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Spring Baby06
My two loves
Member since 5/05 3612 total posts
Name:
Jillian
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How much did you put down at contract?
I was asked to give the entire down payment upon signing the contracts. Is this the norm? I just don't feel comfortable doing this. What happens to that money if something falls through with the contract?
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Posted 2/18/10 9:48 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: How much did you put down at contract?
we put down 5K out of a 20K down. In the contract it should have some verbiage if at inspection or if you can not secure the mortgage or if by any fault of the seller the deal doesn't go on you should get your depo back.
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| Posted 2/18/10 9:54 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: How much did you put down at contract?
we put down $20K out of $80K
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| Posted 2/18/10 9:56 AM |
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Re: How much did you put down at contract?
We definitely did not put down the full amount- but I don't recall how much we put down.
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| Posted 2/18/10 9:57 AM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: How much did you put down at contract?
We put 10% cause we had 20% down payment
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| Posted 2/18/10 10:04 AM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: How much did you put down at contract?
we put 10K down at contract and the rest at closing. we didn't want to hold up too much money if something went wrong along the way. Both lawyers said yes to this and the owners.
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| Posted 2/18/10 10:04 AM |
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Shellyfj
LIF Adolescent
Member since 8/07 744 total posts
Name:
Shelly
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Re: How much did you put down at contract?
Wow, I've never heard of putting the whole down payment at contract. I guess it depends on how much you're putting down.
I think we did 10k
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| Posted 2/18/10 10:08 AM |
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Shellyfj
LIF Adolescent
Member since 8/07 744 total posts
Name:
Shelly
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Re: How much did you put down at contract?
Posted by Nifheim
In the contract it should have some verbiage if at inspection or if you can not secure the mortgage or if by any fault of the seller the deal doesn't go on you should get your depo back.
This is very important
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| Posted 2/18/10 10:09 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How much did you put down at contract?
I put 10% down at contract and the remaining 10% plus closing costs at closing.
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| Posted 2/18/10 10:09 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: How much did you put down at contract?
We have an FHA loan and we paid the full 3.5% DP at contract.
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| Posted 2/18/10 10:21 AM |
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Re: How much did you put down at contract?
20K our of 65K
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| Posted 2/18/10 10:22 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: How much did you put down at contract?
Posted by headoverheels
We have an FHA loan and we paid the full 3.5% DP at contract.
same here
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| Posted 2/18/10 10:22 AM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: How much did you put down at contract?
The norm is 10-15k down, I wouldn't put more than that.
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| Posted 2/18/10 10:49 AM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: How much did you put down at contract?
We put down our entire DP... But it was only 20k.. about 7%
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| Posted 2/18/10 10:57 AM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: How much did you put down at contract?
Posted by HeatherRose
Posted by headoverheels
We have an FHA loan and we paid the full 3.5% DP at contract.
same here
We wound up with FHA but started with traditional (long story) - when we went to contract initially it was still a traditional mortgage, but we were only putting 5% down - we paid that in full at signing.
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| Posted 2/18/10 11:06 AM |
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mrsSandsohappy
LIF Infant
Member since 6/09 130 total posts
Name:
Jeanette
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Re: How much did you put down at contract?
We have an FHA also and we only put the 3.5% down. actually we put 10k down at contract and then the balance of the 3.5% we paid at closing as well as the closing costs. I wouldnt put it all down at contract. They ususally want to make sure your serious and are willing to put down something but it doesnt have to be all.
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| Posted 2/18/10 11:07 AM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
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Re: How much did you put down at contract?
Are you moving to the island????
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| Posted 2/18/10 11:10 AM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: How much did you put down at contract?
$25K of the $70,000 down payment.
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| Posted 2/18/10 11:11 AM |
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lakadema
LIF Adult
Member since 5/08 1180 total posts
Name:
Danielle
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Re: How much did you put down at contract?
We gave 10% of the purchase price.
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| Posted 2/18/10 11:33 AM |
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LemonHead
Sour Girl
Member since 3/08 5271 total posts
Name:
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Re: How much did you put down at contract?
We put 10% down at our contract signing.
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| Posted 2/18/10 11:50 AM |
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Spring Baby06
My two loves
Member since 5/05 3612 total posts
Name:
Jillian
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Re: How much did you put down at contract?
Thanks everyone! We are doing FHA, so I see maybe it is the norm.
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| Posted 2/18/10 11:55 AM |
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Spring Baby06
My two loves
Member since 5/05 3612 total posts
Name:
Jillian
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Re: How much did you put down at contract?
Posted by OneOfEach
Are you moving to the island???? [/QUOTE
If all goes well
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| Posted 2/18/10 11:56 AM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: How much did you put down at contract?
We did an FHA and we put down the full down payment at signing.
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| Posted 2/18/10 12:06 PM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
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Re: How much did you put down at contract?
Posted by Spring Baby06
Posted by OneOfEach
Are you moving to the island???? [/QUOTE
If all goes well
 Good Luck!!!
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| Posted 2/18/10 12:10 PM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: How much did you put down at contract?
I put 25 out of 100 down at contract. This was part of the deal to help us secure the lowball price we got.
Message edited 2/18/2010 1:21:41 PM.
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| Posted 2/18/10 1:21 PM |
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