Options for paying house deposit while pending sale of own house?

[Anomaly]

Hello all,

In what I hope is a familiar situation for a few people so there is some advice out there on this!

We have recently gone sale agreed on our house, in total combined through equity, our original deposit and the profit made on the sale we have about 70k tied up in the house.

We put down a small deposit to secure a new build however once that was done we were told there is a further deposit required 6-7 weeks from now of 25k to fully secure the property.

Problem been we won't have the proceeds from our sale of our house at that point. What are the options in these types of scenarios?? We already have a 10k credit union loan so not sure we can get a further 25k out of them. We would only need the money for a month or two I would say until our house sale closes.

 

[Blackrock1]

is it a fully refundable deposit? if so get it where you can, family, cr union whatever.

if its not refundable its not really sensible to put it down until your own sale is completed, anything could happen.

 

[Anomaly]

Well our buyer will be signing the contracts for the purchase of our house in the next couple of weeks so we won't be paying the deposit until about 4 weeks after that.

 

[RedOnion]

While 10% deposit is normal on signing contracts, I've heard of similar cases to yours where a smaller deposit has been negotiated. Might be possible if you've an unconditional contract signed prior to then.

Unfortunately borrowing seems like the only option for whatever deposit is needed.