Thanks to my advertising I was contacted by an investor asking me to help submit his cash offers. Why does he think I should submit countless offers with zero down? Wow!!
In Florida, we (as the Listing Broker) are required by Law to submit any and all reasonable offers, unless instructed otherwise by the Seller.
This includes offers with Zero Deposit.
The one thing that most Sellers will want to see from a "Cash Buyer", is a Proof of Funds Letter.
Interesting fellow Stephanie?
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Stephanie Batzel
Corona, CA
I have contacted a few of the listing agents regarding my pending zero EMD offers. Kind of embarrassing when they laugh and say 3% or another minimum is required.
Stephanie, I would move on. He doesn't seem to be a serious investor.
Another option if you want to try it out is to give him a bunch of blank contracts with your name at the bottom. He fills them out and send to you. All you have to do is to send them to the listing agents. Easy job.
According to contracting law one has to have offer acceptance and consideration. Money in the game.
I've bought property with ZERO deposit and in many areas, a NOTE for the contract DOWN is sufficient to open escrow
Thank you all for you thoughts and experienced results!!! I feel better now.
Just to update my investors work in progress. I have submitted several offers so far. Each has come back and asked for a minimum deposit. I'm now educating my investor as to this requirement and won't be submitting further offers without the EMD/POF, etc. We've both learned our lesson. Hopefully we'll actually get one or more into escrow and actually closing would be great. Thanks for reading and commenting :)
Good Morning Stephanie, Sounds like things are working out. We always feel if the seller was a minimum deposit they can counter the offer. Sometimes that takes the seller's mind off of other considerations such as actual price.
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