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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Help please! How much $ did you have to put down at contract?
DH and I believe we have FINALLY sold our co-op (LOOOOONG story but let's just say we're on our fourth set of contracts  ).
Anyway, the downpayment of $75k for a house is coming from the sale of our co-op. We have a HELOC open on the co-op ($25k) that we can use for the contract deposit but we're remembering now that when we bought the co-op we had to put down 10% at contract. Now, I don't know if a) that was the co-op's rules, b) the 10% is the rule, or c) the half of what you're putting down is the rule or d) we can just say here's $25k, you'll get the other $50k in cash at closing.
Anyone know? Or any experiences where you put less than 10% or less than half of your DP as the contract deposit?
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Posted 6/1/09 6:55 AM  |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: Help please! How much $ did you have to put down at contract?
I think we only had to put down 5% at contract, and the remaining 15% when we went to close.
Good luck and congrats! Will you be my neighbor?
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| Posted 6/1/09 7:21 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Help please! How much $ did you have to put down at contract?
Posted by MrsMadness
I think we only had to put down 5% at contract, and the remaining 15% when we went to close.
Good luck and congrats! Will you be my neighbor?
Ooooh, that's awesome news - thank you!
2/3 chance no, 1/3 chance yes  We're down to 3 houses - 2 in Wantagh, one in Lynbrook. There is NOTHING available in Lynbrook, it's crazy. And anything that is is basically south which is so weird b/c last time we were looking it was allllllll Westwood. I'll keep you updated on what we go with.
How are you feeling??
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| Posted 6/1/09 7:23 AM |
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hbugal
Lesigh
Member since 2/07 15928 total posts
Name:
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Re: Help please! How much $ did you have to put down at contract?
I dont remember specifically what % it was....But I do know how much I put down at contract...I put 20k when I went to contract and put 30% down at closing.
From what I remember it wasnt a percentage. It was more a good faith type of thing to show them how serious I was about buying the house...Either way 20K wasnt 10% of the sale price. ETA (it was less)
Message edited 6/1/2009 8:41:35 AM.
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| Posted 6/1/09 8:41 AM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: Help please! How much $ did you have to put down at contract?
it depends on what the seller's attorney and your attorney negotiate- make it clear to your attorney that you only want to put 5% down and they can argue that with the other attorney- we put 7.5%- we wanted to put down 5% and the seller wanted 10%- so we settled in the middle
gl
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| Posted 6/1/09 8:53 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Help please! How much $ did you have to put down at contract?
This is really great info, thank you all!
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| Posted 6/1/09 9:14 AM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Help please! How much $ did you have to put down at contract?
I always put down 5% of my total downpayment
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| Posted 6/1/09 9:15 AM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: Help please! How much $ did you have to put down at contract?
I put 10% down at contract and the rest down at closing. I think it might be negotiable though - I just think 10% is 'standard' when writing the offer/contract ... talk to your RE/Lawyer and ask them.
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| Posted 6/1/09 9:51 AM |
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evenedan
Need a little sunshine
Member since 9/05 3843 total posts
Name:
D
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Re: Help please! How much $ did you have to put down at contract?
Your attorney can negotiate that when the contract comes in from the seller's attorney. When our contract came in it requested 10% at signing and my attorney insisted that be lowered, even though we were prepared to pay it. He said there was no reason for the seller to have so much of our money up front. I think we ended up putting more like 5% down at signing and the other 15% at closing.
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| Posted 6/1/09 11:55 AM |
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Sherwood
LIF Adult
Member since 8/08 1643 total posts
Name:
s
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Re: Help please! How much $ did you have to put down at contract?
We put down 5%
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| Posted 6/1/09 12:22 PM |
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mavaesq
LIF Infant
Member since 6/09 126 total posts
Name:
Valerie
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Re: Help please! How much $ did you have to put down at contract?
Generally - due to the current market - lender's will required 20% down, however, your attorney will be able to negotiate how much must be put down upon signing of the contract. I am usually able to negotiate 5% down - balance at close.
Good luck and congrats!
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| Posted 6/1/09 1:41 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: Help please! How much $ did you have to put down at contract?
we put down 10k @ contract and the rest of the 20% at closing. Talk with your lawyer.
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| Posted 6/1/09 1:55 PM |
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