52) A promise lacks consideration if a person promises to perform an act or do something he is already under an obligation to do. This is called a(n) ________. 52) A) illusory promise B) preexisting duty C) illegal consideration D) gift promise 53) Dean Campenella is a detective with the California state police.
What about first-time home buyers or those with little to no equity? In today's market, it is prohibitive even for the most frugal of first-time home buyers to come up with a traditional down payment. Houses that sell for $200,000 would require a down payment of $20,000 to $40,000, but there are options. Let's look at some of them.
Method 1 of 4: Negotiate with the Seller. Typical closing costs are around 2-5% of the purchase price of the home. So on a $100,000 home, the closing costs will be between $2,000 - $5,000.Add this amount to a typical down payment of 20%, or $20,000, and it is easy to see why a home buyer would want to limit closing costs as much as possible. 1  1 Edit step.uying a house is an expensive endeavor. Saving for a down payment often takes a potential home buyer years and it typically takes 30 years to pay off a home loan. Added to the down payment and mortgage payments each month is another large cost that comes with buying a house: closing costs.