Its all gone t**s up! :((7 Posts)
We accepted an offer just over a week ago to a chain free buyer. It was not a great offer at 2500 under our lowest price in the guide & 7500 less than I paid for the property 3 years ago, but given the current market, & the fact that it still enabled us to proceed with the property we want I accepted.
Exactly a week to the day of acceptance it transpires that these people are not actually able to borrow the amount to enable them to buy the property.
We are totally gutted. We were literally about to go & see the vendors of the house we want to buy (private sale) & make an offer, now these people will be putting their house on the open market with an agent.
Feeling really p****d off.
Feel your pain!!! We made an offer on a house middle of March and because the chain below keeps collapsing we are still not exchanged. Think it's the market. Is it worth you talking to the person above to see if they will give you say 4 weeks to resell? Would be of benefit to them as they'd save on agent fees and also having endless people traipsing around and critising their house!! Hope all works out.
You can still make a private offer... Just send them a letter now, dated today before it goes on the market, to say you are interested in buying there house and would like to make them an offer as soon as your house is under offer. That way their estate agent will be able to see proof that you were interested before the estate agent started marketing it - and the sellers could sell it to you without paying the estate agent a commission.... Might still give you an advantage if you get another offer soon! Good luck.
I mean "their house"...
Sorry though - that's really annoying. We had something similar happen to us just before we were about to exchange. All worked out ok in the end though and moved house last week.... Hope it works out for you soon!
Thanks for all your good wishes. I hope yours exchanges soon hksi.
We did still go & see the house & gave them our offer at 270k. They have had valuations of between 275k & 299k for the property & have decided to put the house on the market with an agent at 285k, but said if our circumstances change then they'll proceed with us if we increase to something between 275k & 285k. TBH I think they're being a tad greedy & unrealistic. Recent sales show a ceiling level of 250k on the street. Admittedly it has been done up nicely, & has a bigger garden than another property we saw, so we felt 270k was a more than fair offer. If fact, if we hadn't been dealing with them direct it would of been lower. The fact that the same house was for sale a year ago for firstly 299k, then 285k & finally 275k (admittedly prior to new drive, decking & redecoration being done) & it failed to sell then & also the fact that they purchased it themselves at the height of the market for just under 250k, & prices have dropped since then. I feel our offer was pretty generous.
Its all immaterial now anyway.
Glad yours worked out in the end. N1MTB.
Join the discussion
Already registered? Log in with:
Please login first.