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Giving seller a 'good faith' deposit - bad idea?
MamaBear_3
Posts: 2 Newbie
Hi all,
Sorry to make my first post a question! We put in an offer on a property yesterday, only to find out that someone else had also made an offer through a different estate agent.
The seller is very cautious as they have been messed around a couple of times. I have read a few articles about putting down a 'good faith' deposit to show a seller you are serious, but it isn't really common practice in this country.
I'd speak to our solicitor first, but for a couple of reasons I can't contact the solicitor today so I'd like to find out anything I can in the meantime. I just wondered if anyone else had heard of putting down a good faith deposit or had any thoughts on the idea. It would really strengthen our position, but obviously I don't want to put our money at risk!
Thanks in advance,
MamaBear
Sorry to make my first post a question! We put in an offer on a property yesterday, only to find out that someone else had also made an offer through a different estate agent.
The seller is very cautious as they have been messed around a couple of times. I have read a few articles about putting down a 'good faith' deposit to show a seller you are serious, but it isn't really common practice in this country.
I'd speak to our solicitor first, but for a couple of reasons I can't contact the solicitor today so I'd like to find out anything I can in the meantime. I just wondered if anyone else had heard of putting down a good faith deposit or had any thoughts on the idea. It would really strengthen our position, but obviously I don't want to put our money at risk!
Thanks in advance,
MamaBear
0
Comments
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I have done this before and think it's a great idea as long as you get solicitor advice to make sure it's done properly and you're not backing yourself into a corner.0
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Be clear on what you will deliver and what you expect from the seller and under what terms the deposit is returnable.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Thanks for such quick replies guys. Makes me feel better about the idea to hear positive/sensible feedback.0
This discussion has been closed.
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