YES something is brewing but ill let you now as soon as we do the contract
THe RE agent asked for a $10,000 BINDER for contract BUT my lawyer said only $100. is necessary because if something happens that money is lost ...what did you guys pay?
Teri
Posted:
Member since
Re: How Much was your BINDER fro the house?
The $100 or so is usually a good faith deposit, which is returned if you don't go to contract.
I wouldn't put anything more than $200-300 before actually signing the contract....
From what I understand you'd then put 1/2 your downpayment at the time of contract, so that's when you'd put down $10K or so.
antoinette
Posted:
Member since
Re: How Much was your BINDER fro the house?
I put down 11.5k day of contract
The good faith deposit was supposed to be 1k but we never wound up paying it becuase we used foxtons and we never saw a re agent ever. so they never bothered to get the deposit from us we just went right to contract.
Kelly9904
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Member since
Re: How Much was your BINDER fro the house?
We put a good faith deposit of $100, then we put 10K down at contract.
Our RE agent said that the $100 is pretty customary amount!
luvsun27
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Member since
Re: How Much was your BINDER fro the house?
I put 1K as good faith deposit (that is what is required in NJ) and then I put 13K down at contract.
tjspidur1
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Re: How Much was your BINDER fro the house?
We did 16K - hubby almost had a heart attack. Based on your attorney he can protect you with all the legal mumbo jumbo you need to get it all back if things go south. We had to do it b/c we were outbidding other people and had to 'prove' we were in better standing. Believe me I would have preferred $100 down....
