Financing in 19104>Question Details

Kandace418, Home Buyer in 19104

My husband and I submitted a bid to purchase house for 269K (the asking price) Our offer included $1000 down

Asked by Kandace418, 19104 Thu Jun 25, 2009

payment and 3% sellers assist. The homeowners accepted our agreement however they want us to put $3000 down. Our realtor does not know why they want us to put more money down and neither do we. Can anyone shed some light on this?

0 votes Share Flag Financing in 19104

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Usually a seller wants a buyer to put down a down payment large enough to ensure the buyer isn't playing games - they want to know you are serious before they take their home off the market and make it unavailable to other buyers who may be more serious....

Usually 1% is a reasonable earnest deposit.
1 vote Thank Flag Link Thu Jun 25, 2009
$1000 down on a $269,000 house? You are lucky that they did not ask for $6000. If you are serious about buying this home, you should put the money down. What difference does it make if you put it down now or bring it to the table later?
0 votes Thank Flag Link Thu Jun 25, 2009
Hi Kandace, The more deposit money the more serious the offer. Since you need at least 3.5% minimum investment for an FHA loan it is not out of the ordinary for a seller to request up to $5,000 deposit on a home of this price.

Good Luck to You,
Elizabeth Bonomo
Weichert Realtors Allentown
0 votes Thank Flag Link Thu Jun 25, 2009
They will feel more secure in your offer. They want enough in escrow to discourage you from walking away from the deal. If they put their property under contract, few buyers will look at it. If you walk away from the deal, they have to start all over! Good luck!
0 votes Thank Flag Link Thu Jun 25, 2009
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