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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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We found a new house!
I am super excited the after my awful, awful debacle over the summer we've found a fantastic house to make an offer on! I don't have any sticking points except one: I will not give my entire down payment upon contract. I will gladly give half or maybe even a little more, but after the fight of getting my DP back from the last deal and the potential court drama if we'd sued her, I just cannot do it. I literally don't care if we lose the house, but I am not giving all my DP upfront.
Is it normal to give half or all? Does it even matter to the seller?
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Posted 1/7/13 11:14 AM  |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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We found a new house!
We put down only part of the downpayment at the time of contract. I can't remember how much, but I don't think it was even close to half - I think we put down $15,000 out of a total downpayment of $83,000
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| Posted 1/7/13 11:37 AM |
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KaKa2323
Got my miracle
Member since 9/11 1465 total posts
Name:
K
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We found a new house!
We just gave a little less than half
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| Posted 1/7/13 11:41 AM |
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AngnShaun
Sisters
Member since 1/10 21015 total posts
Name:
Ang
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We found a new house!
Congrats!!! Good luck!!!
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| Posted 1/7/13 11:45 AM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: We found a new house!
We gave a little less than half.
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| Posted 1/7/13 12:09 PM |
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Re: We found a new house!
Congrats! we were putting down 15% and we put down 5% at contract. What a nightmare that must of been. Hoping this time goes smoothly for you!
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| Posted 1/7/13 12:56 PM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
Name:
Pomegranate5
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Re: We found a new house!
Congrats!!! I don't know about the DP question but I'm happy that you found a house!  
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| Posted 1/7/13 3:05 PM |
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Mere09
So Dam* Lucky
Member since 10/08 6368 total posts
Name:
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Re: We found a new house!
What happened the first time around?? Just curious...
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| Posted 1/7/13 3:42 PM |
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LInMI
LIF Adult
Member since 7/10 1802 total posts
Name:
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Re: We found a new house!
Congrats
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| Posted 1/7/13 4:18 PM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Re: We found a new house!
Posted by Mere09
What happened the first time around?? Just curious...
We found it after our title search that the homeowner had $50k+ tax lien. She strung us along for months, her lawyer and realtor were beyond shady, and ultimately they refused to return our down payment. We had to fight and make certain concessions because we were told we'd lose our money if we didn't buy the house. Once we thought we'd had everything worked out, she told us she couldn't pay the lien AT ALL and the house is basically unmortgageable and can only be purchased cash. We lost a lot of money and time on the incidentals associated with the home buying process, and I am still waiting on a small refund from her lawyer, but I'm glad to be free of that house now. If anything, it prolonged the process so that we'd find this new house 
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| Posted 1/7/13 4:40 PM |
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Re: We found a new house!
Congratulations on finding a new house!
As far as your question about the down payment -
Posted by DumpsterBaby
Is it normal to give half or all? Does it even matter to the seller?
- Of course, everything is negotiable, and sellers and their attorneys do care because the down payment is the incentive for the buyer to adhere to the contract. The less the buyer has at risk, the easier it is to walk away from the contract. And similarly, most attorneys don't want their buyers to put the full down payment down at contract, because they want to minimize the buyer's risk.
Most people split their down payment and put half down at contract and the remainder of cash down at closing.
Some of my FHA buyers who have minimum, 3.5% down, will put all of it down on contract to show good faith and strengthen their offer. Also, some seller's attorneys like to see a minimum of $10K down, so they won't accept 1.75% on a $300K house as adequate - they'll ask for more. And some buyers are putting a lot of cash down - e.g., 50% - and don't put half down upfront.
Just have you agent state your terms clearly upfront when making the offer, including how much you are putting down and when. I doubt you'll have an issue with half and half -- although if you have competition for the house, it can always strengthen your offer to put down more on contract (if you are comfortable with it). But the amount being put down on contract is usually not a "make or break" term.
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| Posted 1/7/13 5:12 PM |
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PearlJamChick
No one sings like you anymore.
Member since 7/10 9264 total posts
Name:
Petticoated Swashbuckler
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Re: We found a new house!
I don't have answers to your questions but I just wanted to say GOOD LUCK and give you all sorts of good house vibes!!!
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| Posted 1/8/13 10:31 AM |
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Mere09
So Dam* Lucky
Member since 10/08 6368 total posts
Name:
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Re: We found a new house!
Posted by DumpsterBaby
Posted by Mere09
What happened the first time around?? Just curious...
We found it after our title search that the homeowner had $50k+ tax lien. She strung us along for months, her lawyer and realtor were beyond shady, and ultimately they refused to return our down payment. We had to fight and make certain concessions because we were told we'd lose our money if we didn't buy the house. Once we thought we'd had everything worked out, she told us she couldn't pay the lien AT ALL and the house is basically unmortgageable and can only be purchased cash. We lost a lot of money and time on the incidentals associated with the home buying process, and I am still waiting on a small refund from her lawyer, but I'm glad to be free of that house now. If anything, it prolonged the process so that we'd find this new house
Wow! I can't imagine how frustrating and sad all that must have been for you guys! Glad to hear things are going better now.
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| Posted 1/8/13 12:10 PM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Re: We found a new house!
Posted by Mere09
Posted by DumpsterBaby
Posted by Mere09
What happened the first time around?? Just curious...
We found it after our title search that the homeowner had $50k+ tax lien. She strung us along for months, her lawyer and realtor were beyond shady, and ultimately they refused to return our down payment. We had to fight and make certain concessions because we were told we'd lose our money if we didn't buy the house. Once we thought we'd had everything worked out, she told us she couldn't pay the lien AT ALL and the house is basically unmortgageable and can only be purchased cash. We lost a lot of money and time on the incidentals associated with the home buying process, and I am still waiting on a small refund from her lawyer, but I'm glad to be free of that house now. If anything, it prolonged the process so that we'd find this new house
Wow! I can't imagine how frustrating and sad all that must have been for you guys! Glad to hear things are going better now.
Thanks Good luck with your HomePath house...I bet you'll get something awesome for a good price.
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| Posted 1/8/13 12:39 PM |
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Paramount
Sweet!
Member since 7/12 4289 total posts
Name:
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Re: We found a new house!
I put down $500 to "hold" the house.
$10,000 payment toward the full down payment.
Paid everything else at closing.
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| Posted 1/8/13 1:04 PM |
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