down-payment with letter of intent?

[netto]

What is the name of your state? NY

I'm looking at a small floral shop at $17k, with 1/2 up front and 1/2 over 24 months at 0%.

I'm going to make a $10.7k cash offer with a letter of intent, but have some questions.

Should I tell the owner the $ amount first to see if that amount is acceptable to him before doing the letter?

He is asking for $1,500 up front down-payment to take the business of the market (he is selling it himself - no broker). Is this normal?

If I give him this money, can I get it back if due dilligence finds problems that make me back out of the deal?

Thanks.

 

[HomeGuru]

What is the name of your state? NY

I'm looking at a small floral shop at $17k, with 1/2 up front and 1/2 over 24 months at 0%.

I'm going to make a $10.7k cash offer with a letter of intent, but have some questions.

Should I tell the owner the $ amount first to see if that amount is acceptable to him before doing the letter?

He is asking for $1,500 up front down-payment to take the business of the market (he is selling it himself - no broker). Is this normal?

If I give him this money, can I get it back if due dilligence finds problems that make me back out of the deal?

Thanks.

**A: you are willing to spend $17,000 without doing a contract to purchase and without help from an attorney? What type of flowers have you been sniffing?

 

[netto]

I thought the contract to purchase came after the letter of intent and due dilligence?

I'm going to use an attorney, but I need to learn as much as I can before paying him to tell me stuff I can find out on my own.

You guys are quite expensive, I know it's worth it in the long run, but I need to do as much legwork as I can.

So...can you answer what I've asked?