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Old 01-16-2013, 08:48 PM   #1
jp02
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Can someone please explain the process of buying?

I am now ready to make an offer on a resale contract. I know that ROFR can take up to 30 days. What I would like to know is once an offer is accepted do I have to pay a down payment and if so how much of a percentage? Also can the down payment be paid with a credit card? Then when is the total amount due? I will have to transfer some money so I want to make sure all my ducks are in a row before I get started! I know the total has to be paid with a certified check, but is there any other options? Thanks for all the info provided here
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Old 01-16-2013, 09:13 PM   #2
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Quote:
Originally Posted by jp02 View Post
I am now ready to make an offer on a resale contract. I know that ROFR can take up to 30 days. What I would like to know is once an offer is accepted do I have to pay a down payment and if so how much of a percentage? Also can the down payment be paid with a credit card? Then when is the total amount due? I will have to transfer some money so I want to make sure all my ducks are in a row before I get started! I know the total has to be paid with a certified check, but is there any other options? Thanks for all the info provided here
Each broker works differently, so I would talk to your broker about their specific procedures. But a generic answer is that you pay about $1,000 as a deposit using a credit card and the balance is due when the contracts are signed after passing ROFR. Typical payment methods are certified check or wire transfer.

Good luck with your purchase!
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Old 01-16-2013, 09:17 PM   #3
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It may be different with diff realtors. I used Fidelity & first American title. After our offer was accepted we put $1000 deposit on a cc. You could also send a personal check. After it passes ROFR, title co waits for the estoppel and creates the closing docs, ours took about a week after passing ROFR. When we got closing docs, we could email or overnight our contract. And the balance is due in either a certified check or wire. Hope that helps.

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Old 01-16-2013, 09:41 PM   #4
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The whole process takes about 8-10 weeks.
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Old 01-16-2013, 10:02 PM   #5
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Thanks it does help a lot! I didn't think the total amount would be due until after contracts were signed and ROFR had been passed, but wanted confirmation. Thanks again!
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