Submitted by Anonymous on Fri, 10/02/2009 - 14:50
Posted in
We have a signed offer from a buyer but now she says (through real estate agent) that she can only do a 2.5% deposit when we execute the P & S. (The real estate agent told us that 5% is the norm). Should I take the smaller amount to close the deal? The house has been on the market for 6 months.
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Editor's Response
I know it's tough to say no in this market, but I would think long and hard before taking the smaller deposit. Under MA law and the language contained in most P & S Agreements, that deposit will be your damages, the entire amount you are entitled to collect from the buyer, if she breaches the Agreement and backs out. If money is that tight for her, is she really a good candidate to purchase your home? If she ties your home up for several months and then breaches, you may wish you had the full 5%. Also, if she really loves the house, she may be able to find the other 2.5% somewhere. Sorry, but that's my take. It's up to you, however. Based on your dealings with the buyer, you may feel she is worth the risk. Good luck.