Is 20% Normal For Escrow For A 6 Family?

thanks

Comments(6)

  • classimg20th October, 2003

    The question is vague can you explain the deal?
    [addsig]

  • InActive_Account20th October, 2003

    i am selling a 6 fam building. i have a buyer that just made an offer. i am not sure how mcuh to ask for in escrow.

  • myfrogger20th October, 2003

    I take it you are providing the financing? I'd say to require their insurance be paid directly to them before closing and prorate the property taxes.

  • InActive_Account21st October, 2003

    Require three months of everything on the low side and six months on the high side. It sounds like you are financing the deal. If you do not know the buyers well, I would go on the high side.

  • InActive_Account21st October, 2003

    not financing it myself.

  • KyleGatton21st October, 2003

    If you arent financing it yourself then get what you can, but in Florida we usually go for 10% or less to hold the position. If I offer financing then its 10% or more for the down payment. Typically its 5-10Grand for a property less than a million to hold the property. The actual down payment is usually dictated by the one holding the note, and depending on there credit is 5-25% of the loan amount.

    Hope that helps,
    Kyle

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