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Original poster

What do you think our chances are of buying this house?

83 replies

Palmtreeheaven · 22/09/2015 19:57

The house is our dream house. I have no idea how I'll get through the next few weeks while we try to pull this off.

It was on the market for 6 weeks before we had our offer accepted. As far as I know, there was only ever one other interested party, and they made a fairly low offer.

The vendor has agreed to proceed if we eliminate our chain (we have our current home up for sale), and we can exchange in 4 weeks and complete 2 weeks after that!

He has put this in writing to our solicitor though we haven't agreed to this in a legally binding way.

Vendor must be under some sort of financial pressure though I am not sure why because they bought a new house without selling the one we're buying. In fact it has been empty for over a year!

We are bridging our deposit as our house hasn't sold yet. This removes the chain. Once we have evidence of this (and therefore our deposit), we can go ahead with mortgage applications.

I'm just unable to sleep or think about anything else at the moment. I can't see us exchanging in 4 weeks. 6 maybe, but not 4. Surveys and underwriting take time - 2 or 3 weeks, sometimes longer.

Does anyone have any advice on how to speed up the process? We have already asked for our searches to be carried out for example.

Do you think we'll get the house, or (my worst fear), could someone swoop in and buy it from under our feet?

Lots of local estate agents have asked where we're buying too - I haven't told anyone. Why would they want to know? If people know we're trying to buy this house does that increase chances of being gazumped?

OP posts:
CrapBag · 22/09/2015 21:24

I would have walked away as soon as the vendor made his ridiculous demands. I'd be highly suspicious of this rushing seeing as it has been empty for so long. If there are damp issues I bet there is a lot more to be picked up on. We moved here last year and the property looked ok, elderly woman selling, very attached to her house. The home buyers report wasn't great and threw up loads of issues. We did go ahead because we knew we could not afford another house of this size and we knew she wouldn't negotiate because she originally wouldn't accept our perfectly good offer, her daughter had to talk her into it. Now we are here we have discovered that her late DH was a right bodger and they got everything done cheap so we are having to pay to sort it all.

I don't regret it but had more come up or some ridiculous time scales, I would have walked. Our buyers solicitor started saying we had to complete by X date (for no actual reason that was given). Our solicitor told us to prepare to move into rented accommodation, even though we were only weeks away from exchange, I said we weren't going to do that. My solicitor mentioned it again after and I told him to pass it on that it wasn't happening and if that wasn't acceptable to the buyer then we would put it back on the market ASAP. Funnily enough they stopped saying it. I pushed it for as quickly as I could and it did end up happening about 3 days after the buyer originally wanted but it was hard work. I chased and made a nuisance of myself, including to my vendors EA because the vendor didn't really understand the whole process at all. It did all get done in about 10 weeks which seemed quick. I'd be very surprised if your was done in time and I wouldn't be held to ransom anyway.

We previously found another house but we weren't proceedable at the time. I was gutted and had to drive past it all the time. This one is far far better so I am glad. They say things always happen for a reason when it comes to house buying and I really believe that.

NoSquirrels · 22/09/2015 21:25

I wouldn't worry too much about being pipped to the post by a cash buyer - you've said it's been empty for over a year. If someone was going to swoop in with a cash offer, it's statistically likely to have happened before now...

It does sound like they want you to just sign on the dotted line quickly so you are so rushed you miss something crucial. DO NOT PLAY THAT GAME. They'd have to go through exactly the same process with whoever else offered, so just sit tight, do your due diligence, be prepared to negotiate and walk away if needed.

I would bet with an empty property for over a year, even if you had to threaten to walk away, you would still be able to buy iy. Most people are pragmatic enough in the end to sell to the most interested fish on the hook. Just go in with your eyes wide open and don't sign anything legally binding until you are properly prepared.

How does the bridging loan help with getting a mortgage though? Most places won't loan until you have the other mortgage paid off? (Not my area of expertise, I admit.)

Original poster
Palmtreeheaven · 22/09/2015 21:25

While the house we want to buy has been empty, it has only just gone on the market. I'm not sure why the vendor left it empty. You would rent it out wouldn't you? I doubt they have so much money they wouldn't bother renting out an empty property they're no longer living in.

I wonder if they have tried to sell it previously and had no takers ... nothing comes up on Rightmove and the property websites usually retain the history if something has been listed before. I think there is a way to delete it though. Anyone know?

OP posts:
Fizrim · 22/09/2015 21:26

Have you already got a bridging loan agreed? They are usually for a set (short) period, you'll need an open-ended one. And I would have thought the bridging loan would affect your mortgage application as you have to declare all outgoings.

Bearbehind · 22/09/2015 21:29

OP, can you afford both mortgages and the bridging loan? Or more to the point, has a mortgage lender agreed you can afford this.

It's not very easy to bridge between properties anymore.

Original poster
Palmtreeheaven · 22/09/2015 21:30

The bridging loan will supply our deposit (our cash is tied up in current house). Then we need a mortgage on top of that.

The house has been empty but hasn't been on the market. I don't know why they didn't sell it immediately when they moved.

Also don't know why now there's a sudden rush to exchange.

OP posts:
Original poster
Palmtreeheaven · 22/09/2015 21:32

We're pretty sure the bridging and mortgage are going to be feasible. We have applications being run at the moment but lenders seem to think we'll be fine.

OP posts:
NoSquirrels · 22/09/2015 21:34

Could be they wanted to rent it out and can't? Or there was some complicated family issue you're to aware of that is driving the sale/move etc and reason why it's only just come on. But still, DON'T BE BULLIED!

