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Why does the investor think I'll submit his cash offer with Zero EMD?

By
Real Estate Agent with Realty Masters & Associates CA BRE #01874101

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!!  

Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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.

Oct 27, 2010 05:25 PM
P.J. Virgilio Jr., Realtor 408-568-6578 Selling homes in the Greater San Jose area and South through San Martin, Gilroy
Keller Williams Realty Silicon Valley - Gilroy, CA
San Juan Bautista and Hollister as well!

Interesting fellow Stephanie?

Oct 27, 2010 05:42 PM
Stephanie Batzel
Realty Masters & Associates - Corona, CA
Let's Get Your Move On

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.  

Oct 27, 2010 05:58 PM
Jose Dias
Home Sellers Help in Scottsdale-Phoenix-Peoria-Glendale - Scottsdale, AZ
Sell Your Home in Scottsdale-Phoenix-Peoria-Glendale-Goodyear

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.

Oct 27, 2010 06:34 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

According to contracting law one has to have offer acceptance and consideration.  Money in the game.

Oct 27, 2010 06:54 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I've bought property with ZERO deposit and in many areas, a NOTE for the contract DOWN is sufficient to open escrow

Oct 28, 2010 12:32 AM
Stephanie Batzel
Realty Masters & Associates - Corona, CA
Let's Get Your Move On

Thank you all for you thoughts and experienced results!!!  I feel better now. 

Oct 28, 2010 07:14 AM
Stephanie Batzel
Realty Masters & Associates - Corona, CA
Let's Get Your Move On

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 :)

Nov 04, 2010 10:39 AM
Mary Hillerman
Crye-Leike Realtors® - Bentonville, AR

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.

Oct 08, 2011 11:25 PM