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We are thinking of putting an offer on a place; would be greatly appreciate if someone could advise on the expected deposit to put down if the offer is expected.
Thank you in advance.
10% in my experience...
20% unless you want to pay mortgage insurance.
Are you saying down payment or total cash out of pocket?
The down payment is normally (99/100) 10% and it is given with a signed contract by the purchaser. This is the literal down payment.
Total cash out of pocket tends to be 20%-30% depending on preference.
Confusing two terms:
*deposit* (to bind your offer)
*down payment* (to put equity into your purchase at time of closing)
I read too quickly. Yes, 10% to bind the offer and ADDITIONAL 10% at time of closing.
Alan is correct on the terminology.
We put $1000 good faith deposit when our offer was accepted with 10% deposit due at contract execution and another 10% due at closing for the down payment.
10% held in escrow by the attorneys.
NYC doesn't usually require a deposit at the time of making an offer. Approximately 10% would be due at contact (unless FHA or a lesser down payment is being used - in which case it would be that amount), then the balance of the down payment would be due at closing.
PMI (mortgage insurance) is not related to the deposit. This is insurance paid on your mortgage if you are borrowing more than 80% of the value of the property.
Donna Hollins | email@example.com | Keller Williams NYC