I am in CA, my realtor just gave up on me. She says that $500 is too low? Here what she says:
As your realtor, I'd like to advise you that we will not get anywhere with any of our offers if we only give $500 earnest money deposit, for the following reasons:
1. The seller/bank will not put their property off the market for 17-21 days ( to give you time to do your home investigation and/or get your loan approval) for a mere $500 compensation to them should you decide not to get the property or should your loan not get approved.
2. You are competing with all cash ivestors who are willing to give the 3% earnest money deposit.
Putting a limit of $500 on your earnest money deposit only shows that you are not that serious about getting into any Real Estate transaction and we are just spinning our wheels needlessly. Until such time when you can be ready to do so, I can no longer represent you in any other transactions.
Any advice anyone in CA?