How much down payment do builders ask for ?

[Tostopacrook]

What is the name of your state? California

I'm having a problem with a contractor whom received a large sum of money from me for a down payment to build my home, and we've got problems.
Would anyone who reads this, that contracted for new construction,please tell me what amount your contractor asked for in a down payment.

Thanks in advance

 

[HomeGuru]

What is the name of your state? California

I'm having a problem with a contractor whom received a large sum of money from me for a down payment to build my home, and we've got problems.
Would anyone who reads this, that contracted for new construction,please tell me what amount your contractor asked for in a down payment.

Thanks in advance

**A: 10-20%.

 

[Kirk Wick]

I am a contractor in Michigan

Deposits over 25% should not be given. You should have a timetable for payments to be made as stages are completed. Be sure to check out the contractor thoroughly with the BBB, builders license, insurance, referals, etc.
Also be sure that suppliers are being paid. If not they will put a lein on your home.