Home Buying in 90019>Question Details

pattymatt2003, Home Buyer in Los Angeles, CA

increase down payment amount after seller take my offer

Asked by pattymatt2003, Los Angeles, CA Wed Dec 26, 2012

I am about to submit an offer for a house, but not yet decide how much down payment will put in.
I mean, my offer price is $600,000 with down payment $200,000 and mortgage $400,000. After the seller accept my offer, could I change my down payment to $300,000, and mortgage $300,000?
Thank you.

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Answers

16
Yes! You may increase your down payment and have a lower loan amount. It is when you go lower down payment with higher loan amount you could cause a stir.
1 vote Thank Flag Link Wed Dec 26, 2012
Yes, you can.
All terms are negotiable, even after your offer is accepted.
0 votes Thank Flag Link Sat Jun 15, 2013
Claudia is correct. You can increase your downpayment amount, you just cannot decrease the amount you are putting down without all parties agreeing.
0 votes Thank Flag Link Sun Jun 9, 2013
Patty,
Submitting offer $600,000- with $200,000- down payment. After accepted offer escrow is opened. Escrow can do amendment changing the down payment from $200,000- to $300,000-. Both parties have to agree. I do not think seller will be against agreeing to a greater down payment amount.

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes Thank Flag Link Sun Jun 9, 2013
patty & Matt
All deals are a two way street.
that means you have to have the seller accept.
you might suggest to escrow for a change and make sure your lender knows.
escrow will notify the seller and should not affect the deal. however the seller can say no but it would not be logical to do so. Who says real estate is logical.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
harold@socalhomes.biz
http://www.socalhomes.biz
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Tue Jan 1, 2013
As loong as you have a total of $600,000 to close the deal you will be JUST fine.

If your lender preapproved you with a $200,000 down payment in play, You will need to conatct your lender and get your approval revised to reflect a lower down payment.

Keep in mind lowering yor down payment will alter your mothly payment estimate. Just make sure the numbers are numbers you can live with, and make sure you can still get the loan funded at a $600,000 purchase price. If you fail to get the loan funded you will be in default and risk loosing your deposit .

Kawain Payne, Realtor
0 votes Thank Flag Link Mon Dec 31, 2012
Sure, but its much easier to do before executing a contract. Your lender will need to make the appropriate changes and you should inform them quickly to avoid commitments delays.
0 votes Thank Flag Link Fri Dec 28, 2012
Sure, but you have to work this out with the Bank first.
0 votes Thank Flag Link Fri Dec 28, 2012
Hey Patty,
Congratulations on buying your new house. The quick and dirty is that you are allowed to change the terms of your loan prior to the close...so don't freak out and take your time. I'm a big proponent of putting down just as much money as you need to maximize the interest rate and then IF AND ONLY IF you plan on living in the home for a minimum of 5 years pay the lender to drop the rate even lower. Your lender will provide you with the math and how many years it will take to make back your money. Typically, 1% (1 point) of your loan amount is paid to lower your interest rate by about .375% - .5%. It doesn't look as if you need another Broker helping you out but if you need a friend in the industry to bounce some questions, give me a call. Best of luck!

Respectfully,
Tony Norohian
Investor Choice Realty
310 210 9070
0 votes Thank Flag Link Thu Dec 27, 2012
Yes but verify with you loan officer. Generally your lender will let you increase the payment but will rquire extra steps and delays if you go in the other direction. Lenders are not allowed to penalize you for prepayment so you can always pay it down after close of escrow too.
0 votes Thank Flag Link Thu Dec 27, 2012
I don't see why the seller would oppose to it, but you still need the seller's agreement for this change.
0 votes Thank Flag Link Wed Dec 26, 2012
As long as the seller gets his or her money, he really will not care how you structure your loan.
Web Reference: http://www.homejane.com
0 votes Thank Flag Link Wed Dec 26, 2012
Yes you can increase your downpayment.
0 votes Thank Flag Link Wed Dec 26, 2012
Just a thought: in this opportunistic real estate market I suggest your best offer be your best proposal. However, as a leverage you may want to state a potential increase in deposit and/or down payment when submitting your offer proposal....just a thought
0 votes Thank Flag Link Wed Dec 26, 2012
Yes you can but will need to amend the escrow instructions which will require the seller to agree to the change. I have never seen a seller not agree to a larger down payment.
Good luck,
0 votes Thank Flag Link Wed Dec 26, 2012
Hello,
A higher down payment is most beneficial.
I would suggest you speaking with your agent. He or she is there to walk you through the process and answer all questions.
Have a wonderful evening!
Best,
Susan@SusanBour.com
0 votes Thank Flag Link Wed Dec 26, 2012
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