how much is the down payment amount to the seller after signing the contract to buy a house?
i plan on putting 20 percent down.. they are asking for 5 percent to send right away to the seller?
does it matter if it’s 5 percent or should it be less?
how much is the down payment after signing?
byu/eddiewilpan inRealEstate
Posted by eddiewilpan
5 Comments
what does the real estate agent that only represents you say?
how many offers are/were there on this house?
why would the Seller get the 5%, and not go into an escrow account pending inspections and loan details?
Do you have a buyers agent?
The earnest money? It depends. You can make it any number, it will just roll into your down payment. He higher the earnest money the more serious the offer.
The 5% they’re asking for upfront is probably earnest money, not your actual down payment. That gets held in escrow and then applied toward your 20% down payment at closing
So if you’re buying a 500k house, you’d put down 25k as earnest money now, then bring another 75k to closing to complete your 100k down payment. The earnest money just shows you’re serious about the purchase
5% is pretty standard but you can negotiate it lower if you want, really depends on how competitive your market is
Sounds like a scam.