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.
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