Good Faith Deposit and Contingencies

What is the name of your state? California

My husband and i are making an offer on a house in a Probate sale, located in California. Good Faith Deposit in our area is 3% of purchase price. However, the seller is requesting 10%. The Seller lives in New York. Is this a standard Good Faith Deposit amount for New York?

Second issue is that the seller wants no contingencies. Is it not standard to have a loan and home inspection contingency for a period of at least 14 days?

Thanks for any advice.

[HomeGuru]

[quote]Originally posted by airheart
[b]What is the name of your state? California

My husband and i are making an offer on a house in a Probate sale, located in California. Good Faith Deposit in our area is 3% of purchase price. However, the seller is requesting 10%. The Seller lives in New York. Is this a standard Good Faith Deposit amount for New York?

**A: No, not unless you are buying the property from an Eastern European cab driver. In which case the deposit is 20%.
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Second issue is that the seller wants no contingencies. Is it not standard to have a loan and home inspection contingency for a period of at least 14 days?

**A: yes. So what's up with these people from NY?
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Thanks for any advice.

**A: no problem.

Dear Home Guru - Thanks for your time to reply, and thanks for the chuckle. This may be the very reason the house has not yet sold. It is a great home, but sounds like our agent should counter with the standard Good Faith deposit and keep the contingencies in place.

Thanks again.

[HomeGuru]

[quote]Originally posted by airheart
[b]Dear Home Guru - Thanks for your time to reply, and thanks for the chuckle. This may be the very reason the house has not yet sold. It is a great home, but sounds like our agent should counter with the standard Good Faith deposit and keep the contingencies in place.

Thanks again.

**A: I agree or another option would be to pay your usual 3% then put in an addition deposit of ___% when the home inspection and other contingencies are removed with the exception of the financing contingency.