House down payment

[RANDY P]

Originally Posted by Rusty914s

I'm a RE developer, you don't sound like you're in the industry.

I can tell you are.

Maybe you need few more Trump. JR seminars or something.

rjp

[Rusty914s]

Ok, I'm out. I wouldn't deal with you in real life and I am just going to say good bye to you now.

Happy life at McDonald's.

[RANDY P]

Originally Posted by Rusty914s

Ok, I'm out. I wouldn't deal with you in real life and I am just going to say good bye to you now.

Happy life at McDonald's.

You most likely wouldn't qualify to deal with me. I only do working deals.


rjp

[RANDY P]

Ever since they came up with the informercials, everyone is a developer all of a sudden- everyone started flipping houses. RE agents, bartenders, hairdressers. Everyone had the "hot ticket"- Real Estate.

Last round of crashes is proof positive a lil knowledge applied en masse is a dangerous thing..

rjp

[Deschodt]

Originally Posted by Porsche-O-Phile

Frankly I'd be more likely to sell to someone who I knew was putting down a little less as a first time buyer than someone bringing 75% cash to the table.

Really? Mighty altruistic of you (no sarcasm).

I sold my house a few months ago, and the whole process is such a pain in the butt (hit the right market, 10 kinds of inspections, 10 ways the buyer can back out, waiting months for their financing with again more exit clauses, contingencies..) that I would have actually accepted a lower offer from someone with 75% cash, vs. a first time buyer offer at full price with big financing involved. Financing is not the automatic deal it used to be. If the appraiser somehow undervalues the house by $10, the financing goes out the window.

In fact that's what I did. They were even financing their deposit for pete's sake (but AFAIK not a first time buyer). Considering the timeframe, the fact you shouldn't move your stuff out until contingencies are gone, the "safer" the offer the better. Sorry if that's not altruistic of me. Just realistic. Big % cash offer + low contingencies wins over big financing -every time- in my book.

Now to the OP, 10% or 20%, pretty much the same in my book (as a seller). It'll get you better terms with the financing. But maybe you should keep the $ for repairs or improvements.