DIYbanter - View Single Post - Need advice on home buying process, PLEASE HELP!

dpb

wrote:
....
I'd stop worrying about the earnest money as if it were the main
factor in someone accepting an offer. Are you pre-qualified for a
conventional mortgage with 20% down? Someone making an offer under
those conditions with $500 earnest money is going to impress me a lot
more than someone that puts more down, but wants to get a 5% down
mortgage. Or worse yet, someone that wants to make the purchase
conti[n]gent on them selling their own house.
....

Note I'm commenting here to OP altho he seems to have left the scene,
it's just convenient to reiterate the point I've previously made

From the seller's viewpoint I couldn't agree more. OTOH, from OP's
viewpoint as a buyer, it could be absolutely _critical_ to have such a
contingency clause (altho in this case of a first-time buyer that's not
likely an issue).

_BUT_, it's only one example of the sort of thing that arises and the
reason OP should have somebody (preferably imo a legal-beagle) on his
nickel to ensure that this or whatever contingency it is that is
appropriate for his particular situation is addressed--and only that
person will be the one looking out for his interests in the transaction,
friend or no...

It's that competing issue of whose interests are at stake that the
particular example is good at illustrating that hopefully OP will read
(and take to heart altho I have my doubts of the latter even if the
former were to happen, unfortunately).

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