Deposit for Real Estate Agent -how much?
 

Can someone tell me what is the minimum deposit you have to give to the real estate agent once an offer has been accepted on a house?

Re: Deposit for Real Estate Agent -how much?
 

If I remember rightly we put down $1000

Re: Deposit for Real Estate Agent -how much?
 

Hi,

We have just purchased a new house in Brisbane Bayside, and only put down a $20 deposit! The agent told us that the standard was around $1500, which we will have to pay when the purchase becomes unconditional (e.g subject to Finance, buildings and pest)

Re: Deposit for Real Estate Agent -how much?
 

$0

Re: Deposit for Real Estate Agent -how much?
 

Excuse me? Ours wants $2000 minimum but asked for $5000 to start with.

Re: Deposit for Real Estate Agent -how much?
 

your showing some real commitment there :D :D

the seller was either dumb or daft or maybe perhaps both

Re: Deposit for Real Estate Agent -how much?
 

We didnt put anything down either. Not a penny until we signed the contracts. That was a few weeks after the purchase was agreed.

Hels

Re: Deposit for Real Estate Agent -how much?
 

Brian was a R/E agent for 5 years or so here in WA. I'm guessing that's where the opinion comes from ...LOL

I'll make him come on and explain when he's not out makin' the bacon. :p

Siren

Re: Deposit for Real Estate Agent -how much?
 

erm, whatever amount is stated as the deposit on the contract.

Re: Deposit for Real Estate Agent -how much?
 

You dont have to put a deposit down, the buyer is making the offer and that offer can be on any terms the buyers wants. Doesn't mean the seller will except them.

Real Estate agents will tell you that it shows that you are serious in buying the property etc. Crap. They want it to cover their commission because the money is held in their trust fund and as soon as it settles they can get paid instantly and not wait for the settlement agent to finally send the cheque through.

Re: Deposit for Real Estate Agent -how much?
 

Correct, you do not have to put any money down, however . . . .

in the event of more than one offer, a buyer will then consider all the offers - deposits paid, length of settlement, is the offer subject to finance or not.

A deposit does show you are serious however . . . .

in QLD if you pay more than 10% deposit, the contract becomes an installment contract and the seller can lose many of his rights as the buyer now has an interest in the property.


Colin

Re: Deposit for Real Estate Agent -how much?
 

as I said in an earlier post that 0 down shows no committment and in general many people taking that advice may come unstuck when trying to buy a house......I guess a real dog or undesireable property may be a candidate for zero down when you don't really care if you get it or not......but if you see a house that you really like at the price you like then it makes no sense playing games as you will more often than not lose it to someone with a decent deposit.........I had 2 offers on my house once and sold it to the lowest bidder......you may think I am dumb but it was only 5k lower but he said he will put a 5% non refundable deposit even if he could not get financing.......so I was very confident that the guy would buy it and if worst case senario I was getting 20k of his money if he did not perform

Re: Deposit for Real Estate Agent -how much?
 

These days there are a few other options than putting down a "cash" deposit.

The option we used(because at the time we had to) was a deposit bond. Its like a deposit insurance which you pay a premium for but it means you dont have to pay the 10% up front. Ours only cost us $300 so its alot more affordable than other options for some people.

It worked well for us and is supposedly becoming more popular.