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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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How much
Did you put down at the signing of the contracts?
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Posted 10/31/05 6:32 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: How much
A weird #- 12%.
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| Posted 10/31/05 7:27 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: How much
Posted by Redhead
Did you put down at the signing of the contracts?
depends what the sellers want, depends how much you can afford to put down out of pocket
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| Posted 10/31/05 8:01 AM |
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Laura1976
Member since 5/05 5754 total posts
Name:
Laura
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Re: How much
we had to put down 1/2 of our 20% deposit.
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| Posted 10/31/05 8:16 AM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: How much
For our condo we put 10% at contract. For our new house, we put 5% down at contract.
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| Posted 10/31/05 9:12 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: How much
Posted by dengal
For our condo we put 10% at contract. For our new house, we put 5% down at contract.
that is what we are thinking
10% these days is a lot.
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| Posted 10/31/05 9:23 AM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: How much
10% at contract
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| Posted 10/31/05 9:25 AM |
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ckdk
My girls
Member since 5/05 7027 total posts
Name:
Cheryl
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Re: How much
5% of the sale price.
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| Posted 10/31/05 10:48 AM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: How much
Posted by Redhead
Posted by dengal
For our condo we put 10% at contract. For our new house, we put 5% down at contract.
that is what we are thinking
10% these days is a lot.
10% can be a lot. The theory being that if you don't have 10% to put down, it will be harder for you to get a mortgage. A seller doesn't want to wait around while you try to get a morgage. There is no fomal number and each seller is different.
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| Posted 10/31/05 12:07 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: How much
we put 5% at contract, and another 15% at closing
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| Posted 10/31/05 1:26 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: How much
Posted by dengal
Posted by Redhead
Posted by dengal
For our condo we put 10% at contract. For our new house, we put 5% down at contract.
that is what we are thinking
10% these days is a lot.
10% can be a lot. The theory being that if you don't have 10% to put down, it will be harder for you to get a mortgage. A seller doesn't want to wait around while you try to get a morgage. There is no fomal number and each seller is different.
yes i see your point...
My predicament is that the majority of my DP is from the sale of my condo...
So if i go to contract on a house before we close on my condo...well then 10% will be too hard.
We have the money but we wanted to use it for closing costs
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| Posted 10/31/05 2:23 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: How much
WE put down 5% at contract and a bit more than 50% at closing.
We took out a HELOC on our current house and that's the cash down at closing. The sellers were really looking for how much down at closing because it gives them more faith that the deal will go through. We closed last week on the house we bought and will close on our current house by the ned of the month (closing date of on or about Nov 1st).
We asked all bidders on the house we sold to provide how much down at contract, how much cash down at closing and how much they were mortgaging. So many deals are falling through these days due to buyers being stretched too far.
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| Posted 10/31/05 7:16 PM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: How much
Posted by Redhead
Posted by dengal
Posted by Redhead
Posted by dengal
For our condo we put 10% at contract. For our new house, we put 5% down at contract.
that is what we are thinking
10% these days is a lot.
10% can be a lot. The theory being that if you don't have 10% to put down, it will be harder for you to get a mortgage. A seller doesn't want to wait around while you try to get a morgage. There is no fomal number and each seller is different.
yes i see your point...
My predicament is that the majority of my DP is from the sale of my condo...
So if i go to contract on a house before we close on my condo...well then 10% will be too hard.
We have the money but we wanted to use it for closing costs
I would just work with the seller on this. Being that you have a condo that you intend to sell to purchase the house, you would be an attractive buyer - compared to someone with no existing house who's trying to make the downpayment. Though you may be cash "poor", you have the equity in your house. When we purchased our house, I put all of the proceeds of the condo I sold into the overall downpayment on the house. That was roughly 45% of the total sale. I would find a house you like, then work with the seller. If you find something, discuss your situation. If they like the overall price you offered for the house, they may work with you.
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| Posted 10/31/05 8:42 PM |
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