About Brettney Gunning-Rausch Expertise I am a licensed real estate agent for RE/MAX in Pennsylvania. I am available to answer any question you may have regarding buying or selling a home.
Experience Residential
Organizations PAR- Pennsylvania Association of REALTORSŪ
MCAR- Montgomery County Association of REALTORSŪ
Education/Credentials The Accredited Buyer Representative (ABRŪ) designation
Executive Club Award 2006
Question our daughter put down 2500 dollars with an offer to purchase a home. How much more money will she have to put down before closing if the offer is accepted? And what happens to that money should the contract fall through?
Answer Laurie,
In the Pa state contract there is a spot where you fill in the amount of your deposit. $2,500 might be just her first dep and then a second deposit is due usually 14 days later. When she signed the agreement she should have chosen how much she wanted to put down. $2,500 might be it? It all depends on what she wrote in the agreement of sale. Your daughter should have received a good faith estimate from her mortgage lender and a estimated buyers closing cost from her agent. The two documents will give her a very close estimate of the amount she will need to bring to settlement. If she did not get those, she should get them ASAP so she can save or make sure she has enough money. The money that your daughter gave is held in a interest bearing account at the listing agents office. If a the seller should default she will get her money back. If she is not in default and wants her money back she will get it...she has to oblige by the options she choose in the contract. If she does default the seller keeps the money as liquidated damages.
