*twitch*

[textualdeviance]

Officially saw the house.

In ridiculous, crazy love with it.

Waiting for our agent to call back and say she has offer paperwork ready for us to sign, and that 1% in earnest is enough in the short term.

Freaking out.

Comments

[spookyevilone.livejournal.com]

You need a percentage for earnest money? Odd. Here it's either $500 or $1000.

Good luck with it, though!! Yay house!

[textualdeviance.livejournal.com]

Yeah, it differs from state to state. Some have mandates, some just have customary amounts. Here it's usually 1-3%.

I did find out that we only need the check when we're at mutual acceptance, though, so we can do the full 3% if we need to (assuming that the sale finally officially closes tomorrow--it was delayed because the county offices were closed Thursday and Friday last week so they couldn't record it. Sheesh!)

I've been crossing my fingers for your house-buying adventure, too. GAH! We had some credit/financing nightmares with our first purchase, but nowhere near this scary. You have the tenacity to make it happen, though!

[thefirstalicat.livejournal.com]

Here it's usually 1-3%.

Wow! If I remember right, here you need a down payment of at least 10%, maybe more. Probably one reason why Canada didn't have a housing meltdown, come to think of it....

[textualdeviance.livejournal.com]

Oh, the down payment is still higher (usually 20% for most loans)--the earnest money is just the "yes, we're serious" check that goes with the offer and later gets applied to closing.

[thefirstalicat.livejournal.com]

Oh, the down payment is still higher (usually 20% for most loans)--the earnest money is just the "yes, we're serious" check that goes with the offer and later gets applied to closing.

Ah, okay then - I misunderstood your terminology. I think we gave the real estate agent a check for $5,000 as the "yes we're serious" amount, which as I recall wasn't a percentage thing but just was the "regular" amount required. Then, because of our circumstances, we were able to pay something like 2/3 of the total cost of the house as a "down payment" - which is certainly not the norm for any place, I don't think!