How does a good faith loan work when buying a forclosed house through a bank?

The realitor said we have to give 1000 down when we make an offer to let the bank know we are going to go through with the buying of the house. We are paying in cash for the full asking price.

...asked February 9th, 2012 @ 2:25 pm in Loan - Home

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41225Mom
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You still need to put up the 1k along with your offer. That shows intent to follow through

...answered February 9, 2012 @ 2:47 pm


41226kemperk
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is this realtor, your realtor or do they represent the bank?
there is no such thing as a good faith loan.

I suggest submitting an offer with no “earnest money cash” but instead, write down
“promissory note?” [voided at COE]

the agent may not refuse to accept this and the bank can do with it as they wish.
the $ 1,000 amount is solely cultural–earnest can be any amount and it is called
in law, damages which the seller keeps if the buyer does not follow through

...answered February 9, 2012 @ 3:25 pm


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