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muffinresearch | How can I prevent problems due to the buyer of our property having 100% mortgage and therefore no deposit? |
The person buying our house has a 100% mortgage. Due to this there is a risk of them backing out at the last minute due to them not having given any deposit. What solutions are there to this issue. I've heard it's possible to get insurance for example.
Additional Details
I'm based in the uk |
 |
 
samantha l
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,Hi, there really isnt anything to worry about in my experience, I take it your purchasers are First TIme Buyers, you will find that 80% of people buying properties these days are 100% due to the high house prices therefore making the deposit virtually impossible. If you are worried tell your solicitor that you want to exchange, when your purchasers solicitors request their funds from the Lendor, normally 5 days berfore completion. Then they have signed contracts, you still have the worry of no deposit but they have sighned a legally binding document then. You are not in a big chain are you? they dont like doing exhange with nil deposit then. |
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acermill
 |
Not sure where you live, but where I do real estate, we don't write contracts without a deposit, 100% financing or otherwise. We always insist on an earnest money deposit of the appropriate value, and the buyer has the choice, at closing, of receiving a refund of the earnest money or applying it as a downpayment.
Contracts of purchase on real estate without earnest money deposits are very risky, since the buyer could walk at any time with no loss of money. All the seller can do then is to sue for loss and/or specific performance. |
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Deliah
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A large earnest money deposit. An agent who knows how to protect you before the contract is ever signed. |
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DeeDee
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A deposit has nothing to do with the Buyer's finances. It just helps "bind" the agreement. A large enough deposit will almost always assure the completion of the deal, which will then be deducted from the final sales price at closing.
Don't be swayed by a Buyer insisting money is no problem. I have seen lots of big deals crash. |
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Traverse City Agent
 |
Even with a 100% mortgage to cover the purchase price, there are still other expenses to pay by the buyer. They should be able to give you at least some earnest money. That would get applied to their expenses at the close of the sale. However, if they are unable to get financing, that is typically a condition in which they get their deposit back. |
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mrsclaura
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if the mortgage has been approved then if they do back out then the reason will probably not be the mortgage, and as far as i am aware so long as you havent signed the contract to say you have bought/sold the house then you can back out with no way to recoup your losses and still be liable for all legal costs.
i just bought a house and had a 100% mortgage and it was the solicitors that caused us the most problems. most people these days have 100% mortgages it in no way makes you more likely to pull out
100% mortgages the mortgage company pay the deposit and the person with the mortgage pays more interest |
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Ruthie Baby
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not knowing where you are......
but here you can get a guarantee from the bank for the deposit. If they pull out, the bank pays you and claims it back from them |
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Alterfemego
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Don't accept contract where the buyer doesn't put down money. There is no insurance to cover this type of thing. Although, I'm surprised someone hasn't started it. |
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Weimaraner Mom
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There is always a risk regardless of a buyer backing out at the last minute. It happened to me and the buyer had put down a deposit, I never got it though. My realtor said that if we could not get another contract on the home within a specific time period then they will forfeit the deposit. I got 6 contracts after only one day so we released their deposit.
You'd have to speak with your agent and find out what you can do to protect yourself. I think that's the risk of doing business. |
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Michael K
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Ask your lawyer what to do. If you have a legal binding contract you can force them to close on the property, but most housing contract will have a mortgage contigency clause stating that if they can't get financing they can back out of the deal, but if they are already approved for the loan, you can make them close on the property. |
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