Earnest money deposit new york

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The person with the best answer will receive credit in their profile. Do not send me email notifications for new answers. Can a seller sue you if you decide not to buy house after bad inspection? Why do buyers give a ridiculous low offer on a Home? I would like information on Rent to Own?

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All Topics Zillow Questions Home Buying Home Selling Mortgage Rentals Local Topics Home Ownership Pro-to-Pro. Back to Results Views: Nearby Neighborhoods Astoria Beechhurst Douglaston Kew Gardens Linden Hill Little Neck Long Island City Richmond Hill Saint Albans Wakefield. This is called "Earnest Money" right?

New York Real Estate Attorney | Real Estate | New York Real Estate Lawyer

I can't understand how the seller can tell you how much to put down on a loan that they are not applying for. I know they can say how much Earnest Money they want at the contract signing.

Is my attorney just getting confused? Thank you very much. Problem Select one Offensive content Irrelevant content Spam pure self-promotion Other.

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Low-Interest Loans Designed For You | Earnest

This home has been saved! Go to My Zillow in the top right corner to see your saved homes. Your Answer Upload Image. Email me when other answers are added. Share post on Facebook. Best Answer Selected Once you select this as the best answer, it cannot be changed. Your attorney is confused. You can apply your earnest money any way you'd like on your settlement statement. There is no "red flag" if a seller is requesting that a buyer prove their ability to get financing by asking for a reasonable earnest money deposit.

Vilyan Vergilov, "HomeSmart65" Agent 4 reviews.

First off the downpayment and earnest money are two different things. The REALTOR should have noted this as a red flag when a seller wants a certain amount down. Usually that can be a case where the seller might want to do everything possible to keep your money, or as much of it as possible. I always warn MY CLIENTS about small things because I treat the money as if it was mine.

In this situation it might not be the case but it is always good to take pre caution about things like this because it is a rough market still. If the required amount is lets say 3. Its all an agreement. THAT SHOULD ALSO BE NOTED in the contract as EARNEST DEPOSIT so its clear what amounts are for what.

ALWAYS have a clean and clear contract about where the money is being specifically distributed. We are only a week or two away from closing.

It most definetly is going to our down payment. Don Greenberg Agent 1 review. If so this deposit can go towards your FHA down payment. I think your attorney may be confused.

Deposit seems pretty high for a normal sale, must be a special situation. Someone else will probably chime in and give a better answer. Related Questions Can a seller sue you if you decide not to buy house after bad inspection? In Buying Process April In Buying Process March In Buying Process February Related Articles Inspections During Escrow In Buying Process September 21 In Buying Process September 21 In Buying Process June 03 Be A Good Neighbor Zillow Advice depends on each member to keep it a safe, fun, and positive place.

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