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Updated almost 8 years ago on . Most recent reply

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6
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Cloud Renji
  • Investor
  • Montreal, Quebec
0
Votes |
6
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Financing question (Canada, Montreal)

Cloud Renji
  • Investor
  • Montreal, Quebec
Posted

I have found 3 very similar properties all in Montreal. I just can't figure out why the down payments indicated are so different for each one.

Costs 950 000$ and requires a 454 000$ down (47.789%)

https://patricemenard.com/en/3kl3xi/

Costs 1 100 000$ and requires a 525 000$ down (47.772%)

https://patricemenard.com/en/34vigw/

Costs 970 000$ and requires a 339 000$ down (34.948%)

https://patricemenard.com/en/afm569/

Very confused. Thanks.

Most Popular Reply

User Stats

182
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366
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Guillaume D.
  • Real Estate Investor & Marketing Specialist
  • Montreal, QC
366
Votes |
182
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Guillaume D.
  • Real Estate Investor & Marketing Specialist
  • Montreal, QC
Replied

Cloud Renji Once again, it's because the bank finances 75% of the property's economic value, NOT the purchase . Therefore, you have to pay the difference between the loan amount and the purchase price as your cash down amount whichever the % amount it is going to be.

The only time you will give 25% cash down, as you are refering to, is when economic value = purchase price, which is very rarely the case for anything listing on MLS in our market. If you want good deals and only put 25% down, you will have to find off-market deals at a significantly lower price than what you are currently looking at.

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