COMMUNITY FORUM

mounttam

08:32AM | 02/20/04
Member Since: 02/07/04
4 lifetime posts
Bvrealestate
Having another problem with the sellers they are demanding that our downpayment be X percentage, which we did not agree to when we did the purchse agreement and put 1% down with our offer. Their RE agent even called our mortgage broker to make sure we could afford the house (which we can and have been pre-approved prior to putting an offer in on the house.) We are lost with this demand and insulted. Is this normal practice? Very curious.......

hammerman

06:52AM | 02/23/04
Member Since: 07/02/03
30 lifetime posts
Are you talking about the good faith money you put in escrow or the downpayment you make with when getting your mortgage. If its the latter than it's really none of the sellers business how much comes from you vs the mortgage company. If its the former...they can make any request they want...doesn't mean you have to agree to it. If all parties have already signed the contract then the basic terms have already been agreed upon and they have no standing to request more money. Sounds like they are affraid you are going to bail on the deal because of the pool and want to make it more difficult for you to walk away. I personally wouldn't trust the pool companys word. I'd want an independent inspection on the pool.

Just my unqualified 300 cents.

batsey

09:27AM | 06/27/04
Member Since: 06/24/04
8 lifetime posts
Usually a seller will ask for a larger down payment if the buyer is not pre-approved. Getting involved with a weak buyer with no pre approved status can be a big waste of time for a seller. The reason for the larger deposit would be to assure the buyer you mean business.

Since you are pre approved,I'm not sure. Could it be you are buying too your limit?

For example, If you are pre approved for 300,000 dollars and the house you are buying is 299,000... this could worry a seller.

I agree mostly with the first response....If you are having difficulty this early on, I would look for my dream home elsewhere, because obviously this one isnt it!
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