When there is a lot of competition for properties like we experienced in Oakland this spring, Agents & Buyers start looking every little way to make their offer look better than the rest. Remember, your deposit is applied toward down payment & closing costs so it is not extra money spent just a portion put into escrow up front. A good standard deposit is 3% which shows you are indeed very "Earnest". Going lower can erode seller confidence in you as a buyer and going higher can increase seller confidence that you are willing & able to consummate the deal. Note: Depending on how the purchase agreement is filled out, the deposit is usually the amount a buyer forfeits if they have removed all contingencies and then back out breaching the contract. If handled correctly a buyer's deposit is not put at risk... So, increasing the deposit is a good way of improving the look of your offer without costing you any additional funds. A good Buyer's Agent can help you determine the context of the sale and how much deposit you should pledge. I'm happy to discuss this and any other questions you may have with no obligation, just ring me at your convenience 510-409-6946.
Best Regards - Sean Schwilling / Modern Knowledge + Classic Service