Hi John,
A sellers agent will help their seller evaluate the total merit of an offer made. The merit of an offer is comprised of many components and the deposit is simply one of them. Unless or until a seller gets to closing, the offer is not worth the paper it is written upon. Your job, as a buyer, or rather your buyer agent's job, it to make sure that all of your strengths as a buyer come across. If you have less than 10% down on the deposit, but your offer is strong in all other capacities and the seller has reason to believe this will close timely and without difficulty, you will succeed. If you find other buyers are competing w/ you for the same property, the deposit could become of greater focus. If there are no other buyers trying to purhcase the same property, a seller will probably work w/ you as long as you demonstrate seriousness and capacity in other areas of your offer and approach.

Best of Luck and Welcome to the Garden State!!!
Deborah Madey - Broker
Peninsula Realty Group
New Jersey

Hi John,

This is a buyers market right now, so your chances of getting an offer accepted are quite good if you are willing to demonstrate that your credit score is good and your financing is already in place.

There are plenty of sellers who have been on the market for quite some time and they will be happy to have you as a buyer, no matter what your down payment.

If you have any further questions, contact me through my website.

Good luck!

Here in California we are using 3% of the purchase price for a deposit as this is the maximum liquidated damage amount that can be kept. Your down payment can be what ever amount that fits into your financing.

John, you actually have to put down 20% down because, if you put down anything less, you will have to pay a PMI insurance, which is not tax deductible. Shop around for various mortgages; some companies might offer you a good deal as long as you have a good credit score. In a couple of years, you should be able to refinance.

Don't do it! . . . move to NJ that is . . . I just can't wait to get back to Dallas!