We are currently going into contract hopefully soon on a home. We are planning to put 10% down and the realtor is stating that based on our offer we need to put the entire 10% down at contract. We cannot wait to put part of it down at closing. She does not think the deal will be accepted if we do not put down 10% at contract. Is this normal to put all of your downpayment down at contract instead of part down at closing? All opinions appreciated. Thanks.
charon54
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Re: Money down at contract vs. Money Down at closing
We also were surprised when we heard that. Our lawyer said that most lawyers ask for 10% but that our lawyer said that they can negiotiate to 5%. The only way you can lose your money is if you don't follow through with your attempt to get a mortgage or if the seller's lawyer steals it (quote from our lawyer).
Good luck.
HeatherandNick
Posted:
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Re: Money down at contract vs. Money Down at closing
I put 5% down at contract and am putting the additional 15% at closing...in addition to the closing costs
Re: Money down at contract vs. Money Down at closing
its all about what the seller wants....but yes this is a bargaining point...and since its a sellers market you don't know if other people bidding will offer this...
Fran M
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Re: Money down at contract vs. Money Down at closing
10% down is not unusual, but you can try to get them to work with you on this. Like Erica said is up to the sellers. If you can show them that you have the money they may be more willing to take less at contract. Then again if they need that cash for a downpayment on their new home you are probably out of luck.
N&L2004
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Re: Money down at contract vs. Money Down at closing
We didn't want to give 10% at contract signing. So we told the seller hat we are going to put 10% down total but we might reconsider until the closing and make it 20% ( which we did). At contract you only have to give 50% of your downpayment. Your lawyer is supposed to negotiate for you.
