Buyer unable to get finance

Seems obvious, but worth emphasing.

 

@CCHO2015
Good to hear things are turning out.
Question, who actually convinced you to take a 0% deposit, unconditional contract?
The agent?

 

Thank you. I actually logged on to ask further questions. Yes it was the agent. It was initially assumed that he held the 10% deposit, as on the contract it was signed that 10% deposit: by (the date of when they signed the contract).

I was actually wondering if we had options to make a formal complaint. With this agent it was nothing but frustration as nothing was transparent with barely any communication.

I kept my nose out of the whole process whilst for a few months out of guilt as it was me that picked this one, who appeared to be making most sales in the area. Didn't expect the best seller to cause so much agony :/

 

This is an idiotic way to do business. Both you and the agent.

 

Agree. But how do we know if the agent is telling the truth or not? he said he was going to handover the 10% deposit if we filled in a form. Just for future knowledge I would like to understand this process if you don't mind sharing. Thank you.

 

Was there a deposit paid or not? What do you mean hand over the deposit? To who and for what purpose? The deposit should be in a trust account until settlement.

None of this makes sense. You dont have all the facts yet.

 

No, no deposit was paid but the agent told us that he had the deposit, and this was signed on the form as stated above. We asked if we could hold on to the deposit..(not sure if that's possible but we thought we should to see if we can put it in our offset account). Agent just told us that there could be a form for us to fill in if we really wanted that and we just said - no we will wait for settlement Sorry, like I said this is all new to us and we just followed what the agent said. Anyways conclusion is, no there was no 10% deposit.

 

This contracts itself. What is your definition of a paid deposit here? As in you personally hold the money?

The problem with so many gaps in your understanding of the facts is that your agent might have done everything right, and you just dont understand how its supposed to work.

 

No the 10 percent was never recieved. By the agency or trust. There was nothing to be released.

 

How do you know this?

If no payment was received by the agent, why did they say you could release the deposit by filling in a form?

 

So when you say

Did the agent lie? Why?

What does the contract say about a deposit?

 

So they told you they had the deposit in a trust account but they never received it in fact?

 

I don't think the original poster has a grasp of all the facts and this post can now die.

You know what they say about getting out of stocks when taxi drivers start giving tips.....now that 'taxi drivers' are getting out of property and selling maybe its a good time for professional investors to get back in......

 

Good question. We were told the buyers couldnt settle because they cant get finance for the 10 percent deposit to start with few wks later. I guess an apropriate question would have been asking the agent at the tine why they hand wrote that Ten percent should be paid on the day the buyer made an offer. We will be asking the same question. Perhaps the agent was too experienced and we were not. Hr understood the psychology of financially distressed inexperienced sellers. Anyway it appears like the post has caused a bit of distress to some. Thank you for all your insight n input. Like i said,all is good now. We will speak to the agent who is after the commission now what this was all about. Perhaps there was a misunderstanding or lack of understanding esp from our end.

 

I wouldnt blame the agent. The other party is 100% to blame.....
The vendor who didnt seek legal advice before signing a contract. In sales, a sale isnt a sale until its paid.

Signing a bad contract is often worse than not selling. The contract shows what deposit was paid. Its either 10% or its $0 based on the posts. Cant be both

 

Yep, last three houses I have bought I have not put down more than $5k for deposit, and the last one I paid $1k. Call me old fashioned but I don’t like losing control of my money that easily.

I just stipulate my deposit amount in my written offer and am yet to have an REA question it. Might be different in a very competitive market, but my feeling is a lot of agents just want to get a contract signed.