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8ternity
<3
Member since 11/08 10586 total posts
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Formally NYPD-Wife
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Good faith Deposit...Please Help!
What did you put down for the Good Faith Deposit?
Thanks!!
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Posted 4/18/11 11:16 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: Good faith Deposit...Please Help!
10k
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| Posted 4/18/11 11:19 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Re: Good faith Deposit...Please Help!
It was our downpayment which was 9k
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| Posted 4/18/11 11:19 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
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Re: Good faith Deposit...Please Help!
we put down 10% at contract and then another 10% at closing.
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| Posted 4/18/11 11:26 AM |
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Re: Good faith Deposit...Please Help!
Most people give $500 as a good faith deposit -- meaning money buyers give when they are making an offer to show they are serious and committed. But there is no magic #. What does your realtor recommend?
Then, as far as your down payment goes, your attorney will advise you how much to put down upon signing the contract v. closing. I know most attorneys advise a max of 50% down upon signing the contract, and the remainder at closing (so if you are putting 20% down, spit it 10 and 10).
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| Posted 4/18/11 11:53 AM |
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Re: Good faith Deposit...Please Help!
Posted by Century 21 Dallow - Christine Braun
Most people give $500 as a good faith deposit -- meaning money buyers give when they are making an offer to show they are serious and committed. But there is no magic #. What does your realtor recommend?
Then, as far as your down payment goes, your attorney will advise you how much to put down upon signing the contract v. closing. I know most attorneys advise a max of 50% down upon signing the contract, and the remainder at closing (so if you are putting 20% down, spit it 10 and 10).
She advising 5% of the purchase price and remaining 10% at closing...we are putting down 15%
what happens if for some reason this doesn't go through... do we lose the 5%???
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| Posted 4/18/11 12:16 PM |
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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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Re: Good faith Deposit...Please Help!
we put 5,000 and it went in towards our closing cost.
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| Posted 4/18/11 12:26 PM |
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Re: Good faith Deposit...Please Help!
I haven't had 1 buyer ever put down a good faith deposit
FHA loans- normally the entire 3.5% is put down on contract
VA- money on contract used towards closing
Conventional- half of what the full DP will be
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| Posted 4/18/11 12:45 PM |
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Re: Good faith Deposit...Please Help!
Jackie,
As far as the good faith deposit, that is literally just a small amount of money that the potential buyer provides at the time of making an offer ($100, $500). It just shows the seller that you are serious when making an offer, but it is less common nowadays and often the selling agent just holds onto the check and it never goes to the seller. It's kind of a formality to show good faith, and is not usually a significant amount. But that is offered upfront, before you even get to the contract stage.
But it sounds like you are talking more about the portion of the down payment you put down on contract, and that your attorney is advising you to put down 5%. The contract usually has certain contingencies (e.g. mortgage commitment) in it and provides for when the buyer will get their down payment back if the deal falls through for certain reasons. It should all be spelled out in the contract. But if you are concerned, you should have your attorney walk you through it, so you understand.
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| Posted 4/18/11 2:55 PM |
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Re: Good faith Deposit...Please Help!
I'm sorry...my RE but the amount on the "Good Faith" Line instead of the deposit for contract...sorry about that? lol
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| Posted 4/18/11 4:19 PM |
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babyface10
LIF Adolescent
Member since 3/11 804 total posts
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Re: Good faith Deposit...Please Help!
We gave our full down payment.
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| Posted 4/18/11 4:53 PM |
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