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Real Estate Tips

Making An Offer >Good Faith Deposits

After many months of searching, you have found your ideal house. You are a little older and a little wiser now, so you want to give the impression that you are serious without appearing to be too eager. What should you do? In the marketplace, "money talks."

There is no absolute rule about how much "good-faith" deposit you should put down--but it is a tool to make your point with the seller. The typical $1,000 will hold many homes for you, except in larger-home markets where it may be critical for you to show that you are an especially serious and able buyer. You don't want to make a deposit that is too large in case there is a problem getting your money back, but if your offer is substantially below the asking price, a larger deposit--$5,000 or $10,000--might influence the seller. If you make a low deposit with your offer, be sure to provide for an increased deposit when the offer is accepted or upon removal of the contingencies.

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Real Estate Trivia

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What economic factor can make the purchase of a home an excellent long-term investment?

A 
Home price appreciation can result in a substantial return on the buyer's investment as a house increases in value over time.
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Jim Rideout, REALTORŪ, real estate agent and broker for Augusta, Waterville and Topsham, Maine home listings, property and land for sale

Jim Rideout Jr., MBA - Maine Stream Team
Coldwell Banker Rizzo Mattson Realtors

219 Capitol Street
Augusta, ME 04330
JR Cell: 207-485-1105
CB Cell: 207-592-6043
Office: 207-622-9000 Ext 129
Fax: 207-622-7283
Toll Free: 800-894-7979
MaineStreamTeam@aol.com

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