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re: Builder Deposit Question
Posted on 3/8/21 at 11:49 am to Hou_Lawyer
Posted on 3/8/21 at 11:49 am to Hou_Lawyer
I've built 2 custom homes in the Baton Rouge market. First was sales price of $360k. Custom home builder require $5k deposit. 2nd was sales price of $540k...same builder, but they requested a $25k deposit.
I felt very comfortable with them from prior experience and they've been building homes in the area for 40 years. I didn't hesitate when they asked for the money, but I'm also confident they would have accepted a lower amount, too.
In my opinion, why does it matter? If you're going to buy the house, and at that price point, why would you balk at their request? Seems very reasonable to me. You either pay it now, or you pay it later. They don't want to get stuck with a custom house and random upgrades any more than you want a builder who folds and takes your money.
I felt very comfortable with them from prior experience and they've been building homes in the area for 40 years. I didn't hesitate when they asked for the money, but I'm also confident they would have accepted a lower amount, too.
In my opinion, why does it matter? If you're going to buy the house, and at that price point, why would you balk at their request? Seems very reasonable to me. You either pay it now, or you pay it later. They don't want to get stuck with a custom house and random upgrades any more than you want a builder who folds and takes your money.
1
Posted on 3/8/21 at 12:13 pm to MaxDraft
I’d like to use the equity from the home sale. I don’t want to pull that kind of cash out of investments if I don’t need to.
The contract states the deposit and earnest is non refundable anyway. If I’m putting 25-30k down then I’m not going to run. It seems they’re wanting the homebuyers to fund further projects w/ that % down. But maybe that’s standard. Hence the question.
The contract states the deposit and earnest is non refundable anyway. If I’m putting 25-30k down then I’m not going to run. It seems they’re wanting the homebuyers to fund further projects w/ that % down. But maybe that’s standard. Hence the question.
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