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jenheartsrob
LIF Adult
Member since 5/06 1861 total posts
Name:
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down payment question?
Can someone explain to me why a seller would care how much the buyer put down? Isn't the seller going to get the agreed upon price on the day of closing from the bank? They'll be getting the same amount of $ regardless, right? Why do they care the exact dollar $ buyer puts down?
Do they get that cash upfront sooner?
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Posted 3/23/10 7:13 AM  |
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MeNSte
LIF Infant
Member since 2/10 146 total posts
Name:
Melissa
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Re: down payment question?
i wouldnt think it would make a difference to them! the only reason i could think that might be on their minds is that the more you put down the more likely you are to get a loan approved or maybe more down will help it go faster.
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| Posted 3/23/10 7:31 AM |
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Salason
♥
Member since 6/05 9878 total posts
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Re: down payment question?
Because the more you put down, the more likely you will be to be approved for your mortgage.
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| Posted 3/23/10 7:33 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: down payment question?
Posted by Salason
Because the more you put down, the more likely you will be to be approved for your mortgage.
thats the same reason we were told, and the sellers are "judging" you more or less by how financially stable you are. It doesn't make it right, but we had put a higher offer in on a place and they accpeted a lower offer with more $ down. it was their loss, because we were pre-approved for more then our offer, but it happens
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| Posted 3/23/10 10:35 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: down payment question?
its also the money they get if you back out of the contract. the money you put down at contract does not have to be the same as the money you put down for your mortgage.
We put 5% down for the contract but only 3.5% for the mortgage. So we go the 1.5% back to go towards our closing costs.
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| Posted 3/23/10 10:42 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: down payment question?
if you submit your offer with a pre-approval letter- they should know you are able to get a mortgage- years ago this didn't happen- now it's the norm
the reason sellers want more cash down is simply so you are less likely to back out of the contract
but any person in this industry with a little savy can get you out of the contract very easily and get your money back...
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| Posted 3/23/10 11:31 AM |
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