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Paying house buyers deposit?

I had someone around viewing my house last night and he seemed very keen, saying it was ideal because it's just the right size and in the right area etc. Then he started asking what was the lowest price I'd consider taking. I said I hadn't really thought about it as the house has only been on the market for a week and similar properties had sold for the price I'm asking.

He then asked me if I'd consider paying his deposit! He tried explaining how it would work but I couldn't get my head around how it would work.

Does anyone have any idea what he's on about?

Thanks,

Reply to
Comfortably Numb
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Walk away now!

Reply to
Eric Jones

You increase the price of your house by aay £10k and then give £10k it to him. He uses the £10K to convince his lender that he has a deposit and then hands it back to you. You get your asking price, he gets a mortgage with no deposit.

Reply to
Sharky

AKA mortgage fraud.

tim

Reply to
tim (back at home)

Sounds dodgy, even if I had the money, which I don't. Another thing that alarmed me about this bloke was that when the estate agent rang to set up the viewing they said the guy was a buy to let, yet when he turned up he told me he was in the middle of a separation and needed somewhere quickly.

I think I'll pass this one by.

Reply to
Comfortably Numb

I knew it sounded dodgy. I'll tell him I'm not interested.

Reply to
Comfortably Numb

A colleague of mine has a neighbour who sold her house to a woman in her mid 30's who said she was a single mother who had just split from her husband and was short of money, having to start over again etc. The seller felt sorry for her, included carpets, curtains, appliances, light fittings and so on. The week after this was all agreed, she saw her house advertised in the newspaper to let!

Reply to
David Quinn

Sounds like the sort of tactics the property marketeers use in US.

- target impecunious home buyers

- develop novel ways of buying property "with 0% down"

- buyer get a 100% mortgage with associated risks

gtoomey (in Australia0

Reply to
Gregory Toomey

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