All Forum Posts by: Raj G.

Hi, suppose I buy a home for $500K, with 20% down payment then how much money I should put in Escrow.          

 In my case, in my offer, listing agent put $5k at the time of my offer, then $45k after attorney review and then remaining 10% during closing, so I put 10% before home inspection.

Just wondering if that standard practice.

My concern is if recession happens then what fed has to come out, it has already printed lots of green papers, interest rate already down so can't affod further rate cuts, Fed won't be able for so many bail out this times...Either there will be no recssion or it's will be worst ever.

also now since everything is global, so it won't be limited to one region,

How about Bayonne, is there good rental investment?

Thanks @Russell Brazil, @Ken Dayal and @Chris Mason for replying.

I came to know that rates are not locked after home appraisal is done and when my attorney asked me for commitment letter..so seems like too late.

One thing, I didn't pay for home appraisal yet, not sure if this matters, listing agent(working as dual) arranged for appraisal while talking with lender.

after that when I asked lender new rate, he told me that he is working on new rate, but didn't gave me any rate yet, I keep on trying to reach him on Friday, tried today also, but no luck.

Earlier he used to call me almost every day, let's see what rate he offer me on Monday. 

I tried to read again and again, but could not see any financing contingency...

also if Buyer pulls back then seller has access to EM , but if seller pulls back then buyer doesn't has access to anything like EM...it's not fair with buyer?

What if buyer wants to buy, but there are delays in  mortgage approval, or Lender creating issue like initially offered lower rate, now say rate is high and it was not locked earlier.

Hi @Chris T. Thanks for your reply, what EM mean here?

in contract it say if buyer/seller doesn't want to do closing other party may take legal action.

if somebody buying a home, ldeposited like 50-60k in escrow account.

home inspection is done, home appraisal is done, now due to some reason, like in the mean time interest rate went very high or any other personal reason, buyer doesn't want to buy or get delayed..just wondering is there any penalty or where are these things defined?

I think rules will be same in Jersey city, Newark, Hobokon, union city, NJ, NY, Bergen county, or anywhere else...

One more thing, I heard that appraisal is scheduled by lender, but in my case it was done by listing agent. is it normal?