Quote:
Originally Posted by gstelmack
How much earnest money has he put down?
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Yeah...this.
Sorry all of you handshakers out there. An offer doesnt mean jack to me until it is signed by the would-be buyer along with an attachment of proof of funding. The same reason you believe a handshake is some level of "binding" (whether morally or otherwise) is the same reason I'll point out that you probably aren't informed enough to even know if you are able to finance the damn house. Sorry...not going to take chances with a misinformed buyer that can't deliver.
Now...as for even agreeing in the first place. With an offer you are "meh" about...you should have told him you want a signed offer letter, loan approval (not just a pre-qual), and x% earnest money. And you would need 24 hours to consider it. You also should have used "foot traffic" as a subtle negotiating point so you could keep the price a little higher than you ended up with.
But...you are in the situation you are in. So...I would take the deal...and try to close ASAP. If this buyer is a well-spoken flake...you need to force him to deliver quickly so you arent wasting your time. If you are NOT getting any earnest money...then you better just realize you have ZERO leverage in this deal and if it falls through...do NOT make this mistake again.