how do you come up with a down payment?

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  • PJaddicted
    PJaddicted Posts: 1,432
    I'm so old that my first house cost $58,000 and we only needed $3000 down! I just bought a car tonight for $40,000! Crazy how times have changed! The first house was a fixer upper and we made about $70,000 on it in only 3 years, that is what we put down on the house we are in. Save, save, save and don't try to get your every want in the first house....look for a bargin that you can make money on, and then upgrade in a few years!

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  • Hinny
    Hinny Posts: 1,610
    With all the shit going on with the biggest mortgage companies in your country, are you sure a down payment is something you particularly want to look at right now?
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  • NOCODE#1
    NOCODE#1 Posts: 1,477
    Get_Right wrote:
    dont forget another 10k in closing costs

    instead of paying rent? yes.

    I know. It takes time to save up for the down payment. Set the goal and work hard to get there. It will happen.

    i dont know any buyer who pays closing costs.

    thats silly

    its the sellers job
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  • blackredyellow
    blackredyellow Posts: 5,889
    Hinny wrote:
    With all the shit going on with the biggest mortgage companies in your country, are you sure a down payment is something you particularly want to look at right now?

    Why not?
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  • CityMouse
    CityMouse Posts: 1,010
    NOCODE#1 wrote:
    i dont know any buyer who pays closing costs.

    thats silly

    its the sellers job

    Um, I've definitely never heard of THIS.
    Everyone I know is constantly bitching about closing costs...and realtor fees and inspection costs...

    these are things that make it so difficult- you might have your whole downpayment and mortgage payments figuerd out, but then you've somehow got to come up with thousands and thousands in cash on top of it.
  • fanch75
    fanch75 Posts: 3,734
    CityMouse wrote:
    Um, I've definitely never heard of THIS.
    Everyone I know is constantly bitching about closing costs.

    It's because he doesn't know WTF he's talking about.

    The buyer has closing costs. The seller also has (less) closing costs. The acts of buying & selling each have closing costs that are attached to each act.

    In this buyer's market, the buyers have been successful as a whole in pushing the seller to pay the closing costs quite a bit as part of the negotiations. This is probably what Mr. NO CODE #1 is talking about.
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  • markymark550
    markymark550 Columbia, SC Posts: 5,217
    fanch75 wrote:
    It's because he doesn't know WTF he's talking about.

    The buyer has closing costs. The seller also has (less) closing costs. The acts of buying & selling each have closing costs that are attached to each act.

    In this buyer's market, the buyers have been successful as a whole in pushing the seller to pay the closing costs quite a bit as part of the negotiations. This is probably what Mr. NO CODE #1 is talking about.
    yeah, closing costs are definitely negotiable...

    my wife and I lucked out big time as we got the seller of our house to pay all but $500 and give us a pretty good refrigerator (we didn't have one yet) in lieu of some cheap, minor repairs that didn't even come close to the closing cost....we made out like bandits on that one and I sort of felt bad about taking advantage of them, but hey, it's a negotiation and they agreed to it
  • chromiam
    chromiam Posts: 4,114
    markymark550 wrote:
    yeah, closing costs are definitely negotiable...

    my wife and I lucked out big time as we got the seller of our house to pay all but $500 and give us a pretty good refrigerator (we didn't have one yet) in lieu of some cheap, minor repairs that didn't even come close to the closing cost....we made out like bandits on that one and I sort of felt bad about taking advantage of them, but hey, it's a negotiation and they agreed to it

    Exactly... in a buyer's market, closing costs have become a way to negotiate out of doing some minor repairs to a house before settlement. The seller pays part of the closing costs (usually equal to the cost of repairs) and the buyer doesn't hold up the sale due to the lack of repairs.
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