I am selling my current property to move to somewhere bigger. I have accepted an offer on my current property and also got my offer accepted on the property I want to buy. The mortgage is secured and the survey report for the property I want to buy gave all the green lights. My conveyancer is already communicating with the vendor's solicitor as well as the buyer's solicitor.
However, the person who is buying my current property came back to me last week, saying my house has been down valued by his lender by £18000 and the maximum extra fund he (i.e., the buyer) can raise is £8,000. So there is a £10,000 gap.
I need adequate funds from the sale so I can move on to the purchase. I don't have the £10,000 myself to fill the gap. So it leaves me no option but to put my property back to the market.
Shall I tell the situation to the person above me, asking whether he (i.e., the vendor) can lower the sell price a bit? For example, if my vendor can lower the sell price by £3000, I can then try to lower my property price by £6000 (£3000 of which is passed on from my vendor). That means my buyer needs to raise another £4000. It will be easier for my buyer to raise £4000 instead of £10,000 (not sure whether they will be able to raise £4000)
I haven't discussed this with my vendor or buyer yet. Is it worth trying? What will be the best way to handle this situation. What will be my options? Any advice will be greatly appreciated.
Please or to access all these features
Please
or
to access all these features
Join our Property forum for renovation, DIY, and house selling advice.
Property/DIY
house down valued, get stuck in a chain
13 replies
cadencer · 30/03/2016 09:24
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.