fuck and bollox been gazundered

[plim]

need some advice please, been gazundered two days before exchange by ftbuyers. They dropped their offer by 17k this morning stating the reason that it's going to cost them more than they thought to convert the office, outhouse and to do some remedial work like damp course, electrics and repointing.

The house is an absolute bargain already as we dropped the price by 40k to get a quick sale so we can get the house we want in time for my two children to start schools in september. We previously had tenants in there and they have now left, we have given notice on our tenancy for where we are living and are due to move in two weeks (completion date).

I immediately told the ea to stick it straight on the market and there has already been 3 viewings tonight, meanwhile, ea are trying to salvage the buyers offer by pointing out that there is electrical and damp certificates and a new damp course that was installed three months ago.

I am so, so devastated, don't know where we are going to live and god knows what to do about the kids school!!

fuckity fuck fuck

rant over! :(

If it were me, I would make personal contact with your vendors and explain the situation - a lot gets lost in translation between agents/solicitors. You need to have a plan that suits you - again, if it were me, I would check out the new guy's situation re: ability to exchange on the 30th, availability of funds to do so. If you can exchange on your sale and your purchase then it's in the bag. If he will be accommodating but needs an answer now, then I would go that route if his finances are in place. You may lose him if you are giving 'buyers' their time-frame. He will need to be getting on with a survey etc, and the clock is ticking. I would deal with him personally also, and get him on board.

Friday is too woolly - there is the bank holiday. Your 'buyers' have shown a lack of good will. You need to make an informed decision asap. Start talking very seriously with new guy today and find out if that is a viable option for you all.

I would say Wednesday or nothing for the original buyers and then start with new buyer thursday with a time limit. 9 days is nothing everyone up and down the chain will moan but they will go with it rather than re market. Monday is a bank holiday and solicitors will get about a weeks worth of excuses out of that!

mylovely speaks good sense. We had a torturous 7 month delay between exchange and completion because of major title defects on our purchase. The saintly buyer of my flat (a tv celeb no less) dealt with it all and was marvellous because we spoke directly and he knew exactly what was going on. it ended up v trusting to the poitn that there was a £5k cash payment on the day without any written provision, champagne and a very clean flat left for him and all my post forwarded when Royal Mail screwed up. most people would have wanted to kill by that point. Nice man.

God yes, had forgotten about Bank Holiday. Last Friday I thought dp would explode...they finally came good at 25 minutes past five, just as everyone was closing for business. You need to nail them before then!!

Plim - a while back you said that the new guy was in a chain? Can he really exchange on the 30th?

Just bear in mind that the longer he has to wait, the less likelihood of him being able to do 30th there is. Do not let your arsewipes drag it on until Friday because those two days will be very important to him in terms of getting searches done, etc. Especially since, if they fail to exchange on Friday you won't know until 5pm or whatever, by which time it will be too late for new guy to get anything lined up until Tuesday, which is already 28th. So effectively delaying to Friday buys them nearly a week, not two days.

I presume that a bridging loan isn't viable for you?

I am really concerned that your arsewipe buyers are banking on dragging this out long enough that no one else can exchange by your deadline and then dropping their price again. I would definitely be demanding today copies of the mortgage information sufficient to show the amounts they are getting approved. Even that doesn't stop them changing their minds again of course. I suspect that, given they have dragged it out by a number of weeks already, they thought they had left it late enough to leave you with no choice but hadn't banked on a new offer so fast.

Why does it take so long? I've only bought once but had no idea why it was so protracted. Is it solicitors taking on lots of jobs so everyone has to wait their turn?

Best of luck Plim, been watching this since the start, you must be boggle eyed with stress.

Oh Plim, it really is dragging on isn't it. Do the arses have until close of play tomorrow? I really really would call it a day with them then. Wankers

Parents exchanging on long awaited flat next week. I think my dad won't sleep till completion day.

Hope u get it sorted. I'm watching the thread! Can't happen in Germany, contracts are signed early on. But then again, Britains economy is built on this stuff so it's hardly surprising that DC and co won't pass legislation

I really hope this time tomorrow you have some certainty over what his happening!

mmmm, after everything thats happened hub spoke to our mortgage advisor early tonight and we have an offer in principle on a buy to let mortgage that allows us to release the equity for deposit on the other house. would any of you do it or would you sell.......wasn't our original plan but seriously thinking about it now....

That's too difficult to answer because we don't know your financial situation. But if I could afford it, in your situation I would very much like to tell the arsewipes to get stuffed.

Well it is another option. Ask the guy how quickly he can complete if you exchange on the 30th you can acutally exchange and complete same day if you're prepared to pay extra...

What are your concerns about going down the buy to let option?

If you think you can rent it out quickly enough at a price that covers mortgage interest and costs, I'd do that. As long as it's not going to cost you more than you can afford at this stage and as long as it's not likely to lie empty for any length of time, it means you have an asset to sell at sometime in the future if you need to. Houseprices may not be moving in the right direction at the moment but if you hold on to it for long enough it could really be worth it.

oh plim, I have been following your thread as I am dreading selling/buying again.

If your finances allow you to release equity for new house then I would do that, get your b-2-l house rented again and then sell when you are ready to sell. That way you are not in a chain - or at the top of the chain and no pressure on you. It all depends on if you can afford it or not really.

When we come to sell our house I think that I will sell, pack and live in a tent go to a hotel/short rent until I find a house. Dont think I could stand the stress again.

Do it.
Tell them fuck off.

sorry, meant to add that your original buyers (arsewipe) sound like they do not have funds in place - which they should have by now.

I cant remember exact details now, but I am sure we provided proof that we had deposit in our bank account ready to go and mortgage company had sent over letter of confirmation of mortgage to our solicitor. It really doesnt have to be so complicated.

I am with the others who say that proof of finace should be standard issue when you want to purchase.

....or better yet let me tell them! :)

Jax...
That's what we did.
worked out well for us....

I think I second what SoozleQ said. It's definitely an option right now. You did say it lets easily down thread.

....I also wonder if twats have got more than one seller hanging on like this tbh....the whole set up seems very very odd.
Either they hadme funds when they offered and agreed and completion date or they didn't!
Seems they didn't.
I would be making some very stern enquiries to your EA tbh...

To get round the mortgage offer would it be possible to agree to the full amount and give them 3 and a half grand back on completion?

Plim,

I would not start managing a leveraged property portfolio because your buyers are messing you around. You need to make that decision on a far more considered basis.

If you end up with a buy to let, you need to consider all the costs and risks and balance that against the income. For instance, if you manage it yourself, you will need to be prepared for calls at all hours of the day and night if anything breaks down etc. If you pay a manager, you will pay out 10-15% of the net rental. You need to be prepared for voids (unrented periods), bad tenants and regular refurbishment. The numbers are often not nearly as good as they look at first.

You could always take up the buy to let offer and then put it on the market, so you just use the mortgage as cheap bridging finance.

I wouldn't go down the buy to let route in a shaky economy unless it is something you had planned previously as a possible investment. 9 days is nothing I would sell and hope to keep your buyers but look at renting in the school catchment. Setting up,a btl and all that entails could take just as long

Meant keep your purchase!