Any bank is going to want 20% down as a minimum.

In my area, if I received that offer I'd decline, I wouldn't pay any closing costs, is that common in your area? If it is, it may be reasonable. Three days on market offering list is probably good if you know the list is reasonable now. I wouldn't let my house go to contingent without my buyer putting up some of their own cash.

Guess it depends on area. Where I live, would not have a contract without earnest money. Closing costs help common but amount is percentage of total and state law so seller cannot pay entire amount.

It's not that I wouldn't be willing to pay closing costs with a full price offer, but I'd negotiate your offer based on no earnest money if not reject it outright. The closing costs would be a maybe. If you have no money put forth as an incentive to close, your offer is worthless to me though. I want to see some skin in the game so to speak so I know you're serious about the house and about closing. Your earnest money can be credited back to you at closing for tax prorations, insurance, etc.

I would not accept an offer that did not come with a check (that goes into escrow - $ 500.-1,000 min.).

No earnest money would be a deal breaker for sure. This indicates to a seller that the buyer is not serious about the property and doesn't want to give any money at all so they can easily walk away at any time without any repercussions to the buyer. A seller sees this as a very high risk.

The closing cost part I would consider to be something I might negotiate on and wouldn't concern me at all. It would say with decent earnest money and that offer I would as a seller start negotiating. However, if a seller just put it on the market they'll be less likely to give you a good deal so you may need to come up a bit in price on the offer if you need the closing costs covered and that is assuming an appraisal would support a bit higher price.

As a seller, I would tell you to take a hike. First, you need to put some money down to create an enforceable contract. Second, I won't take you seriously. Third, you need to find a realtor that is used to dealing with first time buyers to help educate your husband on how these transactions work. Otherwise, you are wasting everyone's time. Everyone has had to have a first time buying. We all understand that. But, you need to realize that transactions involve two willing parties. Your husband has an unrealistic expectation of his power. Until he gains greater understanding, you and your children will be disappointed with the results.

I would have said to go pound sand. Actually when I sold my last house multiple offers just happened to come in on the same day. If any did not have EM, they would have been immediately eliminated from consideration.

No- as others have said, I'd never accept an offer that came with no earnest money. Quite, especially, if it came within the first 5 days of my listing. Buyers' markets rarely indicate that the sellers and their agents have suddenly forgotten the basics of a real estate transaction..

This isn't just about appearances. It's about serious intent. I can't speak to closing costs- very localized. But the rest is Real Estate 101. Skip those steps, and you're wasting time- yours and a seller's.

Offer full price, ask for reasonable closing costs and bring in at least 1% Deposit.

Sellers and agents here pretty much expect some Deposit funds from the buyer to go along with the offer.

I would not accept the offer, and I certainly would not pay closing costs. I do not know where you are located, but in Maine closing costs could be $500 and in California $20,000. The other item is no money down, I do not think so. Earnest money counts. If one doesn't have the cash for a deposit, they should not be buying a house.

If you write an offer without any earnest money the offer is not binding. You can do $100 but if i were the seller's agent I would question the low amount and advise my sellers to counter your offer with a minimum of $500 per $100,000 in purchase price.

So $750 if purchase price is $150,000

$1,000 if 200,000 and so on.

Looks sketchy.

Also being FHA I believe the most sellers assistance (having the sellers pay your closing costs) you can ask for is 3% of the purchase price.

Actually, according to FHA guidelines, sellers can pay up to 6% of the purchase price for buyers' closing costs and pre-paid expenses. The seller can NOT pay any of buyers' down payment. The amount that seller pays toward buyers' closing, if any, is negotiable. It needs to be in writing in the contract and submitted to the lender for underwriting.

It's my asset and you want me to take all the risk with no earnest money? I think I'll take a serious offer from someone else.

While I don't know your area, and I could be wrong, in this housing market I'd say you should plan on looking for quite a while: you will be getting outflanked by buyers who can demonstrate they are more serious, and you will possibly be limiting your choices to homes that are not the most desirable with those terms.

No earnest money would be a deal killer.

I find it odd that one would use a realtor and then not even listen to their advice. Our realtor has been invaluable in advising us on market values, how to make an offer appealing, and as a seller how to choose from multiple offers.

My area is 100% a sellers market (and has been for years), so maybe this is a little different. A good realtor should be able to pull comps and advise you on the market value of the house. Whether or not to ask the seller to pay closing costs is a negotiation point and from the seller's perspective it is simply a dollar amount off the bottom line. If the house is listed at $300,000 and market value is $300,000 and you ask the seller to pay $10,000 in closing costs, then your offer is essentially $290,000. If another buyer comes in at $300,000 with no closing costs or even $295,000 with no closing costs, they will be more attractive.

As for earnest money, that money is important to let the seller know you are serious. They take a risk pulling their house off of the market while you work through the deadlines (due diligence, financing and appraisal, etc). If you offer them $0, then they have no assurances that after the house has been off of the market for 3 weeks and your due diligence deadline has passed that you won't just change your mind and walk away. That lack of earnest money says you are not serious and as a seller I would immediately counter or even reject your offer.

Buying a house is a risk, but so is selling a house. Make a smart offer and use your realtor's knowledge and experience to guide you on how to make an appealing offer that gets you the best price possible in the market.

Our home is for sale now. The first offer came in with a $50K deposit; we raised it to $150K. Years ago, we knew a seller who had a buyer walk away from a $250K deposit. Money is your bond, not words.

150k in earnest money? Sounds like a $2,000,000+/- house. Best wishes!

If someone were to give me a "no" earnest money, full price offer, but a closing date in 7 days, cash sale/cash is verified by agent....maybe. I would guess someone would make such an offer if they had another offer expiring in less than 7 days and my house is their 2nd offer. Otherwise ...no.

Yeah, they had better be ready to close immediately if they don't put up a substantial earnest deposit. If they're going to string me along for weeks, I want some incentive to hold over them.

You can bet if you get a shaky offer like that, especially if it's below the listing price to get a pretty slow response from the seller looking for a better buyer. In fact, those were the type I suggested my agent give the "Don Corleone" counteroffer where we counter back at HIGHER than the original asking price.

I agree with most - if you/your spouse refuse to put up any earnest money, I won't sell to you. You/he don't sound like a serious buyer to me.

HGTV has a whole lotta people believing that its common that sellers pay closing costs. In my area, its called a sellers concession and the price of the home is usually raised to cover those costs. (FHA with a concession). The house has to appraise for the higher sales price. If your area is truly a buyers market, chances are, the house won't appraise for the higher amount. To answer your question, if you are truly in a buyers market, and closing costs in your area are reasonable, your husbands offer is not a bad one except for the earnest money. Without any money, its not a contract. If you have no skin in the game, you're not in the game. Period.

I wouldn't even counter an offer without earnest money (even if I was in a buyers' market area). Makes it seem you either aren't serious, or will be a pain in the neck during the process (I would expect such a person to nickel and dime on the inspection for example). Its not worth taking my house - my biggest asset - off the market for a week(s) for someone who might not be serious.

And as PPs said, ask your realtor if seller paying costs is typical in your area - it isn't in mine. (I've bought and sold many houses for 30 years now, and have never once seen that. Even when it was a buyers market.)