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Old 08-05-2008, 02:36 PM
Location: Central New Jersey
1,288 posts, read 4,496,881 times
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At the time of making an offer $500 or $1000 is more than enough. That is what I recommend to all my clients. Usually $500 works for homes or condos up to $350K or $400K and then for larger homes I always recommend $1000 deposit.
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Old 08-05-2008, 02:36 PM
Location: Rahway N.J
2,093 posts, read 4,028,283 times
Reputation: 3319
Originally Posted by davenj08 View Post
ok some clarification -- i called my realtor and he gave me a further break-down of the 30k. he said i need to put down $1000 when i submit my offer to the seller and another 29k within 7 days after review. i had no idea there was an additional step between offer/inspection and actual home purchase transaction.

since i am a first time home buyer, have no idea about the '7 day after review' clause. i will get a lawyer to guide me thru the buying process.

That is still too much

What is your total deposit going to be ?
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