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When making an offer should I put any earnest money down and how much?

Also, what types of contingencies should I include?

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Answers (10)
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Sep 22, 2017
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Washington County, FL

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Sep 9, 2017
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Sep 7, 2017
Mrs. Elizabeth White
Washington County, FL

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Hello to All across the globe, I am Mrs. Elizabeth White, from United State Of America, USA. I am a mother of 4 kids and I was stuck in a financial situation and I needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit ,do not fall prey to those hoodlums at there that call them self money lender they are all scam , all they want is your money and you will not hear from them again they have done it to me twice before I meet Dr. Maverick Leonidas the most interesting part of it is that my loan was transfer to me within 74hours so I will advice you to contact Dr. Maverick Leonidas if you are interested in getting loan and you are sure you can pay him back on time you can contact him via email……… (dr.maverickleonidassloans@gmail.com) No credit check, no co signer with just 2% interest rate and better repayment plans and schedule if you must contact any firm with reference to securing a loan without collateral then contact Dr. Maverick Leonidas today for your loan

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Aug 31, 2017
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Aug 30, 2017
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Aug 28, 2017
Steven St
World Business Partners, Inc
Los Angeles County, CA

P.S. Make sure your deposit is with a neutral source.

May 21, 2009
Steven St
World Business Partners, Inc
Los Angeles County, CA

Don gave a lot of good advice. I would only add that you have to weigh the offer from all sides. Are you giving the Buyer close to their price? Are you asking him to take back a large part of the sales price? Are you asking for a long or short settlement date? The size of your deposit should reflect the overall offer you are making.

Other contingencies should be discussed with your attorney. It is possible to buy a business without an attorney but its really really really foolish. A good business attorney will save you far more than they will cost you and be able to complete a deal that leaves you in a good position and not worrying two years down the road about being sued and losing everything.

Ive seen it with my own eyes before. Get the best attorney you can afford. Usually in a business deal no one is on your side except your attorney - it will be money well spent.

May 21, 2009
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The BAF Group LLC
MD

There is no legal requirement; 10% is common, but when a business is larger, 10% might be far too much to place in escrow, simply because tying up too much of your money would be foolish, particularly if settlement is months away. We are doing a $700,000 bar right now, and $10,000 is okay, even though it is far, far below the 10%threshhold because the Buyer will settle in 45 days. The key though, is to offer to settle quickly and to provide proof that you can do the deal from a financial standpoint, if you are offering a lower amount like that.

When people suggest they want to lowball the price, I tell them that they should then think about making a larger deposit. If they want the Seller to hold the note, or agree to other terms that put the Seller at risk or at a financial disadvantage of some sort, I always suggest they put more money into the deposit, so that the Seller will realize the Buyer is, in fact serious. Even beyond the deposit, if you are asking the Seller to make some sort of accommodation or sacrifice, it is always best to try to offer some accommodation of your own, in order to make the Seller feel like you are not just trying to take advantage of him/her.

May 20, 2009
Carl J. Cusano, MBA, CBI
Capital Business Advisors, Inc.
President
Albany County, NY
Premium Broker

Yes, earnest money is almost always required. A reasonable amount is 5% to 10 of the purchase price.

May 20, 2009