Real Estate question

[awd]

I have been condo hunting lately and today I found one that I really like.

They will not be finished until February but they are selling like crazy, so I want to get it before they are gone.

Sounds like a silly question but:

So lets say I am pre-approved and have down payment -- is the condo held for me (with my down payment) until I move in then I begin my mortgage payments in february once it is complete?

discuss.

[ZorroAMG]

Yes. In fact you won't need the whole downpayment paid yet, just the required minimum deposit from the builder.

That being said...
Have you been approved for that condo specifically? If not, I can hook you up with a special rate cause you'll need one for a 6-8 month hold(sept-April because builders are ALWAYS late on possession dates.) No bank will just hold a rate for more than 90-120 days and a pre-approval does only that. I have hooked up beyond members with mortgages before and would be happy to help you out.....

[awd]

Originally posted by ZorroAMG
Yes. In fact you won't need the whole downpayment paid yet, just the required minimum deposit from the builder.

That being said...
Have you been approved for that condo specifically? If not, I can hook you up with a special rate cause you'll need one for a 6-8 month hold(sept-April because builders are ALWAYS late on possession dates.) No bank will just hold a rate for more than 90-120 days and a pre-approval does only that. I have hooked up beyond members with mortgages before and would be happy to help you out.....

Much appreciated zorro, I will be in touch with you in the near future.

To answer your question: I have not been to the bank yet for pre-approval, just window shopping.

[GoChris]

if its pointe of view, pm me i'll split a $500 referall fee with ya lol

[ZorroAMG]

^^^nice thread jack

[awd]

Originally posted by rlde.us
if its pointe of view, pm me i'll split a $500 referall fee with ya lol

Negative, I would never buy one of those nightmares -- build quality is worse than Kia.

[Wildcat]

Originally posted by ZorroAMG
Yes. In fact you won't need the whole downpayment paid yet, just the required minimum deposit from the builder.

a minimum deposit is usually 5% of the value if im not mistaken

[awd]

Originally posted by Wildcat


a minimum deposit is usually 5% of the value if im not mistaken

Thats what I figured but zorro is right, it is a small depost -- around 1K I think.

[ZorroAMG]

wildcat, you is wrong....usually the min deposit is 3-5000, some ask for 10000 but really it cannot exceed 5% because the buyer may only be doing 5% down or even a 0 down mortgage

awd: the 1k you are thinking of is the initial deposit upon signing the offer to purchase...after the financing and other conditions (10 day recision period if you are buying a condo) you must provide an additional deposit (usually another few grand, then the balance of the downpayment and financing is due upon closing....

PM me

[googe]

Originally posted by ZorroAMG
wildcat, you is wrong....usually the min deposit is 3-5000, some ask for 10000 but really it cannot exceed 5% because the buyer may only be doing 5% down or even a 0 down mortgage

awd: the 1k you are thinking of is the initial deposit upon signing the offer to purchase...after the financing and other conditions (10 day recision period if you are buying a condo) you must provide an additional deposit (usually another few grand, then the balance of the downpayment and financing is due upon closing....

PM me

actually if it isnt built until february its likely that final pricing will not yet be released depending on the builder, and until such time only 500-1000 would be required.

[ZorroAMG]

^^Nope. Not true. I have been both a buyer, seller (new and existing) and financer...they will NEVER hold a property and take an offer to purchase with only 500 down til completion...otherwise deals would be walked away from all the time from cold feet.....

[googe]

Originally posted by ZorroAMG
^^Nope. Not true. I have been both a buyer, seller (new and existing) and financer...they will NEVER hold a property and take an offer to purchase with only 500 down til completion...otherwise deals would be walked away from all the time from cold feet.....

dont tell me its not true, I just did it.

I didnt say 500 until completion either. I said until final pricing is released.

[ZorroAMG]

Final pricing will be done BEFORE conditions are removed, otherwise I would never buy from that builder. Once conditions are removed they will ask for the remainder deposit which will bring th deposit total to usually 5-10 grand, as I stated above.

[googe]

Originally posted by ZorroAMG
Final pricing will be done BEFORE conditions are removed, otherwise I would never buy from that builder. Once conditions are removed they will ask for the remainder deposit which will bring th deposit total to usually 5-10 grand, as I stated above.

of course it will, whats that have to do with what i said? 500 until final pricing is released. then the full deposit required within about 10 days of that. its not uncommon.

[ZorroAMG]

Originally posted by googe


of course it will, whats that have to do with what i said? 500 until final pricing is released. then the full deposit required within about 10 days of that. its not uncommon.

Yeah, just what I said in my 3rd post.

[Wildcat]

Originally posted by ZorroAMG
wildcat, you is wrong....usually the min deposit is 3-5000, some ask for 10000 but really it cannot exceed 5% because the buyer may only be doing 5% down or even a 0 down mortgage

in my case, the builder required me to put down a minimum of 5% for my 4plex condo

[ZorroAMG]

sure 5% is fine, since it is usually what people put down for a place, but not always, and if you are buying an expensive place 5% can be a lot and is not all required at signing, that's all I was saying.