A Larger Earnest Money Deposit - How Can I Make My Offer More Competitive
Channel: Living in Boston & the Burbs by Jeffrey Chubb
Date: 2021-03-10

How can I Make My Offer More Competitive? A buyer increasing their deposit can help make their offer standout and make it more competitive. 

The larger the deposit, the bigger the signal to the seller that the buyer is committed in getting to the closing table. This helps ensure that the buyer will perform as they have a larger amount of money holding their feet to the fire.  

It has become standard practice in Massachusetts for a deposit to be 5% of the purchase price. This is however 100% negotiable. If you are a buyer putting 3% down, then obviously you will not be putting down 5% or more in deposits! 

The Buyer Power Checklist breaks down an offer buying power into three different categories. A buyer's offer will either be in the 'Low', 'Average' or 'High' Buying Power category. 

https://www.boston2.com/blog/how-can-i-make-my-offer-more-competitive-the-buying-power-checklist/ 

Jeffrey Chubb | Chubb Homes Team | 617-480-2600 | Jeff@Boston2.com | www.Boston2.com | Brokered by eXp Realty