It’s been many many years since I sold a house. However with the new rules from the powers that are. I am beginning to sell. Listed my first one on Friday, and I have a contract coming. My question is, what is a fair amount for the option money? How many days is typical? I don’t have a realtor, only listed it on Zillow with a two percent commission to a buyers agent. It’s a $200k house. TIA --66.169.xxx.xxx

On a private deal, I'd want 10% down - payable to my attorney to hold in escrow.... and no flippers without 25% down. --72.70.xxx.xxx

I usually do a 5 day inspection period, then a $2,000 non-refundable fee that rolls over for credit at closing. Then a $8,000 escrow. I do it that way so so I'm compensated if they can't get their loan completed. That is a total of $10,000 which is what they would have to come up with for a 95% loan for a $200,000 purchase. --64.130.xx.xxx

--24.101.xxx.xx

$5,000 seems pretty low for a $200K house. I'd probably ask for $10K, half of which is held in escrow and half of which is a fee that will be credited toward the purchase price if the deal goes thru, and hold for no more than 4 weeks. Extensions available for a fee of $1000 / week with no credit toward closing. --107.216.xxx.xxx

I think you are referring to a deposit for a sale not an option.Most contracts say that if they cant get a mortgage they will receive the deposit money back,at least around here it works that way.I usually only get $1000 from the buyers on a $125000 sale because that is all they have and i am doing the max allowed seller concession so they dont need a whole lot more. --72.231.xxx.xxx

here we call it earnest $. you can do contract term that it all or some will be forfeited as fee if buyer does not close as promised after option period. option period being time they can do due diligence before contract goes hard. If sold as is there is no diligence period. So yes. I require funds into escrow. I have sold houses 150-210k and require 5k from seller each time. I don’t do %. --107.77.xxx.xxx

Option money is not determined by the size or price of the house, unlike a deposit. Even multi-million dollar houses here sell with only a $500 option fee. It's just buying them an opportunity to back out of the contract for ANY reason during that time. If they don't the fee is applied to the purchase. --108.69.xxx.xxx

First time when selling same home, buyer bailed out 3days before closing because buyer quit his job. Both of us are disputing the Earnest..still in Escrow --72.180.xxx.xxx