Big life change and everthing is now for sale
- Thread starter AudioAl
- Start date
Not strictly true, yes the offer is binding but you have to go to court for recompense if the buyer backs out and frankly no one ever does.
A neighbour of mine lost a sale on the day of completion, the buyer actually has fourteen days to come up with the dosh after the completion date and even if the solicitor has the funds he can't release them until the buyer agrees that he can release them, basically the house isn't sold until you (your solicitor) have the money and the buyer has the keys.
I've walked away from two house sales even when the missives were signed.
hifinutt
hifinutt
thats horrible . are they major issues ? like subsidence etc . did you have to pay over the asking price ? round here prices are sometimes 25% higher than market price and folks are going to get a big shock when bank says they are not worth it
That's the wrong way to look at it. It cost you £585 to avoid some really nasty surprises. You paid someone with more knowledge than you to tell you whether it was a good buy or a lemon, and in their opinion, it's a lemon. I think you should congratulate yourself for spending money wisely.
Darren L
Egalitarian
Sorry to hear that @AudioAl rest assured what's for you will not go past you.
That sounds like a much better way of doing things @SteveG
That seems to be happening quite a lot @hifinutt I was talking to a young estate agent on Saturday, he'd just bought his first bike and he told me that banks are refusing mortgages on the basis that the property isn't worth the agreed sale price, I was quite surprised.
Things are definitely starting to tail off over here, 13 notifications of new properties on the market today in my search area as opposed to 50 a day in June.
That sounds like a much better way of doing things @SteveG
That seems to be happening quite a lot @hifinutt I was talking to a young estate agent on Saturday, he'd just bought his first bike and he told me that banks are refusing mortgages on the basis that the property isn't worth the agreed sale price, I was quite surprised.
Things are definitely starting to tail off over here, 13 notifications of new properties on the market today in my search area as opposed to 50 a day in June.
Bob McC
Living the life of Riley
I wouldn’t trust a seller’s survey.
TheDecameron
Unicorns fart glitter.
That’s not my concern- strictly speaking it’s not the vendor’s but they are required to pay for it. My concern is that like a lot of surveys they’re nothing more than a cut and paste mortgage valuation with waffle, designed to protect a lender. The buyers who bought our Victorian house for cash didn’t bother with a more detailed survey and I was surprised by what the single survey failed to probe. Similarly we bought without commissioning a deeper survey and took a calculated risk, handing over the most we’ve ever spent on a home. It needs a lot of money spent on it but we went in with our eyes open. The market is tight at the moment and favours the seller, to the ext3nt that by the time your own surveyor has finished his inspection , it’s been sold and your left to pay his fee.
That's a bugger. If it stays that way and you like Lincolnshire, Louth and Horncastle are nice towns. Less going on than Boston (!) but imo nicer.
SteveG
pfm Member
That's very true. With the houses I'd been interested in of late, including this one, there were multiple offers in within the first week and the seller had his choice of he wanted to go with. Anyone making an offer subject to an inspection might as well not have bothered.
This is the first house we've bought in Scotland since the single-survey scheme was in place and the survey does seem like it was pretty accurate. Also other surveys we looked at didn't seem to be shying away from issues - including one further down the street that identified an issue with woodworm and even gave costings on what'd be to sort it out.
Spraggons Den
pfm Member
In the 70s, 80s and 90s, excessive demand in the housing sector would have scared the government into raising interest rates in order to prevent inflationary pressures in the rest of the economy: doesn't seem to happen these days but nevertheless seems like a hard fall is inevitable at some time in the future hence the banks getting arsey over purchase price's.
hifinutt
hifinutt
been trying for months to help a friend who is a bit slow off the mark and misses stuff . meanwhile racking up huge storage costs . frustrating because you have to be SO incredibly quick . last house i bought 6 months ago , literally booked a viewing 2 hours after in came on market and was mega rapid making an offer . cost over 17k to get it as i want but worth every penny , you might have seen some pics of the garden as it was fab and i have put them on pfm a few times .
Copperjacket
pfm Member
When I sold recently I had a fixed price conveyance and an agreement that specified all correspondence to be turned around ideally the same day and no longer than 2 working days. The Legals took less than 2 weeks.
My original firm wanted a percentage and no undertaking on response time.
My original firm wanted a percentage and no undertaking on response time.
AudioAl
pfm Member
The seller has now come back with a £5K reduction , No way will that come close to cover the repairs , I did suggest that they put everything on the survey right and I would then pay the asking , The answer was a firm NO
They told the estate agent it's £5K reduction or put it back on the market
Its been on the market for over 18 months ?????? I wonder why ?????
They told the estate agent it's £5K reduction or put it back on the market
Its been on the market for over 18 months ?????? I wonder why ?????
Ponty
pfm Member
The seller has now come back with a £5K reduction , No way will that come close to cover the repairs , I did suggest that they put everything on the survey right and I would then pay the asking , The answer was a firm NO
They told the estate agent it's £5K reduction or put it back on the market
Its been on the market for over 18 months ?????? I wonder why ?????
Probate sale? Often the worst to deal with. If you want it, tell them the £20K reduction offer stands for 24 hours then you’re walking away. Remember, there’s always another house and things generally work out for the best.
AudioAl
pfm Member
No not probate , 3 children of the father 2 girls and a son
I allready did the - £20K and the answer was NO
My problem is I like the house / Location so will probably accept , Its driving me mad all the Fing about over months
Ponty
pfm Member
It’s difficult to take the emotion out of it, I know. If you make the offer time bound, it will focus their minds, rather than just thinking you’ll come back with a counter. They’ll be having discussions, even arguments over it, putting pressure back on them. Divide and conquer!
hifinutt
hifinutt
i would take it . you are lucky to get 5k off !!! i always have to spend a great deal to get it how i want . you only have to wait longer to find something and with prices going up so massively it will cost you more
AudioAl
pfm Member
I have accepted the £5K reduction so the house is back on
I realy like the house and what it offers me by way of the rather big front room 16ft 6" x 28 ft , Nice size kitchen diner , Big double garage with a room above , , Rural , Quirky , secluded , Not far from the coast , About 3 miles , Lets see how far it goes this time