Any experiences of Equity Release Vendors?

[Bananasareyellow]

Hi everyone. Just looking for advice for what I think is probably a pretty niche situation! Sorry it's a bit long.

We made an offer on a house on Friday and it's just been accepted. Background (you can skim this!) It's a doer upper but seems to just need redecorating really, new bathroom and carpets probably but they're not too bad, and we like it, especially the garden, and it's in catchment for one of the schools we wanted. The price we have agreed should allow us to do the work we need. We have also accepted an offer on our house. Our buyer's survey is tomorrow. Our house (i.e. the one we're selling) is a Victorian terrace. Our solicitors have just only been instructed about the house we're buying and no survey organised yet.

So the sale of the house we're buying is through an equity release company and so far I feel like they have been a bit aggressive, if that's the word. They sat on our offer for three days, meanwhile lowered the asking price and had more viewings, then came back to us to ask if it was our 'best and final offer' (don't think they'd had any other offers). We only found out about the other viewings because someone at the estate agents called us up out of the blue at 5pm one day during the three days when they hadn't decided whether to accept the offer, and warned us we were going to lose the house and we should increase our offer so they (the kind EAs) could make sure we got it.

Just to flesh out above - when we went to view originally the EA told us the seller would be likely to accept a lower offer than the asking price. Accordingly we made a lower offer. 24 hours later they lowered the asking price to slightly above our offer and booked more viewings.

Now the offer is accepted but they've said the house will be listed as 'offer agreed - available' until searches are done and they've said they want to complete within 28 days (!) EA assures me this just means they want to move as fast as possible (doesn't everyone always?) and they almost certainly won't dump us if it takes longer. And he says there won't be any more viewings.

DH very uncomfortable and I think he would like to walk away. I think I'd like to keep our options open at least until they change the listing - maybe continue looking at other places? But maybe this is normal and I'm being a bit naïve. I would love to hear what people think and also if anyone has dealt with a company like this and if it was okay in the end - or whether we should back away now!

Thank you

I don’t suppose this house is in Nunhead / Peckham by any chance?

With regards to advice I think you can be just as pushy back - be clear in writing that you can only progress the sale as fast as your chain allows and say your offer is conditional on the house being marked sale agreed and / or completely removed from Rightmove etc?

No it's not - why did you have similar? Thanks for the advice. The estate agent who are dealing with sale of ours said similar - ring them up every day and ask when the listing is changing, ask for everything in writing.

Yes just a few similarities with a property we are looking at that is up for sale with an estate agent and also with a property buying company, thought it might be an enormous coincidence!

I haven't had the direct experience you're having but have dealt with pushy estate agents and really you just have to push right back and be clear about what you will and won't accept and can and can't do. Good luck with it. Personally I wouldn't walk away if the house is right for you but it would make me wary and I'd probably continue to look at what is coming on the market.

We bought from one. They want to maximise the price, but time is money tied up. We were in an annoying bidding war until I said enough: best and final offers or we pull out. Our offer was conditional on the property being removed from the market. It worked! We bid just over a round number as a strategy to be slightly higher than we thought the other bidder would expect of us.

If they accept an offer they will normally advertise as 'offers over' to try to get more. I've seen a few on line since ours. Make your offer conditional, but be prepared to agree to exchange contracts within 28 days and complete very soon after. I think we managed 6 weeks in the end, they were threatening to remarket.

Ours was 'sold as seen' and on the edge of being mortgageable. Also had some debt collectors turn up because bills hadn't been paid.

I'd be cautious from what you've said to be honest. I wouldn't want to be spending money on searches and solicitors if they are openly trying to get a better offer and pull it.

They are probably expecting cash buyers, developers, or no chain. You have a chain so aren't in a great position. If you have a confirmed completion date then you are a better buying prospect to ask them to cease marketing.

Thanks everyone. To update, they have now taken the house of the market. The sales progress woman at the estate agents seems to have dealt with them for us. She reminds me of that bit in Caitlin Moran's book about being put through to the competent middle-aged woman who can solve your problem in five minutes flat :)