I need to know the correct timeline in house buying
When exactly does the downpayment come into play? When the seller accepts the offer and after inspection and we sign the contract saying we're buying?
Or during the closing right before you move in?
Im so confused. im reading different things.
vicky1125
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Re: NWR- HOMEOWNERS- HELP~
if I remember correctly, it was at the closing.
nraboni
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Maybe each case is different but we paid the down payment to our attorney after the offer was accepted, inspection was done and at the time of signing the contract. It all depends on how much of a down payment you are doing and what the seller wants upfront. Just talk to your real estate and attorney.
alli3131
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The down payment is at the time of signing the contract. Because if you do not follow through with the contract you forfeit the downpayment
VeggieBride
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that is what i thought-thanks!
emric
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Posted by alli3131
The down payment is at the time of signing the contract. Because if you do not follow through with the contract you forfeit the downpayment
I think that's right - I remember they keep it in escrow until closing.
jenandmatt2009
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we're going through this now....but i'm thinking the process should be the same for everyone
at time of signing the contract you have to have 10% of what you want to put down to give the attorney
the remainder of the downpayment is given at closing
when a bid is accepted next thing to do is to get the house inspected and thats when the lawyers get involved and the contract is drawn up
good luck!!
KittyGags
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Depends on what you negotiate honestly...we did 10% at contract, the other 10% at closing.
Utopia923
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We put a total of 10% down, but only put 5% down when we signed the contract. We brought the remaining 5% plus all closing costs to our closing.
psubride09
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Your down payment is written out to the seller's attorney when you sign the contracts. Your check is cashed after the sellers sign and the contracts are returned, fully signed, to your attorney, once it is cashed it goes into an escrow account. Depending on the terms of your contract you will not lose your down payment money unless you violate something in the contract. I work for a real estate attorney so if you have any other questions feel free to FM me! :)
DnJ0809
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FH and I are currently in contract. So far this is what we have done..
-Get pre-approved -There was a fee to make an offer but it was part of the downpayment if we were to get the house. If not, we get a full refund. -Once the offer was accepted, we had a bunch of paperwork to do (bank statements, pay stubs, etc)... FH wrote out a check that was for the appraisal fee. -We had the house inspected. Another fee. -The big down payment will be at closing.
HTH
VeggieBride
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so many different answers!
im going to talk to the real estate agent tomorrow.
mlcvln129
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How long does this process take? Say that FH and I want to close on a house by late April 2010. When should we start SERIOUSLY sitting down with a realtor and a mortgage broker?
