Question

With the current economy, real estate market downturn, and credit crunch, how easy or how hard is it to buy a house with zero down payment?

should zero down payment options be offered and utilized , if possible?

Answer 1

Down Payment

• Down payment is giving money to finalize the deal.
• A portion of the finalized money is given as ‘down payment’.
• The mode of payment is usually cash.
• The conditions of down payment depend from builder to builder.
• Some builders may refund the down payment if you want to back out from buying while some may not prefer to give the amount back
• . The amount is typically 10% of the sale price.
• Down payment is usually given at the signing of the contract.
• Down payment encourages home buyers not to walk away and is a sigh of relief for builders.
• Down payment instills a trustworthy relationship between a builder and buyer.
• There is very less change that you would play a 0-down payment because it is one of the essential part of the deal.