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How much down at contract?
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jana
LIF Adult
Member since 3/06 1134 total posts
Name:
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How much down at contract?
I bought my current home way before this whole housing fiasco. It was new construction with a requirement to put 25% down (10% at contract, 10% at foundation pouring, 5 % at sheetrocking).
In todays market, how much "earnest money" needs to be put down? I was discussing this with someone today & she said $1000 was all she was required to put at the time she signed,she paid in FULL at time of closing..I always thought it was 10%.
How much is it these days & does financing come into play as in her case?
TIA.
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Posted 12/16/10 10:26 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: How much down at contract?
We put down less than 10%, more like 7%. In august of this year, at contract signing.
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| Posted 12/16/10 11:27 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: How much down at contract?
I imagine it depends on the seller and the bank. We bought in 2008 prior to the housing fiasco and had only $10,000 at contract. We didn't pay the rest until we closed.
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| Posted 12/16/10 11:42 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: How much down at contract?
I negotiated from 10% down to 5% which was 30k in my case.
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| Posted 12/16/10 12:57 PM |
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Lori11514
LIF Infant
Member since 11/10 229 total posts
Name:
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Re: How much down at contract?
We thought we had a deal at 3.5% down until the seller asked for 5% the next day. So we will be putting 5% which in our case is about $25k.
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| Posted 12/16/10 1:45 PM |
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