Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Sellers making abnormal demands?
Our seller's countered back that they want us to put more money toward the downpayment of our loan then the loan requires and they want us to put the entire amount down at purchase and sales. They said it provides them security that we'll be less likely to walk away from the house.
Has anyone else had this happen to them? My realtor thinks it is a strange request.
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Re: Sellers making abnormal demands?
Yupp we submitted our preapproval and typical dates for closing and purchase and sales and amounts to be put into escrow. Its weird.
I have never heard of this, but it sounds like the sellers are worried that your financials are not in enough order to actually be able to close the deal. The sellers may be looking for assurance that you have the money to make the deal happen. If that is the case, maybe you could offer a larger earnest money deposit as a way of putting your money where your mouth is? In a typical sale here, earnest deposits are in the $1-2k range, so offering $5-10k would strongly demonstrate that a buyer is invested in making sure that the deal goes through.
IMHO, while the seller can be as nervous as they want to be, they are fairly out of line in demanding a financing change from the buyer. I certainly would not change my down payment amount just to soothe a seller's nerves. So they can either accept your contract (maybe with a larger earnest money amount) and let you finance it the way you see fit, or they can hope for another buyer to come along with a larger down payment.
FWIW, when we were talking to our sellers at closing, we asked them why they chose our offer over the others. They said that it was because of our letter to them, the fact that we offered a substantial earnest money deposit, and the fact that we were bringing such a large amount of cash to the closing table. They wanted us to have the house, and felt confident that we had the funds to close the deal on time and without hassle to them. But we had already planned to put down 20%, so it didn't change our plan in the least bit.