Folks,
After visiting a number of auctioneers with a view to making a purchase some require a cash payment towards the sale price off the record. For example if a property is advertised at say €150k then it would go to contract as €140k and then a payment of €10k cash or whatever.
Is this practice normal?
If anything this only increases the initial capital costs since banks will only give mortgages of 75%.
Would appreciate anyones thoughts on this thanks.
After visiting a number of auctioneers with a view to making a purchase some require a cash payment towards the sale price off the record. For example if a property is advertised at say €150k then it would go to contract as €140k and then a payment of €10k cash or whatever.
Is this practice normal?
If anything this only increases the initial capital costs since banks will only give mortgages of 75%.
Would appreciate anyones thoughts on this thanks.