Can I assign a contact for a Mulit Family

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1

Question Is assigning a contract for Mulit family the same for a Single Fam. I keeping hearing you have to put down 20% for down payment for commerical property and I know mulit family is considered that, in New York. Please correct me if I’m wrong. I need to know. I have motivated sellers and buyers for 3 and 2 family :help :help

2

A contract is a contract whether it’s multifamily or single family. The amount required for deposit or earnest money may change, but if your good you can work around that.

3

Thanks I wasn’t sure, eric. How much earnest money do I give for a Multi family and Single Fam. :bobble

4

I think that the bank considers a commercial property anything with 4 units or more. Your earnest money is what you use to tie up the contract and could be only $100. The 20% that you are talking about would be down payment for the loan.

5

Thanks for the quick response