I’m a nervous Nelly, and I found a property I really want. So I basically made my first offer, but the market here is crazy and I have lost out before. So… My real estate agent is saying 20-30% down would sweeten the deal, the problem is it’s an incredible amount of money. It will roughly be like $325k. I have it in cash, I have more in the stock market (but really am reluctant to take that out at any point for the next 10-15 years), but paying that $325k for 20% leaves me with a low emergency fund and an inability to buy furniture for the new place. I would really rather stick to 10-15%.
Both my real estate agent and my loan guy keep saying they think I should promise that I’d pay 20%, then after it goes through, the loan guy would write a thing to the seller saying I wanted to save some money and am only doing a 15% down. He says he’s never seen a seller reject that.
I feel like, to some degree, it’s just an unknown variable and it also could be seen as shady. And what if they DO reject it, then there goes my spending money? And ultimately, as long as a buyer can see my credit is perfect and I have good funds in the bank and a great salary, 10% vs 20% won’t make a huge difference–the buyer’s main concern is that I simply walk or the loan fails anyway, and if they can see my statements (with sensitive information scrubbed, of course) and if I give them a very good if I walk amount (i.e. I pay $20k if I cancel for any reason, including loan not happening), it should be fine?