Help and hand holding needed please!(11 Posts)
Sorry this might be long! So last October we accepted an offer on our property but hadn't found anything to buy, buyers knew this. We had some other problems such as dh losing his job so things got dragged along a bit. We finally found somewhere mid November and put an offer in for £275k, 10k under asking price. They didn't accept at first but after a few days they did as it had been on the market a while and we refused to go higher.
Things have been going through well although I have really been feeling the pressure to hurry up from our buyers are they are in rented and have been served an eviction notice.
We were happy with the mortgage survey being the only one but the mortgage is for 100k less than we are paying due to deposit. There is a large two storey extension and last week we found our solicitor hasn't been able to get the building regs through for the work so we have paid for a full home buyers survey. This came back yesterday afternoon and it is not good. Lots of little things, nothing major although again they couldn't find any form of building regs for it but the extension food have planning permission. The main up shot is that it was valued at a maximum of 250k.
We were due to exchange and complete next week by Friday!
We have gone to the selling estate agent to say we will not pay more than 250k as we really cannot afford to pay over the odds and the problems with the house makes it a lot less desirable to us, plus the fact the survey had thrown up issues with building work we had hoped to do to the property (although thats not a reason to stop the price obviously just out problem)
So things bothering me are that I really don't think they will drop the price but then I feel terrible for our buyers as I feel we have during them along (although never our fault and always kept in contact with them) and of we pull out our sale might be lost but like I said this isn't a dream house and not worth paying so much over the odds for. The estate agent wad not happy and said surveyors always do this and its the kiss of death to sales but he is an independent surveyor who was recommended to us by someone completely independent also.
He will go to vendors but I think he is hoping sale is almost through so we will just go through with it.
So we are just waiting now any advice or ideas about what the heel to do next?
If they won't drop the price and you don't want the house, pull out. Can you move into rented so your sale can still go through? I'd only do this if the market in your area is stagnant or prices are dropping. If you're in a buoyant market then you might well get more for your house in the future.
Try and take the emotion out of this. It's much easier if you can see it as a straightforward business transaction.
I know it sounds harsh, but forget your buyers for now. Things like this happen and everyone needs to do what they need to do. Do not pay over the odds to save upsetting your buyers. If its not right STOP. As PP says, can you rent somewhere? You would be in a great position to put in an offer on a new property.
We are porting our mortgage and from what we were told by mortgage company we have to do it straight away without a gap. I know I need to be business like about this but our seller is a foray time buyer with two kids and I can't help feeling that with just over a week to go it's not good. But there is no way we are paying over the odds so if we have to pull out we will
Did you get your buyer quite easily? is the market where you are good?
What position is your vendor in, maybe they have had a survey and want a reduction in their price too. How eager are they to move.
When will you hear back?
DON'T MOVE INTO RENTED TO PRESERVE YOUR SALE! I did that and my purchase then took 11 bloody months to go through. Meaning I effectively lost £50k (London house; prices SHOOTING up) by selling my house early. Plus, nobody I spoke to seemed impressed that I wasn't in a chain. It didn't help me barter or anything.
Your buyers will have to wait. It's only been since October. I waited from December 28th to November 24th. If it's the perfect house, they'll wait. (Only snag is that mortgage offers last only 6 months.) Do what's best for you.
If your buyers have been served with an eviction notice (a section 21 notice?) that doesn't mean they have to move out at the end of the notice period, it's notice that the landlord will start eviction procedures. If they carry on paying rent and are buying anyway it actually probably won't adversely affect them - it's not like they'll need a reference for their next rental. Anyway - that's by the by: worry about yourselves first. If you can't or don't want to make up the shortfall between sale price and valuation then either the vendors drop the price to your valuation or you pull out.
We were happy with the mortgage survey being the only one
What value was placed on the house by the mortgage survey?
If the extension was recent I would pull out without evidence of planning permission and building regs sign off.
It took about 9 weeks to sell so not too long but there was no other interest. We haven't seen the mortgage survey we just know it was ok for the amount of mortgage we needed.
The house we are (maybe) buying is empty and no chain so no rush for sellers to move and no chain.
The extension was done in 2 stages, ground floor in 1985 then the second floor on top in 1991, it would seem to be very difficult to get paperwork from that long ago and some people are saying not to worry about it and some are saying we definitely need it! Estate agents have just come back to say the sellers only brought the property in 2005 and never had a problem with there being no building regs. He is showing our report to the sellers and we are just waiting to hear what they say.
Not much else to buy in the area we want as houses don't come up often.
Well they have refused to drop the price completely and have actually lied about how much they had previously brought the house for. This is not the first time we have caught out some little lies, weather that's the estate agent or vendors we don't know but the whole thing is becoming so dodgy feeling so maybe this is a blessing in disguise. Just got to tell our butter now and hippie they stick with us.
Wtf! I meant tell our buyer and hope they stick with us!
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