Pledging 100% Earnest Money in Short Sale
I have found a short sale property that is listed well below market value that I want to purchase with all cash. I am not sure the big national bank will accept the offer but thought that if I give an earnest money deposit of 100% of off they might agree and close faster.
Anyone ever tried this? Results?
Most Popular Reply
Your dramatic offer is not likely to have much effect on a national bank's decision to accept the offer. However, if you make a large earnest money deposit and something blocks the sale it may take a while before the bank releases your earnest money. Remove all contingencies from your offer (the bank is not likely to accept the offer with contingencies anyways) and, if you wish to make a gesture, offer a slightly above normal earnest money deposit. The most important factor is to get your offer in now. If it is truly listed well below market you are not likely to be the only one to have noticed.