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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Binders
How much did you need to put down as a binder when you signed your contract? Our lawyer just told us 10%, is that common? I'm glad I asked him because most people had told me 3-5%.
TIA!
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Posted 2/6/07 9:45 AM  |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Binders
we put down $10,000 at contract signing. Put down the least amount possible so that God forbid you have to break the contract you only lose the amount you signed at contract! The sellers tried to get us to put down more but we refused!
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| Posted 2/6/07 9:48 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Binders
Whoa! We only put $5k down...which works out to be approx 1.4%
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| Posted 2/6/07 9:48 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Binders
We put down $15K at contract signing.
ETA: We put 20% down.
Message edited 2/6/2007 9:49:33 AM.
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| Posted 2/6/07 9:49 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Binders
we put 10K down and contract signing which was about 5% of our total we're putting down.
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| Posted 2/6/07 9:51 AM |
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MOM2NICO
LIF Adolescent
Member since 1/07 829 total posts
Name:
LISA
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Re: Binders
Posted by ali120206
How much did you need to put down as a binder when you signed your contract? Our lawyer just told us 10%, is that common? I'm glad I asked him because most people had told me 3-5%.
TIA!
i put down no money. i had the down payment incorportated into my mortgage. i mortgaged 106% of the value of the house.
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| Posted 2/6/07 9:53 AM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Binders
we agreed to 10% on the binder, but when we showed our lawyer he thought it was too much so we did about 6-7%. it's really no big deal and our lawyer said that 99% the buyer will get the money back no matter what
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| Posted 2/6/07 9:55 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Binders
I would NOT give 10%! If you are buying a $300,000 house thats $30,000 ! (and 300,000 is not too common around here!)
If you need to back out of the contract for reasons not outlined in the contract (i.e. unable to obtain a mortgage) then you LOSE all that money! Put down as little as possible. Start with a smaller amt, and if the sellers give you a problem you can consider going up from that, but I would not put down so much money up front!
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| Posted 2/6/07 9:56 AM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Binders
10%
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| Posted 2/6/07 10:02 AM |
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MrsA
.............................
Member since 1/06 2012 total posts
Name:
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Re: Binders
10%
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| Posted 2/6/07 10:19 AM |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: Binders
5%
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| Posted 2/6/07 11:16 AM |
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Tracey
***********
Member since 5/05 6297 total posts
Name:
Tracey - brideinapril
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Re: Binders
We put down $5000 at the signing of the contract. We can't afford to lose money should something go wrong.
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| Posted 2/6/07 11:17 AM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: Binders
Thanks everyone, my lawyer kind of sounded surprised when I even asked. most people I had spoken to previously said $5k-$10k so I was shocked when he said 10%.
We're meeting with him this week to sign the contracts (probably not until Fri) so I'll talk to him before then and get something figured out!
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| Posted 2/6/07 11:39 AM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: Binders
We put $40k down at contract. 
Message edited 2/6/2007 9:49:45 PM.
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| Posted 2/6/07 9:35 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Binders
WE gave $22,000 on a house that sold for $437k. If you have extra money in the bank bring it to the table don't give it to someone at signing because if something happens and you have to forfeit it you don't want to lose alot of money.
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| Posted 2/6/07 9:38 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Binders
We put 5% down.
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| Posted 2/7/07 5:43 AM |
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