i have a question, so go easy on the answers,( as i am such a sensitive flower}
I am selling my house private and with agents, my question when you have a buyer they need a mortgage, i ask for prove from the bank that they have one in place which is fine i understand this is the same with agents, once the deposit is paid the CV signed is there any way i can check that the remaining 15% is available?
i have racked my brains for a solution but can figure away other than reyling on the buyer.
i ask the question as my sale recently fell through cos they did not have the remaining amount and there was the scam, 2 weeks before i moved when the notaire requested the monies it came to light,that they were short and then demanded we reduce the price.
I have a mortgage in place but no one has asked me to prove i have the deposit, i will use the money from the sale of the house.
i think maybe i have answered my own question would appreicate anything one can suggest?
can't, need to sell mine first !
Obviously the sellers MUST insist on a clause in the M d V with a deposit paid and a refund in the event of a no-sale.
Maybe but if the cost of the transacton was cheaper using the sellers notaire ?
lets hope so,
but when a french bank gets involved i do not hold out any hope
any one want too buy a house??
We used 2 notaires to buy this place as OH wanted a notaire that spoke English, first meeting to sign the compromis was at the seller's notaire locally and the acte de vente at ours in Lyon 50+kms away. No-one objected and it didn't cost us any extra.
good topic. These practices will become more common; perhaps it would be not a bad idea to create a group or something like "tricks and hints for buying & selling properties". You got taken for a ride but you are entitled to keep the deposit.
I just found out that due to a mortgage not being granted the sale will fall through even though it was not stipulated in the agreement. A friend of a friend sold to 'cash' buyers but they then decided to get a mortgage but they couldn't and then wanted the house price lowered. The owner had already moved, as she too thought it was a completed deal, and lost thousands in costs and the deposit! Amazing the things we learn when it is too late. I hope your notaire is successful for you.
It would be foolish to agree to signing with your client's notaire exclusively, especially as a buyer as you would are the one footing the bill!
The "clause suspensive " in the compromis should state the amount the mortgage is for and the maximum rate payable, if the offer matches those then you should be able to keep the deposit in my opinion
Any notaire can be used either the notaire of the buyer or seller if the two parties agreeor indeed any other notaire who you may wish to do thr transaction. Notaires have two reasons for their existence. 1. They re Government tax collectors and 2. Businessmen or women.
I have sometimes shoppedaround the notaires for 'devis' to get the lowest price for the job. Not all notaires charge the same rate, depending on many things.
Don't be frightened of notaires they are just bods trying to make as much money from us as possible !
hi
yes i am back on the market the notaire is arguing my point, i have my own notaire the buyer or seller either use mine or split if they have there own . i am moving departments its amazing now notaires vary in cost .
i always thought that once the CV was signed, the valuation completed it could not fail the buyer even told my notaire she has a mortgage !!!
thanks for the posts
I don't think you can use the buyer's notaire exclusively, unless you don't have one yourself, maybe.... I've always signed the first agreement with the deposit at the owner's notaire and the final at the buyers.
The potential buyers agreed to the price when they signed and gave your notaire a deposit. In principle there can be no question of getting you to drop the price, however, some people do more crooked things than that. I can understand your notaire trying to keep the deposit for you, but it might be difficult to do so as the granted mortgage doesn't cover the cost of the house, nor the additional legal fees (or are those included already?)
What is there now to stop you putting your house back on the market?
hello
sorry i did not explain myself clearly the buyer did not fail to get the mortgage the buyer had one in place but it was not enough to match what they offered due to there debt ratio,, before making an offer to me the buyer knew they could not get the full amount they informed the bank they had the money in savings, So therefore the bank correctly valued the house at 285.000, and granted them the 200.000 mortgage.
My point is the deposit should be forfeit as they did get the mortgage which was the "suspensive Clauses", they thought us being english , would just drop the price to accommodate them ?
this i can not do as i would end up owing the bank?
i would never have agreed to the price they could afford i am now out of pocket with moving, reports, and storage costs.
in 25yrs my notaire has never heard of this happening??
hi peter
yes i did use my notaire and he is fighting to keep the deposit
The mortgage clause is one of the 'Suspensive Clauses' and will be tracked by the notaire as part of the deal. Visit your notaire and ask him to explain and always use your notaire either totally or partially for the sale. Don'tt be fobbed off by a buyer insisting on using his or her notaire exclusively.
To the best of my knowledge, there is no way you can get a mortgage without signing a binding pre-sale agreement which contains a clause stating that the buyer is released and will receive their deposit back in full if the mortgage is refused to them.
As a seller, you can refuse to have this clause in the pre-sale agreement, but you might find it very difficult to find a buyer.
Usually agents try to probe prospective buyers, but they have to rely on what the clients says, as far as I know, and I have been a buyer and a seller twice over the last couple of years, there simply is no other way.