Foreclosure in 92630>Question Details

Margarita, Home Buyer in Potrero Hill, San Fr...

How much should be the amount to deposit for a backup offer in San Francisco, CA?

Asked by Margarita, Potrero Hill, San Francisco, CA Fri Mar 8, 2013

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Bob Phillips’ answer
Try 110% - that should perk up their ears! ( Of course, CAR forms limit liquidated damages to no more than 3%, should you later default.)

In all seriousness, 3% should be the maximum.
0 votes Thank Flag Link Fri Mar 8, 2013
Hi margarita

Any deposit money can be between 1-3% for any offer. Good luck
You should be asking your agent this and any other questions you have

Ingrid Ski Realtor
0 votes Thank Flag Link Fri Mar 8, 2013

It would only be on paper and that is it. You would make your EMD the same as you would if you were not in a backup position. Not know what the deal is on the home that you are going to be in backup on I can't really tell you much more than that.

Good luck
0 votes Thank Flag Link Fri Mar 8, 2013

Are you talking about the deposit that accompanies an offer? The deposit for a back up offer is usually no different than a normal deposit. It can be any agreeable amount but generally the check is held uncashed until the offer is accepted. The amount of the deposit indicates the seriousness of the the higher the deposit, the more seriously an offer is taken.....
That is why I encourage my clients to put in back up offers on several properties. If one back up offer eventually becomes accepted, the other offers can be withdrawn.

If this isn't helpful, please feel free to call me...714-381-1723

Linda M. Lukas
0 votes Thank Flag Link Fri Mar 8, 2013
Hi Margarita:
A typical down payment should be about 3% of the purchase price.

As there are multiiple offers now and homes selling right away, the more depost you put down, the stronger your offer is..
so base it on that.
Good luck on the back up offer.
0 votes Thank Flag Link Fri Mar 8, 2013
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