Down Payments

[nandos]

My Thai girlfriend and I want to buy a house but have found that the real estate companies require a deposit which is held by the owner of the house..is this the way it is done here ? She is applying for a mortgage bond so the owner of the house will be paid in full by the bank,w

why the need for a deposit? The contract states that the sale is subject to the granting of the bond.

Can anyone help,please.

[Gary A]

My Thai girlfriend and I want to buy a house but have found that the real estate companies require a deposit which is held by the owner of the house..is this the way it is done here ? She is applying for a mortgage bond so the owner of the house will be paid in full by the bank,w

why the need for a deposit? The contract states that the sale is subject to the granting of the bond.

Can anyone help,please.

If the loan is turned down for some reason, I'd guess that the deposit is compensation for the owner taking the house off the market. Most deposits are not refundable. If you are not sure the loan will be approved, I wouldn't put down a deposit. If the loan is approved, what difference does it make?

[eljeque]

You will not get your deposit back!!!

In the past 4 years, I have sold houses 11 times.

A total of 6 houses. And, I still have one of them, so six times I have kept deposits. One house I kept deposits twice, before the third buyer paid. Only once has the first buyer finally paid in full.

So, 6 times buyers have forfeited their deposits.

Do not expect the clause about bank financing to assist you.

Do not expect that the seller will give you back the deposit without going to court.

DO NOT PUT DOWN A DEPOSIT UNTIL YOU HAVE THE FINANCING ARRANGED.

It is unlikely, highly unlikely that the seller will find another buyer between the time you apply for financing and the time the financing is made available, 4 -6 weeks. And if he does, there are plenty more houses to be had.

[torrenova]

Get the contract changed.

[steve3774]

buy mine , no deposit required ,I will also finance 50percent