Higher deposit signals seriousness

      DEAR BOB: We are in the market to buy our first home, so last weekend we visited about a dozen Realtor open houses. The last one we saw, at about 5 p.m., was just what we wanted. By then my wife and I were tired, because it's hard work looking at houses.
      When we told the Realtor we were interested in the house, she said we could make an offer, but a $5,000 earnest money deposit was required. We thought that was rather high and said we'd increase our deposit after our offer is accepted and the house is professionally inspected (it needs considerable fixing up).
      Maybe the Realtor was tired, too. We said we wanted to make a $1,000 deposit, but she refused to assist us to make a purchase offer unless we put up $5,000. Although we didn't sense any racial discrimination, the Realtor is Hispanic and we are black. Is it customary for the Realtor to determine the required deposit with a purchase offer? -- Jamie R.
      DEAR JAMIE: No. Unless the seller has specified the minimum earnest money deposit amount that must accompany a purchase offer, the buyer can determine the amount of the deposit. However, a low deposit is not a good signal of a serious buyer.
      You didn't give the asking price of the house, but the general rule is that the deposit should be at least 3 to 5 percent of the offer price. I once bought a $100,000 property with just a low $100 deposit, but I still wonder why the seller accepted my offer.
      If you still want to buy that house and it remains available, I suggest you retain your own "buyer's agent" to look out for your interests. Make your purchase offer through that agent, remembering that the larger the earnest money deposit, the better your chances the offer will be accepted (especially if your offer is far below the asking price). Perhaps everyone was tired and cranky at the end of a long day.
      If you have any evidence the Realtor was discriminating against you, such as by requiring a higher deposit than from other prospective buyers, be sure to report the incident to the nearest office of the U.S. Department of Housing and Urban Development.
      -- Send your questions to Robert J. Bruss, Tribune Media Services, 435 N. Michigan Ave., Suite 1400, Chicago, Ill. 60611.