Down Payment at Closing

[crablegs]

How is this handled? I'm putting $10,000 down. When we bid on the house we gave a $1,000 check that was cashed. Now when we close, do we get a $9,000 cashiers check or a $10,000 cashiers check? If it is $10,000 cashiers check, what happens to the initial $1,000 we gave?


Thanks

[TerrenceATL]

Yes the $1000 will be deducted from $10,000. So you will have to pay $9000.

[cobaltnv]

As was mentioned the $1000 earnest money will be subtracted form what you need to bring to closing. However, unless the seller is paying all closing costs (unlikely) you will need a cashiers check for more than $9000. Your LO will get you the exact $$ value you need to bring to the table a few days prior to closing. If should, more or less, match the GFE given to you be the LO.

Good Luck! 

[Anonymous]

You should get a closing statement prior to closing that tells you what you have to bring to the table.  The earnest deposit should already be deducted.  As stated abovem their are alot of closing costs (usually adding up to between 4-5% of the house price) that have to be paid at closing.  If the seller is not paying those (and it is not their repsponsibility to unless that was negotiated into the deal), then you will need the 10K down payment and all the closing costs (minus the 1K deposit)