Posted on April 9, 2014 - 03:55 PM
by Meridee Escalera
Buying Tip: Binder Deposit: Once under contract you will need to put down a deposit (normally within 2 days of acceptance) which gets held at the title company and goes towards the down payment. The deposit is normally at least $500 on homes under $50,000 and then at least $1000 for home $50,000-$150,000 and up from there. The deposit is refundable in the first 15 days of the contract for regular arms length sales or 10 days for foreclosures. You can back out of the contract during that time frame for reasons having to do with financing not working out, unsatisfactory inspection results, or inablility to obtain insurance on the property. Feel free to contact me with any questions.