Columbia SC Real Estate and Homes for Sale

Often I get the question, “How much money should I put down when purchasing a Columbia SC Real Estate Property?"  My response is purely this, “How much can you?”

We have all heard the phrase “Cash is King".  It is, especially during these days that financing is not a guarantee.  First, I’ll cover an all cash transaction.

Purchasing in an all cash transaction definately puts you at the top of the list as far as qualification goes.  Qualification plays largely in what offer to take.  People are plain old tired of pulling their house off the market for 30 days, then the closing does not happen.  This costs the seller not only 30 days off the market, but typically a mortgage payment, their time, and their emotional well being. 

Agents hate for a deal to fall through, not only for the obvious, but it also takes up their time, then they have to re-brand the house. 

Therefor, making a full cash offer definately makes you more desirable.  Will it get you a lower price?  Maybe.

The reason I say “Maybe” is that most people have a number they want.  They may go down to that number, however, I doubt you will get below that. 

On to a financed offer…

In these shaky days of Columbia SC Real Estate lending, financed offers are shaky.  They are.  However, the amount of money you put down directly effects the ’shakiness’ of your deal. 

If you have a good credit score (720+) and 20% down, more than likely you will be approved, baring unforeseen circumstances in your Columbia SC Real Estate purchase. 

Below a 720, and 20% down, it is a bit tougher.  More than likely a mortgage broker can get it done, as long as you are qualified, but it still may not happen. For example, the FHA requires 3% down, however you have PMI mandatory for 5 years.

If you have any questions on down payments, or paying cash for a house, please contact me, your Columbia SC Real Estate Agent.