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Estate agent looking for a deposit to take property off market

Loopylouie
Loopylouie Posts: 13 Forumite
in Mortgages & endowments
Hi

We got sale agreed on a house yesterday but the estate agents is looking for us to put down a deposit of £1500 to take it off the market. Is this common practice and will I be refunded? We got a great deal on a house for 85k! I just don't understand us the buyer needs to give the estate agent anything?

thanks
«1

Comments

  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    Agreed. Ask EA if it is refundable.
  • Dan-Dan
    Dan-Dan Posts: 5,279 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    what`s the point of a refundable deposit ?
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    If you consider the situation then there are quite a few reasons. For instance if the vendor withdraws the property then the deposit should be refunded?
  • Loopylouie
    Loopylouie Posts: 13 Forumite
    What exactly are they doing with my £1500? I find it strange
  • Kayalana99
    Kayalana99 Posts: 3,626 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    Is it a common estate agent? Sounds fishy to me. *If* you do make sure you give it to the company and not a person if that makes sense! Sorry if it sounds obvious.
    People don't know what they want until you show them.
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    The EA seems it as a form of commitment and feel you are less likely to pull out of the deal. Talk to EA, and if you are still not convinced, don't pay it.

    Personally, I would tell them to stuff it........but commonsense does not previal when it comes to house buying!
  • ACG
    ACG Posts: 24,708 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I have never come across this.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • bebewoo
    bebewoo Posts: 622 Forumite
    Sounds dodgy.
  • Loopylouie
    Loopylouie Posts: 13 Forumite
    2% of sale price is a bit steep! As long as I get it back once the sale is through I don't have much of a problem. O and Don't worry I will be making it out to the company and not an individual lol
  • amnblog
    amnblog Posts: 12,768 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Tell them no and inform the vendor what they are trying to do
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
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