Morning all
We agreed a sale on our property two weeks ago. Offer was £12k over asking price and from buyers that have sold to a FTB (3 total in chain with us included). Same EA being used for our sale & our buyers sale so all in house. We are buying a property to refurb separately from our sale and had explicitly told the EA that we would not be completing on our house until the other one is ready for us to move into (estimated end of July/Aug).
Within 4 days of agreeing the offer the buyers had instructed a surveyor for a HB survey which took place yesterday. I was surprised they had done that so soon in the process. I then had a call from another surveying firm yesterday to say their mortgage lender required an in person survey on the property as well!
The lender desk top/drive by valuations obviously aren't coming back high enough so a surveyor visit is required. It also means that they instructed & paid for their own survey before even having applied for/received a mortgage offer which to me is very strange. You wouldn't normally spend money without knowing you are actually able to proceed on the property surely?
I spoke to the EA earlier to try to find out what the buyers situation is and was told they have 10% in savings, 20% equity in their house, so would need a 70% LTV mortgage. That sounds low enough but the monetary value is well over £250k. Now I obviously don't know anything about their finances or what they do for a living etc but they are buying upwards so that to me would be a big commitment. Especially when you add in all the rises in living costs that kicked in this month.
My gut feeling is that they have offered more than they should have and they are going to try to renegotiate the price. The EA also said on their file notes it says they submitted their best & final offer saying they want to complete asap which specifically contradicts our stance.
Am I being over cynical?