Asked by Chengiz, 12047 • Sat Jul 25, 2009
We recently made an offer to buy a home for 270K which is being sold in a short sale. Our agent told us that we needed to make a very large deposit - $5000 in earnest money when we present the offer and then $10,000 more when the offer is accepted. We didn't think much of it at first because we don't know a lot about home buying, but now everything I'm reading says this is too large a deposit.
The home is quite new, less than 2 years old, and seems to be in good condition. Should we try to rescind the offer before we get it back (it's going to take a couple of days for the bank to send back the paperwork though they have verbally given approval)?
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