Unable to get mortgage?

[z106]

In a lot of contracts it is stated that people will lose their initial deposit if they are unable to raise finance to complete on the transaction.

HAve people on this forum actually found themselves in this position before?

i.e. In reality,does the developer actually go through with the threat and take teh deposit off you ?

Or does anybody have experience of the developer being kind enough to simply return the deposit and just sell it on themselves at a higher price?

I know they are legally entitled to keep the deposit - just wondering if they actually go through with it.

 

[Sarah W]

If you sign a contract buy something with a non-refundable deposit and then you don't complete the seller is entitled to keep the deposit (and possibly sue you for costs and losses as well).

Sarah

www.mortgagesoverseas.com

 

[z106]

If you sign a contract buy something with a non-refundable deposit and then you don't complete the seller is entitled to keep the deposit (and possibly sue you for costs and losses as well).

Sarah

www.mortgagesoverseas.com

Ya - I know that.

But I'm wondering does anyone have an actual real life experience of this actually happening/not happening to them or to a friend/family member ?

 

[webtax]

Or does anybody have experience of the developer being kind enough to simply return the deposit and just sell it on themselves at a higher price?

I think the only people with experience of kind developers belong to a certain political party....

Sorry to say, but you will be lucky to see your deposit again

 

[Sarah W]

I don't think anecdotal evidence will really help you if you're in this situation. Perhaps if you could post more info you'd get more advice/replies.

Sarah

www.mortgagesoverseas.com

 

[z106]

I'm not in thsi position.

However it is a possibility that i could be in that position in 18 months or so.

And you're right - enectodal evidence won't prove much.

However - I'm just curious to hear of other peoples experiences.