QUOTE (LZARIF @ Nov 6 2007, 02:20 PM) Hi
I purchased a house in Vancouver and I know that is quite different from Alberta.Normally in Vancouver,buyers pay the deposite once and after the removal of conditions and is about 5% of the value
.But in Alberta as Don said,buyers pay 2 deposit and vendors are more felexible.
Good Luck With your Offer!
Leila
Hi Leila,
As long as there is some type of deposit it counts as a valid offer, it is entirely up to the seller as to whether he deems a $1 deposit satisfactory, or if he insists on $100,000. Very few sellers take a $1 deposit very seriously (I have done one deal for a $1 down and several for $100 before the "boom"), it depends on the rest of the offer.
If the proper cover page is attached explaining your offer and what it brings to the table this may be enough to close the deal. This is where finding out what the seller is actually looking for can be helpful, although that can be a harder process if it is via Realtors. If they are moving to a home being built for them and they are afriad it won`t be completed on schedule, a flexible closing date may be far more important than the end dollar or initial dollar.
If you have several offers out on the table you don`t want to put $50,000 down on each offer, especially if you have a long condition date, this is where Don`s comment about putting a smaller initial deposit down comes into play. With three offers out, you could be out of $150,000 for a few weeks, preventing you from buying anything else. The second deposit at condition removal just helps to put the seller at ease.
Hope I didn`t ramble to much,