Deposit

silvercar

Hit return to soon.

It is a risky strategy in that you are alerting the seller that you may have problems getting a mortgage if you played it straight.

If the valuation does come in higher (as it would need to do so for your strategy to work), the seller may think they are selling too cheap.

antwilson

So the best thing to do would probably speak to mortgage advisor first and see what they say?

Just another question. if you are viewing more than one property, do you have to view them all first, then decide which one you like, then put an offer in, or is it best to put multiple offers in so that you dont lose one you like?

Thanks

DaiGonzales

We recently accepted an offer on our property - originally on the market for £115,000 reduced to £113,000 fairly quickly as we wanted a quick sale.

Offer we accepted was £109,000 (patience is not a virtue we posses!) and buyers then approached us about doing a gifted deposit as they couldn't get a 100% mortgage. We agreed to a paper price of £114,750 meaning they had a 5% deposit.

In theory can't see any problem with this although it has made us worry about the buyers being able to complete as their lender is making them get more thorough documentation than they would normally e.g. employer references etc.

My view is that you shouldn't put in an offer unless you are 100% commited to buying the property and that there should be legal repercussions if buyers pull out.