Hi everyone,
We are very new to investing and are literally at the first step of proceeding to buy our first IP. The real estate agent is asking for a deposit of $5K and I'm not sure if we need to give that much to the agent as the offer we submitted has just been accepted..
Do I need to give the $5K over before the contract has been written up?
I remember reading in Steve's book that he only put $1000 for first deposit down to secure the property. Are we able to do that? I'm in NSW but the property we've put an offer on is in QLD.
Any responses would be greatly appreciated…
Cheers
JoHi Jo
In Qld the Selling agent will try and obtain sufficient to cover the commission he will charge the Vendor.
I would be telling him that you only have a $1000 and cover the rest by Deposit Bond if he insists on 10% once you go unconditional.
Otherwise balance will be provided by your financier on settlement.
Richard Taylor | Australia's leading private lender
Thank you very much for the response Richard.
I told him I only had $1000 and he was ok with that.
You've saved me a bundle of cash… Thank you Thank You Thank You!
I appreciate it very very much!
Cheers
Jo in Sydney
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