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Subject: Re: Selling my home as down payment


Author:
Ron Raimbault
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Date Posted: 09:31:35 09/07/02 Sat
In reply to: DAK Armstrong 's message, "Selling my home as down payment" on 19:11:40 09/05/02 Thu

I think what you are talking about is earnest money. Earnest money is almost always used when a buyer makes an offer that is accepted because it shows the buyer's seriousness in the offer and shows the commitment.
To answer your question correctly I am going to say that you cannot tell a seller that earnest money will be given when you sell your home because then the seller will wonder if you are really qualified to purchase their home. The best thing to do is save up good amount of money to use as an earnest money deposit and then use the sale of your home to purchase the one you have made an offer on. This is called a contingency, and sellers sometimes don't like this kind of offer. But it happens very often.
>When I bought my first house (the one I live at now)I
>remember I had to make a down payment when the seller
>accepted my offer. Now I have a question about
>contingencies. If I make an offer on a house that is
>contingent on me selling mine, can I include the sale
>of my house as part of the down payment?

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