Should prospective buyers of commercial property make an earnest money deposit to show "good faith" EARLY in the process to eliminate tire kickers?

Asked by Cliff Christian, Helena, MT Thu Oct 24, 2013

I had, I thought, two serious buyers of a commercial business I have for sale. Both led us to believe they were absolutely serious and qualified to purchase. After working with both for a considerable amount of time at the expense of prospecting others, one had no resources available and the other was just playing games.

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John Lagerqu…, Agent, Helena, MT
Thu Oct 24, 2013
Had the prospects made a offer with a buy sell agreement ? Asking for a substantial earnest money deposit would at least let you know if they had some money. The other would be to ask for a bank approval letter. Although, many of those don't carry much water either. It's very frustrating.
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Verbal offers only (I know, verbal orders don't go:-(() but I wanted to give them the leeway rather than loose the sale. I am now realizing an early indication of their willingness to (a) put a substantial down early or (b) secure a letter from their bank, is about the only way to segregate the real buyers. Thanks for your response.
Flag Wed Oct 30, 2013
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