There's no "standard." It really varies, based both on the value of the property AND your local norms and expectations. In some areas, $500 is OK. In other areas, it might be $1,000. Or it might be roughly 1% of the purchase price of the home.
The larger it is, generally, the more seriously the seller will consider your offer. An earnest money deposit of $10,000 on a $300,000 home will be taken more seriously than an EMD of $500. Just make sure your offer is written so that you can get your money back if circumstances change.... more
A builder wants to BUILD not just resell homes. Think of it as an artist...He doesn't want to resell the canvas he bought for $20 to get $25, he wants to work to increase the value and make money on the finished product. The big money is in the build and the better the lot, the better the chance of him/her reaping a big reward. Bottom line...he marks it unreasonably high so you either buy it outright at a ridiculous price and he is okay with it or they show you how affordable the finished product will be and you contract with them to build.
Either way, it sounds like you have found the hardest part of the equation and that is the perfect location. If you want to have a strong negotiator on your side to get the most house for your dollar, I would be happy to help.
Wishing you the best,
Mark Atteberry, SG Priest Realtors
Delivering Personal Service with Exceptional Results
The magic number is 620. That's what FHA requires. You are not far away! Have a credit repair company (reputable one), assist you with this. What they'll do is dispute items on your report. If its an old charged off debt, it will probably fall off your report. Act on any recent debt that you can pay off and have the credit repair company negotiate a settlement. It may take some time, but don't be surprised if your there before you know it!... more
You can get it but I think you would have to get it through a lawyer or a paralegal. The bankruptcy infomation is on a system call a paser. It tracks all bankruptcy filings. Title companies may have the ability to check the paser too.
First Weber Group
Certified Distress Property Expert
Greenfield, Wisconsin... more