I bid on a 228k condo with a 3% down where the seller will pay 3% closing. Now my lender wants 20% down.

Asked by Lenie, Lakewood, CA Fri Aug 22, 2008

It is an reo property where it needs substantial work and I am buying it 'as is' so seller will not make any changes. I am willing to put down 10% and even though I have the funds for t20%, I do not want to go through it because there will be no money to move, fix the property, purchase the appliances it is missing, etc. to make it ready to move in. I put 2k down, will I get this back when I withdraw my offer? thanks.

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