Asked by First Time Buyer, Setauket, NY • Thu Feb 9, 2012
sours. We're on Long Island, NY and we've heard varying numbers from friends and relatives - from 1% to 10 % of the purchase price. We are serious about our offer, plan on putting more than 20% down at closing, have pre-approval and are flexible on the closing date. How much would you suggest putting down at contract in the current market? I've heard horror stories of the deal falling through and money being held in escrow because the buyer and seller can't agree on who should receive it. Also who holds the money until closing?
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