Your first step should be to locate and hire a REALTOR, not just a real estate agent on an exclusive basis. Be sure your REALTOR has a minimum of five years’ experience and 100+ transactions. This
How Much Rent Can You Afford To Pay?To determine how much monthly rent you can afford, the following formula may be used: Monthly Rent = ( 0.4x Gross Monthly Income) – Monthly DebtsMonthly debts
You may want to ask your Realtor about this. It depends on a lot of factors like how long you have been in contract, if the seller has performed any work on the home for you, if you Realtor has release contingencies, etc., etc.
One thing is for sure, both you (the Buyer) and the seller have to agree on the disposition of any funds deposited in Escrow.
I hope this helps you,
"Rocky" G.H. Hawrysz, Broker Associate, Realtor®, e-PRO®
Prudential California Realty
(209) 444-6610 - Direct Office Line
(209) 915-6209 - Mobile
Visit www.TeamHawrysz.com... more