i am about to make an offer on a house and my finance is all sorted approved and ready to go.
my question is this:
can i get away with not offering a deposit on my written offer if my finance is approved and im happy with the vendors 30 day settlements terms?or is this frowned apon?
i have been told that family of the deceased are selling this house.
any thing is negotiable
however the real estate agent involved usually banks the deposit in their trust account and takes commission from that amount ,
so they like to see a suitable amount to cover all that hard work
i wrote an offer on saturday and could SEE the panic set in when i said i wanted to finance 100%,
so in the intrests of having it presented in its best light put 5% deposit
( which i figured covered commission and saved me a little mortgage insurance )
the relief was quite visible
she is coming tomorrow with the counter offerYou can go whatever you can get away with.
I have never paid more than a $1000 deposit. In some circumstances I have said that I will pay a $1000 deposit but the agent has never chased it up.
What would be the benefit to you of not paying a deposit, even a small one?
Cheers
K
i ask because my cash savings have been some what stretched due to a family emergency and i no longer have the $1000.00 deposit
i still have money for the convayencing and raports tho.i guess im not real sure what i should do from here on?
any advice or friendly tips would be appreciatedthanks
Offer at least some deposit, even $100. Isn't your deposit your "consideration" for entering into the contract, and without offering any consideration, you can't bind the vendor if they, for example, get a better offer? Not sure – what do the legal eagles say?
Offer at least some deposit, even $100. Isn't your deposit your "consideration" for entering into the contract, and without offering any consideration, you can't bind the vendor if they, for example, get a better offer? Not sure – what do the legal eagles say?
When I made my offer for my place at http://www.bondapartments.com.au I didn't have any deposit and it was fine for me.
Hey trakka
No consideration is required to enter into a contract. Consideration is required only in exchange for the thing you want to receive, ie, property.
A deposit shows only that you are serious about entering into the contract, that is, it makes your offer more attractive to the vendor.
Chappell, I've got to ask, if a family emergency has depleted your deposit of $1000, are you sure you can afford to even purchase this property? What happens if interest rates go up by another quarter of a percent or, as is entirely possible, a full one percent?
Cheers
K
thanks everyone for your in put.
much appreciated
cheers
I only deposited $100 and signed contract, this way they know that you are really serious about buying. It will also encorage the vendor to sign contract. I personally dont think it matters how much deposit you initially put in. Good luck
you may be able to offer a deposit bond from a bank.
I always asked for a 5% or 10% deposit, when selling real estate, because it really is a sign of good faith. If the purchaser only puts down, say, $100, what have they really got to lose if they go cold on the idea of purchasing the property? They could walk and all that's lost is $100 (sure the vendor can sue but that's pretty messy). If there's a substantial deposit, it's a lot more binding on the buyer and he/she has a lot more to lose.
Jacqueline
You can try offering no deposit, but it will depend on the vendor whether it is accepted.
There is no way I would sign a contract to sell a property without a substantial deposit. Why? Because once I sign a contract the property is off the market. Then the buyer can walk away if there is no deposit. To me a deposit is a sign of good faith and a genuine intention to complete the purchase.
Margthanks for every ones feed back since the last time i posted i have signed a contract on a property (my very 1st one
) with a $500.00 deposit.
the vendor is fine with it and has also signed so now on with the gritty stuff.Aimee
Congratualtions Aimmee!
JL
) with a $500.00 deposit.
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