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lilstacks Category:
Current Grade: A
Total Views: 493
Member Comments: 4
 Posted on: 07/31/2008
Posted by: lilstacks
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my seller is asking for a $1000 deposit upon signing purchase contract...i was told that i shouldnt pay more than $50 incase title isnt clear im not sure what to do.
should i just tell him to add it to the purchase price and have my investor finance the deal since i cant pullout 1000 cash  or what? i need some advice please
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lilstacks

Posted By: lilstacks on 08/01/2008
thanks for the advice mr. lucier
 
Brian Lucier
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Posted By: Brian Lucier on 08/01/2008
We usually put $100 dollars into a deal to start our due diligence. If his lawyer insists for the $1000 and you are not comfortable walk away. You could always give it to your lawyer to hold in escrow if they insist on $1000.

But remember, if you decide the best thing to do is walk away - then walk away.
 
lilstacks

Posted By: lilstacks on 07/31/2008
no one i told him that i couldnt pay that deposit...he had his attorney present and he wouldnt budge on the price...i dont know if i can ask him to just add the deposit to the sale price and have my buyer finance it...im kind of confused about the whole thing
 
Jeff_Tumbarello
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Posted By: Jeff_Tumbarello on 07/31/2008

who is holding the escrow? Do not ever give it to the seller

You can put the old, subject to attorney review or partner review,  24 hours after that you will deposit the escrow. Get the escrow from the buyer