downpayment question

downpayment question

Our real estate agent just told us that the downpayment has to be given at contract. I thought you didn't pay that until you went to closing.

Re: downpayment question

Re: downpayment question

depends on the contract....we gave it at contract

Re: downpayment question

We just had to give 10% at contract... oh it was so tough giving that check and will give the other 10% at closing!! Plus all the closing costs.. about 20,000 more

Re: downpayment question

We only gave $10K at contract, the rest at closing.

Re: downpayment question

I depends on the seller and what they want at the time of contract. I usually hear of people putting 5-10% down.

Re: downpayment question

When you place the bid you tell them how much you are putting at contract. We only put 5% at contract and the rest of the down payment at closing. I would not put down 20% at contract.

Re: downpayment question

Re: downpayment question

We also put down 20%. We had to put down 10% upon going to contract and the other 10% at closing.

Re: downpayment question

we also need 10% down at contract.

Re: downpayment question

5-10% at contract, the remainder due at closing.

Re: downpayment question

The less you put down at Contract, the more interest you can earn before contact and closing.