BiggerPockets

15% is high IMHO...

I usually try to get 5% from my buyers, but I usually put down less than that when buying personally...

30 day due diligence then it becomes non-refundable. Pretty open during the diligence period for rejection. 30 days after diligence to close with 2, 30 day extension options with an additional $5K deposit. Financing is close to done. Dealing with an out of state assett management company for a large bank. Took a long time for "ownership" to decide if they wanted to sell and they accepted our first offer.

As the others say, 15% is high, but might be worth it. Or you can try 5-10% and see how they respond. I've put up 10% before, was nervous, but there was never mich risk to the EMD, so it was fine.

Working with Real Estate attorney on it now. Multiple problems with contract. Seller wants to close by mail with a title company in DC. Weird deed set up, very high insurance requirements and such.
Several deals in it our lender won't approve and such. Lawyer rewriting contract to work in Texas with a title company that has an office here and such. Bring EM down to 5% or so. Bunch of changes.
We will see how it goes.

Counter. I am willing to go up with it as long as I feel good about it. The contract in whole was very favorable for the seller.

Ugh...sorry about that.

What could they possibly have to object to the the TAR contract?

Are you using financing to purchase the property?

Moving along well. The place appraised for 30% more than the agreed price. I had an extra $50K built in to the SBA loan for improvements.
The bank is now telling me I can use any expense during this as part of my equity injection? Legal fees, SBA loan fees, surveys, inspections and such. Anybody heard of that?
The deal is $850K, the loan is $900K with 10% down for equity injection. Already ponied up $63,750 in earnest money. The complex appraised at $1.15M. I have not figured out if using the $15K in expenses as part of the equity injection is a plus or not.

Just how importany are the estoppel certificates?
Evidently the property managment company is having a great deal of trouble getting one of the tenants to sign. There are 2 tenants. Both with completly different leases. One a standard lease and the other drawn up by an attorney. 1 is paying CAM plus T&I. The other just base rent. Base rent is the same for both. Both have a clause about signing estoppels which is well past due.
That and the 2 tenants seem to have some kind of ongoing issue with each other. Once we have it the project will become 76% occupied.
(Each tenant has 12% of the project. Our business will be in 52%)
I can see why the bank wants this property off the books. The management company has the leases all screwed up, has been billing them pretty hard, and it's been 76% vacant for quite some time.

The estoppel certificate is a document giving a prospective buyer the terms and conditions of an existing lease, the rights of tenants. It is signed by the tenant and landlord to acknowledge and disclose such rights. This is of interest to the lender to ensure there are no side deals putting the tenant in a psoition to disclose. Reducing all agreements to writing.

You'll find you'll have other expenses in that SBA, bond underwriting, could have bank's attorney fees, etc. so I wouldn't say you should be banking on much left. Don't know your lender but if there is money available they will consume it. We closed on a very similar deal in the DFW area last year. It took almost 4 months! Good luck!