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Only once i ever paid the 10%,on my 1st home in 1987.Since then its been $1000,once it was $500.
Did you negotiate that with the vendor, solicitor or agent? Did you find many incidences where you had push back against paying less than 10%.
say you pay 1k on a 200k property
wont the bank still require 10% - 20%
On this subject,can anybody explain how Steve McKnight went from zero to a squillion properties in 5 minutes considering that he only purchases cash flow positive which normally indicates restricted capital gain?
I've had more push back from REAs than vendors.
They want the deposit to cover their commissions rather than chase the vendor during settlement.
And go to extreme lengths with getting the vendor to add a clause to the contract to ensure payment at settlement.
I have seen this used to help the buyer....
REA: "But the $1000 deposit is too small"
Buyer: "Why?"
REA: "Vendor will think you aren't committed to the sale"
Buyer: "I've just presented a contract of sale.. I'm in and happy with the deposit"
REA :"But.."
Buyer : "but what?
REA: "If the deposit doesn't cover the commission, the principal will go mental"
Buyer "Ok. I'll up the deposit to XX to cover the commission on finance approval...."
Buyer: "What price will get me a completed contract today...."
Cheers
I've had more push back from REAs than vendors.
They want the deposit to cover their commissions rather than chase the vendor during settlement.
And go to extreme lengths with getting the vendor to add a clause to the contract to ensure payment at settlement.
I have seen this used to help the buyer....
REA: "But the $1000 deposit is too small"
Buyer: "Why?"
REA: "Vendor will think you aren't committed to the sale"
Buyer: "I've just presented a contract of sale.. I'm in and happy with the deposit"
REA :"But.."
Buyer : "but what?
REA: "If the deposit doesn't cover the commission, the principal will go mental"