Our money is transferred from France and it takes 1-2 weeks so we cannot give the 10% deposit at the contract which is ready for signature. Any tips?

Asked by adeline.monzier, New York, NY Wed Apr 17, 2013

We are about to buy a condo in Manhattan/Harlem.
We have an accepted offer, a pre-approval letter from the bank, 24% down payment and we should sign the contract within days.
BUT we have a problem with the 10% deposit : our down payment is coming from France (we are a French family, we are permanent residents in the US). And it takes a long time to transfer such a huge amount of money. We will have documentation proving the transfer at the signature of the contract, but not the funds, we should have them in the next week or 10 days.
How can we prove our good faith without this deposit? We would be able to put a 2,7% deposit with our US savings in the mean time, and complete as soon as the French money arrives of our US bank account.
We are afraid this will jeopardize the deal, even if 's a matter of days...
Any tips/recommendations are welcome .

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
James Furlong, Agent, Brookline, MA
Wed Nov 13, 2013
Have your lawyer speak with the seller's lawyer - the seller will usually tend to be more attentive to the lawyer rather than the real estate agent in this situation because they see it as more of a legal issue. Provide as much supporting documentation as possible. Offer to provide the full 24% as soon as it arrives - it shows that you have more "skin in the game". Good Luck.
0 votes
Raphael Zeevi, Agent, New York, NY
Sun Apr 21, 2013
This is an issue which should be discussed between the lawyers.. Who knows? The seller's lawyer may accept 2.7% only, and agree to wait for the rest of the money. It's up to him and his client (the seller), to agree.
0 votes
Bill Eckler, Agent, Venice, FL
Wed Apr 17, 2013
Adeline,

Many purchase agreements are created allowing for initial and secondary deposits, with the second deposit coming a specified period after the initial deposit. Speak with your agent/representation about making these arrangements but make sure you allow enough time in the agreement to allow for these funds to be received.

Making your circumstances known and planning in advance should help you overcome this issue.

Good luck,

Bill
0 votes
Michael Liew, Agent, Bayside, NY
Wed Apr 17, 2013
Delay signing the contract until the funds get here.
Shouldn't be that big a deal waiting for a few days since you already have the preapproval from a bank. Next time get everything ready before seeing property and making offers.
Good luck.
0 votes
Terry Koraha…, , 11358
Wed Apr 17, 2013
Hi Adeline, yes this easily can be done. You can provide them with proof of your funds from France. It would be up to the seller and their attorney to agree to sign contracts with your 2.7% as your initial down payment balance of the 7.3% within 7-10 days.. Bonne chance....
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Apr 17, 2013
Have you or has your agent asked the seller if a downpayment of less than 10% would be acceptable at contract signing....
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more