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Money and Finances
Reply to "put down 10 or 20% on home?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If you are expecting to be against multiple bidders, I would do 20%. When we had our choice of buyers, we wanted the ones with the most financially sound offer and most likely to close.[/quote] I'm not sure why you think a 20% down payment is more likely to close than a 10%. The largest incentive to close would be the bid with the highest EMD. Without a credit report in hand, there's no way for you to assess the financial soundness of a 10% vs a 20% down payment offer. [/quote] NP and in theory a 20% down buyer would be less susceptible to the appraisal coming in low and would have more cash to make up the difference. Obviously this wouldn't apply if the buyer had a lot of cash but just didn't want to put 20% down but that's not often the case. OP what is your savings rate? How long would it take you to replenish those savings? [/quote]
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