Do you believe that if a prospective buyer canot come up woth a 10% cash deposit they cannot aford to buy ?

I tend to lean to the 20% deposit.

Allowing people who can not manage money to purchase is the main cause to the economy failing as it is now. Most foreclosures are on people who had no business buying in the first place.

Nothing is worth more than it can be sold for in an open market.

IMHO - Unless the buyer of real property can show the lender that they have sufficient down payment to make that will hold the lender harmless if they default on the loan and the property is sold in foreclosure. The answer is YES I believe you can refuse to sell the property or loan the money

The borrower also needs to show proof of income to pay for the loan. It used to be that debt could not exceed 5 times yearly net income. This got thrown out the window by Jimm-eye Carter and the ensuing Fannie Mae and Freddie Mac debacle is now unfolding.

I do not agree with this 10% cash deposit position. Just because One does not have $20 Thousand Dollars Cash on Hand does not mean they can not afford to purchase and pay for a Product. It would depend on their History Report, Like how long they have been on the same Job and how much they make, As well as how much they currently are in Debt. When my wife and I purchased our Home we did not have 10% to put up Cash. We have now been in our home for over 6 Years and no Problem paying our Bills.

The idea of giving $8,000 to first time home buyers is not too bright either. It would be much fairer to award that pool of money to existing homeowners based on economic need/ low income on tax returns. That would at least help some of the people who are losing their homes. This $4500 gift to so many people who don't need it is an outrage. That money is being taken from the future earnings of those who can't afford a new car and from the future earning of their children and grandchildren. It's reverse welfare. I guess that's why it is so "successful."

You made the wisest decision. Based on the amount of ready cash they had at the time, i believe it would have been foolish to agree with this offer, especially considering the offer was far less then what you believe it is worth. Be firm and tell them what you expect. Good luck with selling your property!

Yes. They are trying to get it cheap and then flip it when the market goes up. They never pay the principle, just the interest. Keep it. When the market goes up you'll get your price. But settle for 5% down and they pay the closing or 10% down and you pay the closing.

It is your right as the seller to accept, counter or reject offers. But your first offer in today's real estate world, is most likely going to be your best offer.

I agree. I would say 10% or more.