Comments on: Preparing Your Finances For Buying a Home http://www.1siliconvalley.com/preparing-your-money-for-buying-a-home/ Empowering residents and newcomers with the tools they need to make strong Silicon Valley real estate decisions Mon, 03 Oct 2011 18:16:33 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Alex Wang http://www.1siliconvalley.com/preparing-your-money-for-buying-a-home/comment-page-1/#comment-7691 Alex Wang Mon, 03 Oct 2011 18:16:33 +0000 http://www.1siliconvalley.com/preparing-your-money-for-buying-a-home/#comment-7691 Well Rakhi, it depends on how your contract is written. If you have contingencies in place, you may or may not have an opportunity to back out, but this would be a question that your real estate agent should be able to answer for you. Hope that helps, Alex Well Rakhi, it depends on how your contract is written. If you have contingencies in place, you may or may not have an opportunity to back out, but this would be a question that your real estate agent should be able to answer for you.

Hope that helps,

Alex

]]> By: Rakhi http://www.1siliconvalley.com/preparing-your-money-for-buying-a-home/comment-page-1/#comment-7684 Rakhi Mon, 03 Oct 2011 02:58:55 +0000 http://www.1siliconvalley.com/preparing-your-money-for-buying-a-home/#comment-7684 What happens to the deposit if the inspection of the house doesn't go well, and now the buyer wants to back out of the offer? What happens to the deposit if the inspection of the house doesn’t go well, and now the buyer wants to back out of the offer?

]]> By: Alex Wang http://www.1siliconvalley.com/preparing-your-money-for-buying-a-home/comment-page-1/#comment-680 Alex Wang Sat, 03 Jan 2009 03:09:02 +0000 http://www.1siliconvalley.com/preparing-your-money-for-buying-a-home/#comment-680 Hi Mark, The deposit or earnest money is the initial money you put down when writing an offer. It is negotiable but is typically 3% of the purchase price. Your downpayment will be how much total money you will be contributing to the purchase of your home. For example, if you were buying a $500,000 home with 20% down, you would need to have a down payment of $100,000 total (3% or $15,000 of that $100K would be deposited upon acceptance of the offer). Hope that makes sense. The above is a sample scenario, but in real estate everything is negotiable. Hi Mark,

The deposit or earnest money is the initial money you put down when writing an offer. It is negotiable but is typically 3% of the purchase price.

Your downpayment will be how much total money you will be contributing to the purchase of your home. For example, if you were buying a $500,000 home with 20% down, you would need to have a down payment of $100,000 total (3% or $15,000 of that $100K would be deposited upon acceptance of the offer).

Hope that makes sense. The above is a sample scenario, but in real estate everything is negotiable.

]]> By: Mark http://www.1siliconvalley.com/preparing-your-money-for-buying-a-home/comment-page-1/#comment-679 Mark Sat, 03 Jan 2009 01:00:42 +0000 http://www.1siliconvalley.com/preparing-your-money-for-buying-a-home/#comment-679 How is the deposit different from a down payment? Can you explain that a bit more? How is the deposit different from a down payment? Can you explain that a bit more?

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