PARENTS ARE “GIVING” US THE DOWNPAYMENT
My new bride and I moved to Denver recently. A friend referred us to you and Louis because you did a good job for them when they bought their house.
The problem is the downpayment. My parents live in Kansas. They say that they are going to give us a 10% down payment on a home.
The trouble is , they won’t put the money in our account until after they see the place that we want to buy. The market in Denver is so fast that we are afraid that we will be too late. ___Frazzled.
We have faced this issue more than once. It seems that there could be “strings” attached to their offer. Parents sometimes remember when they bought their home for $24,000 in Kansas.
When they are standing in front of a little bungalow in Denver that is priced at $400,000, without even any land, they might balk at handing over the cash.
You should be sure that they understand the prices of homes in Denver and what you get for your money, before they venture out of Kansas. They might be thinking 10% in “Kansas dollars.”
Most sellers want to see that buyers have the downpayment, plus closing cost, in hand, verified in their name, in their bank account before they accept an offer.
We would be happy to supply you with information about the Denver market for your parents, before they arrive. Since they will be involved in the decision, we should try to involve them in as many steps in the buying process as possible…at least until you have the $$$$$ in your bank account.
Give me a call and we will get started on “Project Parents”.
Louis : 720.425.3768