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Old 06-21-2019, 07:58 AM
 
Location: NYC/Boston/Fairfield CT
1,853 posts, read 1,942,031 times
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Quote:
Originally Posted by bugelrex View Post
In a crazy hot market, its the only advantage a non-cash, waive inspection person has left... if they want the house VERY badly

Is it really unethical to just keep telling the buyer to keep increasing their bids in 10k increments?
I have worked with dual agents before, however I never did it to have the agent "guide" me through the process. I always had a budget in mind and stuck with it. If an agent is willing to break ethics to make an extra buck then I wouldn't trust him/her at all.

Dual agents have come in super handy, when I had deals hit a snag (on either buyer or seller side), where their relationship with both parties has put things back on track.
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Old 06-21-2019, 09:44 AM
 
2,710 posts, read 1,695,474 times
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Is 20% down considered significant? I thought that was standard.
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Old 06-21-2019, 09:49 AM
 
622 posts, read 559,499 times
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Quote:
Originally Posted by matrix5k View Post
Is 20% down considered significant? I thought that was standard.
Agreed 20% is standard.
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Old 06-21-2019, 10:37 AM
 
1,520 posts, read 1,100,823 times
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You'll get the best loan pricing with 20% but I don't know if the majority of homes are bought with 20% down given the average person's very low savings rate...

A quick google search came up with this:

https://downpaymentresource.com/wp-c...017.FINAL_.pdf

In 2017, the median down payment for all homebuyers was 10% with first time homebuyers at 5% and repeat buyers at 14%.
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Old 06-21-2019, 11:01 AM
 
3,808 posts, read 3,114,586 times
Reputation: 3332
Quote:
Originally Posted by panchilly View Post
Agreed 20% is standard.
Was standard. Depending on your target market and target home, 3% to 100% might be required to win a bid. As you know, the 20% 'rule' has little to do with buyer competitiveness within the market, and everything to do with lender/buyer risk.
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Old 06-21-2019, 11:06 AM
 
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Aren't there cash buyers in greater Boston? I always felt 20% stood no chance against 100% down.
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Old 06-21-2019, 11:07 AM
 
1,520 posts, read 1,100,823 times
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Quote:
Originally Posted by matrix5k View Post
Aren't there cash buyers in greater Boston? I always felt 20% stood no chance against 100% down.
It does if you offer more.
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Old 06-21-2019, 11:36 AM
 
15,737 posts, read 20,293,560 times
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Quote:
Originally Posted by simplexsimon View Post
It does if you offer more.
And has a strong chance of making it to close.
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Old 06-21-2019, 12:20 PM
 
Location: Baltimore
21,455 posts, read 12,507,750 times
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10% down is standard, folks gotta get out the Boston area. Mos people in the country put about 20k down on a house. Here folks think that 100k is normal.

Pretty scary... this state/region is headed the path of half a million illegal immigrants, tons of casinos, unaffordable housing, mind numbing traffic and safe injection sites...

But at least there will be weed.
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Old 06-21-2019, 12:27 PM
 
2,710 posts, read 1,695,474 times
Reputation: 1319
So most people pay PMI? I always felt if you can't afford 20% down then you can't really afford it
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