Just to echo others, when we were in this position (house not yet on market, offer made but refused on "dream" house as not in position to proceed) we ended up buying a better house than the "dream". But even then we discovered damp to be treated missed by surveyor when we moved in, and that was with a good timescale, good trustworthy estate agents and solicitors and both parties motivated to sell/buy with very short chain indeed. There will be other houses. You don't believe it, but there will. Hopefully you'll get this one and be really happy there, but shift your thinking a bit - they're not doing you a favour selling to you, you're doing them a favour wanting to buy.

GiddyGiddyGoat · 22/09/2015 21:35

We exchanged contracts on our house in 2 weeks from date of viewing! It was super stressful but it can be done. We had a full survey though and all the usual searches etc. And bought it with a ginormous mortgage before paying most of it off when we sold our old place 2 weeks later... Wouldn't do that again tbh. If you take bridging finance and the sale of your current home doesn't happen - can you afford that indefinitely?

poocatcherchampion · 22/09/2015 21:36

We exchanged in 3 weeks. My solicitor looooved me!! We chatted every day :)

But it was a straightforward house to purchase and we had a mortgage agreed already so not too many hoops.

I'd be wondering what's the rush tbh. And I not sure I'd have agreed to proceed while needing to FAFF about with a bridging loan either.

Original poster
Palmtreeheaven · 22/09/2015 21:38

Yes we can afford it longer term if needed. Not ideal as we'll be stressed until the old house sells but we could do it.

What will be will be I suppose. I am now very curious as to why they left it empty for so long though!

OP posts:
dontrunwithscissors · 22/09/2015 21:39

If it seems too good to be true......

GiddyGiddyGoat · 22/09/2015 21:43

Is it a probate sale? That's often the reason for a long empty period before sale.

GloriaHotcakes · 22/09/2015 21:43

This reply has been deleted

Message withdrawn at poster's request.

Original poster
Palmtreeheaven · 22/09/2015 21:45

No, not a probate sale. I think they have moved because their children are heading to secondary school and moving area for that.

OP posts:
FinnMcCool · 22/09/2015 21:46

The vendors conveyancer is his son? Is he licenced?
It's a bit strange to insist everything happens to a rigid timeline.
Be careful OP. Check stuff out.

NoSquirrels · 22/09/2015 21:49

Won't the estate agents tell you the back story? Definitely ask if you haven't already. Usually you can find out something (even if it is just a cagey answer means that you should be more suspicious!)

Original poster
Palmtreeheaven · 22/09/2015 21:52

To be honest I haven't really asked the back story. I know they moved, and they ran their business from old house for a while (very expensive office to have not sure why they did this - maybe for flexibility)

I don't know why they moved. I know they did not look after the house when they owned it, and previous to them buying it, the person they bought from had botched everything. So am expecting a few nasty surprises.

OP posts:
Mintyy · 22/09/2015 21:53

Have a look on Zoopla for the history, op.

Original poster
Palmtreeheaven · 22/09/2015 22:00

Thanks, but nothing appears on Zoopla or elsewhere. I don't think it has been marketed before online. Maybe discreetly but not online.

OP posts:
Dogsmom · 22/09/2015 22:02

I'm a heart over head type so completely understand your thinking but please be careful, I'd knock on the neighbours door and ask if they know why it was empty etc or get someone else to ask if you want to stay anonymous.

Regarding completing in 6 weeks it'd be a push but possible, the delays could be with the survey, ours took a week from booking until the report came out which showed minor damp so we then had to wait for a damp survey then for the results then negotiate for the vendor to sort it then wait for it to be done.

UnderTheGreenwoodTree · 22/09/2015 22:38

We completed with our first house in 6wks (and I think that's about minimum) - we were FTBs and it a vacant possession, no chain.

If you've eliminated the chain your end, you may be able to do it - just. But you will have to chase up those solicitors like nobody's business, and pay to expedite the searches.

I would make absolutely sure that nothing is about to happen in the very near vicinity. I have known local people knowing of things that will de-value houses (developments happening nearby, for example) in advance of them showing up on searches - so be very careful and don't be afraid to ask why they are in such a hurry, and be skeptical of being fobbed off.

Absolutely get a survey - a proper one, not just the one to get the mortgage. If possible, and if it's an old house, get a structural survey - they're far more accurate and detailed.

Nightmare neighbours? Don't actually know how you check that out!

I found buying our current house one of the most stressful things I have ever done - and if I'm honest, we shouldn't have bought it. I fell in love with it, but there were a million things wrong with it - a lot of which came up on the survey and we went ahead anyway. Buy in haste, repent at leisure.

(It's not really that bad - but there are an awful lot of things worng with our house that have been a nightmare to sort - kind of takes the shine off the "dream house"!)

UnderTheGreenwoodTree · 22/09/2015 22:43

*btw - we did successfully knock the price down when a lot came up on the survey to cover the cost of putting it right - so don't be afraid to do that. Mind you, I don't think we knocked them down enough - we're still sorting stuff out 7yrs later.

Original poster
Palmtreeheaven · 22/09/2015 22:46

I can see the neighbours are trying to get planning for an extensions that will bring their property much closer to ours. But while we haven't yet bought the house I don't see how we can object to that or voice our concerns! It does mean we'll be in for months and months of building work next door. I think they're doing a basement too so that will be noisy.

OP posts:
overthemill · 22/09/2015 22:53

You can exchange and complete on same day you know. But my worry would be they'd get to just before exchange and then up the price. And I also don't get how you are paying for it in 6 weeks without selling. We usually use that insurance scheme for deposit when buying and waiting for completion for actual monies but on completion day you need the ££££!