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Reply to "Strong financial package"
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[quote=Anonymous]This is a disturbing thread insofar as people are buying 900K houses without a clue as to how a transaction works. Earnest money indicates just that - earnesty in an offer. A full downpayment is the cash you bring to the closing table. 5% earnest money is plenty. What matters is buyer's ability to demonstrate to seller the ability to close the deal - a financial statement handed over is sufficient. And you want a "liquidated damages" clause in your contract offer. If you fail to perform on the contract, the earnest money is all the seller is entitlted to - he can't come after you for more. Please consult a RE lawyer before spending a million freaking dollars on a house![/quote]
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