Some folks want to purchase some land from me contingent on the sale of their house. Currently, I don't have a real estate agent so I'm wondering how much I should ask for as good-faith money.
They would want me to hold this land during the time of the year when there are many people looking and buying.
If it goes through, I will speak to a lawyer before signing anything but I'm wondering how much one can ask for to sit on property like this. Would 10% of the total value be too much?
It could be too much for them to handle - they may have little cash until the house is sold.
Also of concern is how long do they have? If the selling season is over before they make a decision you may have lost a good bit of money. Is the money refundable to them? How sure are they of the house sale? Would a non-refundable purchase option be OK with them?
When I bought land to build on I already had a signed house sale contract in hand that was contingent on buyer finance and I was pretty confident that would go through.
by Sekharg6 years ago
I see lot of houses for sale.I heard interest rates are lowest.Is it a good idea to buy a house now?What do you think?
by Steve Manion2 years ago
Hi Hubbers,I'd like some help with passing the Quality Assessment Process. Will you please give feedback on my Hub The Real Estate Purchase Score - A Score for the Home Buyer (must be signed in to view). What can I do...
by Wendy Iturrizaga6 years ago
Good morning HubMobsters:A big thanks to all of you who took part on last week's HubMob. I was happy to see so many new HubMobsters joining in the fun. For this week we are going into more serious Hubs, the...
by TheMiz78 years ago
Smoke and mirrors or does the means justify the ends??The reason I happen to bring up this topic is I was able to attend a workshop by The Institute of Commercial Real Estate by Cherif Medawar. After a lil more digging...
by Jessica Noonan6 years ago
This is a great time to review your finances. If you have not thought of buying a rental property before ...it's time. Facing the current market of homes dropping in prices and rates in a all time low...it's time to...
by Donte Mazyck8 years ago
Now is the time to step into the real estate industry and make money. Warren Buffet, the worlds richest man, said during turmoil is the time to make staggering profits. With the real estate market close to...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.