Is Realtor Screwing Me on what to deposit

2 Replies


Purchasing a duplex for 130g it was listed at 146g. Hard negotiations , lost my first bid offer status because real estate agent did not lock in the 130,000 I was passed. I position myself as a back up offer. Find out on a Friday and the Realtor states I need 5% by Monday at 5PM.

Problem money is coming from primary home. It still in the process. I already have 2 other mortgages and do not want to disrupt debt service ratio.

Spoke with my sister who did work in mortgages said the realtor is trying to get you to put up x Amount, so if the deal falls through you don't get it back. My realtor never explained this  Anyhow she mentioned you don't need to stress out they know it's coming from your primary so give them $1300 they cannot reject your offer.

When speaking to the realtor I asked do I technically or legally have too. I asked him this several time. "Well we do it New Brunswick Cnda". In other words it's customary not necessary,so I will take a gamble and put less. I could get the money but it takes at two days to break TSFA and again with this deal time is never on my side.

Any comments would be appreciated.


Its hard to say if the Realtor is "screwing you" without more information. That said, if you don't have 5% liquid to put down then maybe you're spreading yourself too thin.

@Louisa Seales

Sounds like the realtor is suggesting 5% Earnest Money deposit?

After hard negotiations, and you are the back-up offer?

We just put 10% down on an investment, new construction.

Depending on your market, 5% EMD isn't a stretch. It's more an indication of how serious you are about the offer.

Read the contract about if and when the Earnest Money is refunded/returned.