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.......

k2

07:02PM | 02/20/04
Member Since: 06/06/03
1250 lifetime posts
I'm not a RE pro by any stretch, but I've been on both sides of a house sale a time or two.

I read both your postings. Although I can't answer with authority, I can suggest a few ideas.

1. Just about everything in real estate is negotiable.

2. If you are in a buyer's market, you may have more power than you think. This seller sounds like he thinks he's in a seller's market. Is this true? If it's a buyer's market and the seller's playing hardball, I'd be tempted to look elsewhere.

3. Some deals aren't meant to be. If you're having difficulty with a seller at this point, there are lots of other houses. I mention this because even if you DO get a clean contract, there's still plenty that can go wrong from now till closing.

4. Escrow (for the pool). I have no idea if you can expect to withhold escrow for something if there may not be a problem with it(?) But, we bought a house years ago, and withheld escrow so that the builder would finish something on it. He never did. But getting the escrow back wasn't exactly the easiest thing in the world, either.

5. Remember the most important things in real estate: LOCATION, LOCATION, LOCATION. Is this the best NEIGHBORHOOD (NOT HOUSE) you can afford? If not, maybe it's best to keep looking.

Just my humble opinion, and I've made a mistake or two in my time.

Best of luck on finding the perfect home!

-k2

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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