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The Investor’s Guide to a Single-Family Rental Emergency Fund
As real estate investors, your emergency funds are a critical line of defense against unexpected costs. It prevents you from dipping into your budget to handle them. But what should you really use an emergency fund […]
Don’t Overlook This When Buying an Investment Property—Learn From My Mistake
Let’s get one thing straight: Real estate investing isn’t a get-rich-quick scheme. If you think you can just waltz in and start raking in cash without a solid game plan, you’re setting yourself up for a financial face-plant.
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Starting Out
HomeForumsStarting Out$3500 Earnest Money Counter Offer?
Rhondalette W.'s profile image
Rhondalette W.'s profile image
Rhondalette W.
  • from Dallas, Texas
  • Member since Jul 23, 2014
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Rhondalette W.'s profile image
Rhondalette W.'s profile image
Rhondalette W.
  • from Dallas, Texas
  • Member since Jul 23, 2014
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Rhondalette W.
  • Dallas, TX
106
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517
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Starting Out

$3500 Earnest Money Counter Offer?

Rhondalette W.
  • Dallas, TX
Posted Mar 26 2016, 16:38

Hey BP, I made an offer on a SFR potential rental property for $104K in my offer I suggested $100 option fee for 10 days and $1000 earnest money. They countered back with same price $104K but wanted $3500 earnest money and only 7 days option period. Why would the sellers want so much in earnest money? How does this benefit them? Will the full amount of the earnest money be applied to the price of the home? I am confused...

Can any of you explain earnest money and the related rules?

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