Booking Deposit

B

Ballyman

Registered User
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280
Hi

Just wondering what is the story with these. I paid €6K and a house went sale agreed. However the vendor changed their mind and puled out of the sale. My deposit was returned to me.

If on the other hand I go sale agreed and pay a deposit and for whatever reason I pull out of the sale instead of the vendor I presume my deposit is also returned to me in full?? I always presumed that it would be returned to me but a friend has said that they won't return it to me. As I am sale agreed on two houses, with two different agents, I am starting to get a bit worried about my deposit!!!

These are both second hand houses if that makes any difference.



Thanks.
 
If you haven't signed contracts you are entitled to your deposit back in full
 
Why have you gone sale agreed on two properties ? While gazumping does happen with sellers are you not just as guilty with your tactics ?
 
For the simple reason that when the first property fell through after almost two months, the exact same houses in the same area had increased by €12K. Unfortunately I can't afford to let this happen again and have them increase anymore on me if another falls through.

It's a pity that this is the state of the housing market in Ireland at the moment and that a booking deposit means absolutely nothing but it's a case of every man for himself!!

And don't be fooling yourself into thinking that I'm alone in doing this. I was actually encouraged to do it by one estate agent!!
 
Ballyman,

I don't think you have to justify your position to anyone. What you do is your own business and you clearly have not done anything illegal. I don't believe that anyone should feel they can judge you particularly as they know very little about either you or your circumstances.
 
Anytime I bought or sold property over the years I always thought when a deposit was paid and sale agreed with auctioneer that it was a binding contract. I now discover this is not so, I had a site for sale with auctioneer and agreed a sale however 2 weeks later I heard that the price of site had increased as a number of people were trying to buy, I contacted the auctioneer and was told as no contract was signed it was not binding but I was happy to sell at first price should it not have been my choice and should I not have been consulted before he sold to a higher bidder. (I asked him this) the answer I got was he was doing his job getting the best price, I know in my fathers day this would never have happened as your word was your bond.
 
Ballyman said:
booking deposit means absolutely nothing but it's a case of every man for himself!!

And don't be fooling yourself into thinking that I'm alone in doing this. I was actually encouraged to do it by one estate agent!!
Click to expand...

Is that not the estate trying to maximise his commission or however it works? I dont kno much about estate agents but that is their job I would have thought to keep prices up? Am I wrong?
 
colc1 said:
Is that not the estate trying to maximise his commission or however it works? I dont kno much about estate agents but that is their job I would have thought to keep prices up? Am I wrong?
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I too have just put down a booking deposit on an apartment. It wont be ready for another 2 years however. I need to pay balance of 12k in 3 weeks and have no mortgage approval yet. will i get this on time and will it last unitl i move in as i dont want to pay this straight away.
 
Hi Foxylady,

There have been a number of threads on the issue of mortgage approval. AFAIK, a lender can (and often does) demand to see bank statements, etc. again if more than six months have elapsed since mortgage approval was issued.

Mortgage approval should be a fairly quick process as well, but you should have this in place before your solicitor will let you sign the contract.
 
sun_sparks said:
Hi Foxylady,

There have been a number of threads on the issue of mortgage approval. AFAIK, a lender can (and often does) demand to see bank statements, etc. again if more than six months have elapsed since mortgage approval was issued.

Mortgage approval should be a fairly quick process as well, but you should have this in place before your solicitor will let you sign the contract.
Click to expand...

Thanks ofr the help, am new at all this so all help appreciated.
 
a slightly different question but I am tomorrow paying €5000 booking deposit for a 2nd hand house selling at €381k. The broker is still trying to apply for a 100% mortgage on my behalf. If it is approved will I get the full 381K and be able to effectively take my €5000 back in cash?
 
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