Is Your Buyer Serious? Can He Prove It?

I receive offers every day that are well below the asking price, have super silly terms and super long financing contingencies.  To a certain extent, I can appreciate the effort although it wears on me a bit.

Today I countered an offer that contained financing contingencies, appraisal contingencies and no deposit.

We countered that my office would hold a modest $500 deposit.  The financing and appraisal contingency would be waived within 5 days, as would the inspection contingency.

The purchase offer is for $40,000 on an asking price of $57,000.  The asking price is below market.

The buyers agent went nuts.  How can we possibly get past an appraisal in 5 days?

Well, Goober.  I hope your client would know that they can get financed for this lowball offer in advance of trying to waste my time and yours and that you would know the property is well worth the asking price, so the much lower counter shouldn't be a problem for the appraiser.  Why are you afraid of loosing $500?  Can't your guy qualify?  Are you afraid that you mis-valued the property by over 30% the wrong way?

No?  Ok.  Sign.