Agent

Good-faith deposit may seal real estate deal

Big check helps one buyer eliminate competition

DEAR BOB: Thanks for your great advice about six months ago regarding the good-faith deposit amount a home buyer should include with his/her purchase offer. You said a big deposit check often makes up for a low purchase offer. Last month we offered to buy a house that had been listed for sale since November. Based on our experience inspecting other nearby homes for sale and having our bid on another house rejected by its seller, we knew the house we wanted to buy was priced far above market value. Remembering your strategy, we made a $25,000 good-faith deposit with our purchase offer, which was $65,000 below the home's asking price. To our surprise, our offer was accepted without even a counteroffer. We later learned from the listing agent that the seller had rejected a higher purchase offer, which had only a $1,000 earnest money deposit. Thanks for your great advice, which helped us buy at a bargain price – Harold W. DEAR HAROLD: Congratulations on remembering my advice to make...