Do I Have to Put a Deposit in With my Offer to Buy a Property?
There is no law that says you have to put deposit money down with your offer to purchase a property. But there is a law in Florida called the Statutes of Fraud. Part of that law says that in order to enforce a contract there has to be some time of consideration. That can be in the form of cash, check, money order or bank check. It could also be gold, silver or whatever else of value.
Now, with saying all that…. you know the answer to so many questions, it all depends:)
Why are you buying a home? The reasons you are buying a home should become part of your reasoning as to what type of deposit to attach to your offer.
If you fall in love with your dream home it is highly likely other buyers may also be of the same opinion as you. That creates competition. Here in Wellington many listings get multiple offers. The stronger you make your offer, the better your chances are that the seller will accept your offer and not someone else’s.
Many buyers don’t learn this lesson until after they have lost the chance at buying a home they fell in love with.
The bigger deposit you put with your offer, the more serious you appear to be in going through with the sale of the property.
A seller has to take their home off of the active market once they accept an offer. So they are looking at what is going to be the offer that is most likely going to close. The highest and best offer and terms is usually the one a seller will accept.
The seller has to take his/her house off the market they in turn want you, the buyer, to not be actively searching for another home. Some buyers want to place offers on multiple properties.
Many buyers’s agents don’t want to have the buyer’s money at risk. What if you decide you don’t want the property next week?
There are contingencies you can add to your offer, such as your offer is subject to you accepting the home inspection report on the property. If you don’t like the inspection report you can cancel your contract. If you cancel your contract within the terms of the contract, you get your deposit money back within the time specified.
If you don’t show the seller you are a serious buyer the seller will likely accept another offer.
No matter what the opinion of anyone else is, you must always ask yourself, do you really want this house? Are you willing to show that you are a serious buyer?
Katerina Gasset is the author of http://www.wellingtonfloridashortsales.com. Katerina Gasset is the homeschool mother of 9 children and wife to Nestor Gasset. Katerina Gasset is also a writer, author, speaker, Realtor®, SEO coach, blogging coach and business entrepreneur and consultant.