When do you need the deposit ?

[jhegarty]

Simple question really.....

I am looking at a house , but am just short of the dreaded 8%... will have it in about a month or less....

at what point in the process do I need to have the 8% sitting the bank... is it when I make the offer, apply for the morgage , sig n contracts.... etc..etc.. ?

 

[stobear]

Signing the contracts, which could be weeks ago depending on how the bidding goes. Is it a new house? My second hand sold and the auctioneer was given 5K depost at that time. New house tends to be a booking deposit followed by the 8%/10% deposit payment

 

[jhegarty]

Signing the contracts, which could be weeks ago depending on how the bidding goes. Is it a new house? My second hand sold and the auctioneer was given 5K depost at that time. New house tends to be a booking deposit followed by the 8%/10% deposit payment

well , I opened this thread on the right day

 

[Sarah W]

Didn't you just! If you qualify for the 100% mortgage you will still need to put down a deposit, the minimum amount of which will be decided by the builder or the vendor's solicitor but you would get this back on the day of closing.

Sarah

www.rea.ie