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down payment changed after binder signed?

Posted: Wed Oct 08, 2003 7:34 am
by Linda
Back on September 2nd, I made an offer on a manufactured home here in NY, which was accepted in writing by the seller, and paid my earnest money.
They still have not given me a contract, and now last night, my realtor called and said they have changed their minds about the amount of the deposit they want to triple the original amount asked for (from 3% to 10%), payable immediately, with a closing to be held on or after November 15th.
Is this legal and/or usual?
Please advise.

Linda

Re: down payment changed after binder signed?

Posted: Wed Oct 08, 2003 2:25 pm
by rmurray
With no contract..you might have a problem...It is now 5 weeks later...by now you should have your financing arranged by now.....

Ask your real estate person about local law...and what the problem might be...My guess is that they do not want to hold the home forever...there are not many sales available now...they would do themselves a favor to work with you...Be glad they are not raising the price..