Home Buying in Rancho Mirage>Question Details

Karen, Home Seller in Rancho Mirage, CA

How much of a deposit does the buyer in California have to put down on a house selling for $830,000?

Asked by Karen, Rancho Mirage, CA Thu Jun 26, 2008

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The correct answer to this is 1% of the Sales Price.
0 votes Thank Flag Link Wed Jul 2, 2008
3% is the "norm" but please remember that everything is negotiable! Hope you found your dream home!
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Thu Jun 26, 2008
The max deposit required is 3% percent. However, if the buyer has the money and he/she really likes the property than I suggest increase it to 10% that way the seller knows the deal is a real deal. Note: Always write the check to Escrow company. Never writen to agent or any other entities.
Good luck
Web Reference: http://www.jordanmossa.com
0 votes Thank Flag Link Thu Jun 26, 2008
You need air to live, but just how much depends on where you're at and how hard you're working. And the same is true in real estate.

The deposit is required in CA in order to make the agreement a contract. So, technically, your deposit can be $1. That being said, Sellers look at the deposit as a measure of how serious you are as a Buyer. Some will tell you to put 3%, but there is no hard and fast rule.

Consult your agent for advice as to how best to construct your particular offer. I usually ask my clients to put at least 1%, but every situation is different.

Please be sure to know your rights as they realte to contingency periods, arbitration, and liquidated damages too!

Thanks for the opportunity to answer your question. If you need anything else you can reach me directly at 951-571-9229 or sean.giorgianni@gmail.com
0 votes Thank Flag Link Thu Jun 26, 2008
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