Reply to Putting 10% downpayment instead of 20

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If you’re not putting 20% down sellers may think you can’t come up with the cash to handle a missed appraisal.  That’s especially a concern if you’re bidding $100k+ over asking or if your lender is one of the major banks, which may have more conservative appraisers.

You can mitigate some of that by having your lender reach out to the sellers agent proactively and verify that you have the cash for a 20% down payment and that you can handle any issues with the appraisal (that is why using a reputable local lender is always a good idea).[/quote]

If they are putting down 10%, they will have some cash leftover to bridge any missed appraisal. Read what the OP wrote - "We saved the 20 percent..."

As a potential seller, I would not care one iota so long as they were the best when it came to offer price + minimal contingencies. [/quote]
Read what I wrote about having the lender verify they have the cash for 20% down.  As a recent seller I can say that's an important step that a lot of buyers don't do.  If I get an offer with 10% down and no reach out from the lender I'm just going to assume they don't have the cash to cover a lower appraisal.[/quote]

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