Buyer paying a deposit to get their offer accepted?

[Lyocell]

After some advice if anyone has been in this position. We are selling our home and a non proceedable buyer has put an offer in. They have said they will pay a deposit “to prove they are serious”. Their house is on the market.

we are considering it but wondered if anyone has any experience?how much deposit did you do? What time scale eg 6 weeks? 8 weeks? What conditions were on the deposit eg if they find something on the survey?

we will talk to our solicitors just curious about other opinions.

A bit unusual, but...

I suppose if it was a non-returnable, of say, 10% deposit, lodged with MY solicitor with a fixed completed date, potentially forfeiting the deposit if the buyer doesn't achieve the specified completion date, I might consider it, but it would have to be legally binding.

But I suspect that under those conditions they wouldn't agree to it - so that's probably your answer.

A non-proceedable buyer is worthless to you. Great that they love your house and want to buy it, but without the money, no deal.

Is there any point? If they can’t proceed, then it’s all theoretical.

If they want to pay 10% as a non refundable deposit as long as they can exchange and complete in 12 weeks otherwise they lose the 10% deposit I’d say that was fine.

what does your solicitor say?

Haven’t got round to asking solicitor yet - only just happened

10% of the asking price is a huge amount (it’s not an particularly expensive house but you’d be talking about£30k) I thought they meant more like 2k 🙈

many years ago we were the buyer and someone offered us 8 weeks to sell, and they took theirs off the market to wait for us. They didn’t ask for a deposit tho. We couldn’t sell! And the whole thing fell through.

Do not do this.
unless they ve sold they can’t buy your house.
You’re setting yourself up grief

I’m not sure I see the value in this for either party.

Surely better they make an offer you accept in principle but you say the house will stay on the market until they can proceed but you will offer first refusal if another offer comes in.