Don’t Play With Promised Down Payment
In business you must be straight and honest, otherwise it may cost you quite a lot. When you are preparing for the closing meeting of a real estate deal, you must be ready to pay promised don payment amount you stated you will bring.
In order not to find out that you do not have enough money, you should plan how much money to prepare for down payment. Do not plan to use all your free money for down payment, because there are other expenses which will nibble at that amount. There are closing costs and fees, and home insurance fees which need to be paid up front.
So if you have a specific amount of money you need to deduct all the expenses and fees, and make sure you still have enough money to pay the down payment as you promised.
If you do not bring the right amount of money, there is a chance that the seller will decide to cancel the deal, and will still keep your earnest money!
This can be a costly and valuable lesson to pay…