hello
i’ve found a not-so-bad property and would like to make an offer. i remember a trick recommended by Dolf de Roos is to draw a cheque to “show your bona fide”.i’m trying to do this. but before i do this, how can i make sure that this cheque won’t be cleared without my consent?
thanks for your help
kenhave you bought the Buyer Bebeware from Steve ?
Julian
THERE IS ALWAYS A BETTER WAY!
You can submit an offer to purchase to the vendor and at the same time you can handover the cheque to them, but you should have a clause in the offer to purchase …to be refund if not successful or whatever clause you like to add.
Warm Regards
Chan Dollars
[The bridge between where you are right now & where you want to be tomorrow is knowledge]In your offer put down that the drawing of the cheque indicates the acceptance of the offer.
Not sure if it will stand up but it should be enough to stop them cashing it unless they are serious.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
>>In your offer put down that the drawing of the cheque indicates the acceptance of the offer.
Not sure if it will stand up but it should be enough to stop them cashing it unless they are serious.<<
I once tendered to the liquidator/receiver for a property and at the same time I supplied a cheque for 10% of my offered price as a deposit.
I wrote in the tender that my cheque was only to be cashed if my offer was accepted.
As it turned out, my cheque was actually deposited but my offer wasn’t accepted as someone else offered a highter amount.
I toyed with the idea that I may have had some claim on the rceiver for damages based on missed out profits but I never took it any further.
I wonder, if there are any solicitors on this site,
what their opinions are as to whether I would have had a genuine claim for damages from the liquidator/receiver.Pisces
Your cheque should be made out to the vendors solictors trust account. He holds the cheque until the offer is accepted or goes unconditional.
That’s what I do, then there is no arguments if it falls over.Suze
Originally posted by MortgageHunter:In your offer put down that the drawing of the cheque indicates the acceptance of the offer.
Not sure if it will stand up but it should be enough to stop them cashing it unless they are serious.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Sound adviced, thanks.
Kind regards
Chan Dollars
[Retire Young, Retire Rich]Why not just put a decent offer in, that will carry more weight than your cheque that they know you have to cough up anyway.
Does it make you more genuine to give a cheque up front, no, if you are being genuine.
I think that strategy is probably better in a hot booming market like we had late last year. Hold your money and fax your offer to the agent then you don’t have to supply any funds until your offer is accepted.
Just remember to put it in writing to show you are serious.
Cheers
Leigh K[
]Carve your own path and lead the way.
Try this! Make the deposit payable at the time the contract goes unconditional (i.e. the deal is definitely going ahead).
That way you dont pay any deposit until as late as possible. Agents like it as they dont have to bank and possibly return deposit cheques all over the place.
Just include a clause to this effect in the contract.
It sounds rather fraudulent for them to bank a cheque if the offer is not accepted. I believe that is what Dolf’s teaching is on the matter also.
Pisces, I would have thought that you definitely had recourse for your banked cheque with no offer accepted.
If you can do it – I would go and sell a house, but accept cheques from four different buyers, bank them, choose who’s offer to accept, and then repay the buyers. Could be a nice use of some short term money[baaa]
Cheers
Mel
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