Incentives for users to buy my property

lee_d_m

Hi,

I've decided to try and sell my property as soon as I can. I've been trying to think of ways to encourage users to buy, and would like to know if it's possible for me to offer to put up the buyers deposit to aid them getting a mortgage.

For example, buyer offers to buy property for 190k, I put up 10% deposit, buyer now requires a 90% mortgage for 171k.

Is this allowed, and if so, how can I protect myself from losing the 10% deposit during the course of the transaction.

Thanks

Lee

oldMcDonald

Why not price it at a realistic price to sell instead? Look at what the lowest price that a house of a similar type to yours is asking and then put yours on at 5k / 10k less (as a starting point). As a FTB, I would prefer that to all this faffing about with deposit paid stuff.

lee_d_m

The reason for this is to help a FTB to get a mortgage. I could reduce the price by 10k, but that means if the house is 180k, the FTB still needs to find 18k from somewhere to get a mortgage. If I put the deposit up myself, it helps the FTB and I'm hoping may increase the chances of them wanting to buy.

zappahey

Users?

Snooze

zappahey wrote: »

Users?

Presumably it's some sort of drugs warren.

I thought the same thing.

Simple solution is to price it to sell, and as SquatNow would say, knock £5k over every week til it does! :rotfl:

Rob

dannyboycey

If you have to resort to dreaming up special schemes and offers to get people interested, it's too expensive. Price it realistically, and then use incentives to close the sale once you get a bite.

VFR-Rider

plus of course paying the deposit shows the price as artificially high.

lostinrates

lee_d_m wrote: »

Hi,

I've decided to try and sell my property as soon as I can. I've been trying to think of ways to encourage users to buy, and would like to know if it's possible for me to offer to put up the buyers deposit to aid them getting a mortgage.

For example, buyer offers to buy property for 190k, I put up 10% deposit, buyer now requires a 90% mortgage for 171k.

Is this allowed, and if so, how can I protect myself from losing the 10% deposit during the course of the transaction.

Thanks

Lee

Wher it might fail i when the buyers surveyor values it under the 100% price you want....it miht work out all more complicated and covuluted than just taking the hit of the lower price.

As a FTB myself I really wouldn't enter into any such arrangement, I would want the money off flat, and I'd be offering at a low percentage current 'value' of your home anyway.:o The media hype is at last, IMO, getting hard for vendors to ignore (as your case illustrates).

Congratulations on reaching a decision on what you want to do. It must have been a very difficult choice, and a sincere good luck

Incisor

lee_d_m wrote: »

Hi,

I've decided to try and sell my property as soon as I can. I've been trying to think of ways to encourage users to buy, and would like to know if it's possible for me to offer to put up the buyers deposit to aid them getting a mortgage.

For example, buyer offers to buy property for 190k, I put up 10% deposit, buyer now requires a 90% mortgage for 171k.

Is this allowed, and if so, how can I protect myself from losing the 10% deposit during the course of the transaction.

Thanks

Lee

But banks now say that a gifted deposit comes off the agreed price when working out the deposit. And the buyer still has to pay stamp duty on the gifted deposit. Put it on at 171 and let the buyers sort out their mortgage problems. What you are doing makes you look like a spiv and will cause the banks to look more closely at the deal. Meant bluntly, rather than offensively.

brit1234

Drop the price if no interest, it is obvious that it is overvalued in the current market.

You have to realise that the majority of first time buyers are waiting for cheaper properties now the crash has started. Why would they buy you property if they can get cheaper else where.


For all the first time buyers out there I would try to save as much as a deposit as you can. We have about 2 years of price falls so be patient and save.


:exclamatiBeware these gift deposits as the banks don't like them and you may be committing mortgage fraud if you don't inform them which is a prisonable offense.:exclamati

oldMcDonald

brit1234 wrote: »

For all the first time buyers out there I would try to save as much as a deposit as you can. We have about 2 years of price falls so be patient and save.


:exclamatiBeware these gift deposits as the banks don't like them and you may be committing mortgage fraud if you don't inform them which is a prisonable offense.:exclamati

I hear you brit, and I am!! See sig;)