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thanks for the advise wileynj! i will wait a day or two until i can get an attorney. won't submit the offer without having the attorney review my contract.
really appreciate everyones help! thank you so much!
thanks for the advise wileynj! i will wait a day or two until i can get an attorney. won't submit the offer without having the attorney review my contract.
really appreciate everyones help! thank you so much!
Where are you looking to buy? If you're in Northern NJ.. I highly recommend my attorney. She's out of Chatham area and she's one tough attorney!!
This is not abnormal. 1K with the offer and additional deposit 7 days from contract. Most people I know put about 9K additional for a total of 10K and then give the rest of their down payment at closing. 30K seems excessive. And your realtor should have asked what you wanted - they should not just assume because it needs to be an amount you are comfortable with.
I would definitely recommend hiring an attorney. They will guide you through the entire buying process. Good luck!
I told my realtor that we wanted to place an offer for one of the houses that we liked. Yesterday he sent us a contract with the details and has mentioned an Ernest Money deposit of 30k (on a 405k offer). Should he have asked us how much we wanted to put in Earnest Money, or is 7-8% a usual amount? The house has been on the market for about 2.5 months and the seller has not received any offer so far.
Somehow I have a feeling 30k is a little too high.
Apprecaite any suggestions. Thank you!
IMO
1000 good faith with an additional deposit at the end of attorney review
Lets say your down payment is going to be a total of 20% (81,000)
I would put down 1,000 good faith and no more than 9,000 at end of attorney review (for a total of 10,000) that leaves you 71,000 you have to put down at the closing
In a seller's market a good up front deposit ment a lot but
in todays market why would you want them holding a large sum of your money
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