Down Payment

Any experience with a down payment funds boucing? For example, you are sitting with the tenant/buyer. They sign the L/O contract and give the $$ down payment usually in form of check. You signed the docs and give the keys.Should you ask for a bank certified check at paper signing for DP or do most get the down payment before this part to ensure the funds clear. As a TB I would be apprehensive about giving a check before the keys. Yes, you have screened this person, done credit & criminal checks, maybe even asked for 2 month bank records but they could have artificially gorged the account. I have seen it done with bank loans before.ANy feedback or words of wisdom?

Comments(3)

  • destinyhomes29th August, 2003

    Always ask for certified funds or money order unless you are meeting at their bank and you can verify it why you are there.

  • WillFalkiner29th August, 2003

    I always ask for certified funds....
    Cert Check, M.O., Bank Transfer.

    Will
    [addsig]

  • 180degrees30th August, 2003

    As always, really appreciate the info

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