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Property/DIY

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Original poster

the house I really like is up for sale again BUT....

14 replies

hatesponge · 03/05/2009 13:55

that's the second time a 'sale' has fallen through and buyers pulled out.

I want to call the agents and increase my last offer (which was about £35000 off the asking price, was going to offer another £10000) but whats worrying me is why 2 sets of buyers have pulled out.........

would you be concerned?

OP posts:

Monkeyandbooba · 03/05/2009 13:56

Yes, we were interesting in a house which had 3 sales fall through. The agent said that it was not survey related but we were suspicious so decided not to take the risk - and we LOVED this house

Original poster

hatesponge · 03/05/2009 14:02

the house is a bit of a state, its a repossession, though that doesnt put me off, as I can see how good it could be with a bit of work!

its so hard, as I really like it

MandB, have you found another house? I've been looking but not seen anything as good that I can afford

OP posts:

PfftTheMagicDragon · 03/05/2009 14:12

Isn't there a requirement for quick completion on repossessions? (not sure though) That might be a reason for buyers to pull out.

JimmyMcNulty · 03/05/2009 14:29

It wouldn't put me off in the slightest. So many sales are falling through at the moment as people are losing their jobs, or just worried about losing their jobs, putting things like this off and getting cold feet etc. If you are in a good position to move I wouldn't bother increasing the offer, either. Sales repeatedly falling through are more likely to encourage the vendor to take what they can get if you look like a more solid proposition.

missingtheaction · 03/05/2009 14:39

wouldn't worry me - in fact, would delight me. I'm with Jimmy, poor vendors will be getting a bit desperate. But do ask agent if it's survey related. and if it is, then what the problem is. could be that the previous people were just unrealistic about what needs doing. if it needs a new roof then nobody will buy it without slashing thousands off the price.

norktasticninja · 03/05/2009 14:40

I'm not sure how the system works in the UK but here the buyer has to arrange the mortgage after the offer has been made. Could it just be that neither of the potential buyers have been able to get a the necessary funding? That would seem quite likely in the current financial climate.

I wouldn't increase the offer though, at least not until you've had the original offer refused again.

JimmyMcNulty · 03/05/2009 14:40

Oh, and I know of a number of cases where buyers thought they had a mortgage offer but when the time came to sign it was withdrawn.

norktasticninja · 03/05/2009 14:42

That was what I suspected... I really hope for you that it's that and not survey related.

Monkeyandbooba · 03/05/2009 15:30

We found something else and are happy with our choice, go with your instincts Lots of sales are falling through due to lenders being very cautious - we were surprised how difficult it is to get one at the moment despite having 50% deposit and being public sector workers!

Swedes · 03/05/2009 15:40

I wouldn't be overly concerned about the falling throughs. Lots of chains are breaking down and lots of mortgage companies are not being as generous with their mortgage multiples as applicants would like.

Why don't you get in touch with the agent and voice your concerns - they might let you have sight of a survey.

noddyholder · 03/05/2009 15:43

I think you could get it now without offering more.Maybe the surveyor down valued it and the mortgage was a problem.The agent may give you an inkling if you grovel esp if the can save a sale Good luck!

Original poster

hatesponge · 03/05/2009 15:49

I think I'll give the agents a call on Tues and try and see what I can suss out - I know the vendors (finance co as its a repo) had previously said - according to the agents - they were looking to get offers very close to asking price.....however as they still havent had a sale am hoping they might now be willing to be flexible - so maybe will try asking them to reconsider my previous offer first before suddenly throwing in more money

OP posts:

PfftTheMagicDragon · 03/05/2009 16:00

well, sponge, of course they are looking for offers near to the asking price, no-one would tell you different!

I would go in again with your previous offer.

lalalonglegs · 03/05/2009 16:38

Yeah previous offer and, if it's accepted, spend some of the savings on a belt and braces survey. Agents have a legal obligation to give you a straightforward answer to a question that could affect the sale so, once you have seen it again, and decided you want it, I would email them (ie: get their answer in writing) asking if the previous offers had fallen through wholly or in part because of unsatisfactory surveys. If your survey does then uncover major defects, you will have comeback against the agency.

Like most of the others said, it wouldn't bother me that it had fallen through twice. I'd be really glad.

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