johnnybegood
Registered User
- Messages
- 122
hi, i have been through all the posts regarding Bridging and have to admit find it difficult to understand.
Basically my situation is as follows. I have sale agreed on a house and the seller is looking for us to sign contracts asap (will need circa 45k - which is 10% of the deposit)
Now we have sale agreed on our property but it wont go through until a few weeks later (ie the person buying our house wants to sign his contract on the same day that he gets his house contracts signed) this is fair enough as he obviously doesn't want to bridge.
I don't mind bridging and the bank seem quite happy to help us in this regard. however my question is this if we sign the contract and give the 10%, if our buyer subsequently pulls out before he signs our contract DO WE LOSE ARE 10%?
thanks for all help,
johnnybegood
Basically my situation is as follows. I have sale agreed on a house and the seller is looking for us to sign contracts asap (will need circa 45k - which is 10% of the deposit)
Now we have sale agreed on our property but it wont go through until a few weeks later (ie the person buying our house wants to sign his contract on the same day that he gets his house contracts signed) this is fair enough as he obviously doesn't want to bridge.
I don't mind bridging and the bank seem quite happy to help us in this regard. however my question is this if we sign the contract and give the 10%, if our buyer subsequently pulls out before he signs our contract DO WE LOSE ARE 10%?
thanks for all help,
johnnybegood