play

 

The commission fee is complete bullshit...it should be a flat rate, for no more work than they really do. If you wanna come stage my house and help get it ready to be picture perfect, then we can discuss a commission fee.

With Realtor / Zillow / etc...they are just there to facilitate the negotiation with the other realtor. We found our house, our realtor was a real piece of shit. Did the bare minimum amount of work. I dealt with the bank and layers and all the other parties involved.

 

Well they like to act like it's not, but everything is negotiable. I didn't pay 3% for my agent to sell my house, but it's easier to negotiate that the more expensive the property.