The nervous wait to exchange....
- Thread starter noj
- Start date
Fairly sure from what I've read you receive the money once completed.
I'm assuming it stops them releasing money for the sale to still fall through before completion.
Soldato
- Joined
- 25 Mar 2004
- Posts
- 16,008
- Location
- Fareham
They could work around that surely by only releasing the money on completion and not before?
The whole thing is a bit of a farce if you can't count it as part of your deposit.
After my despair last week we finally offered on another house but it is a rather tricky situation again.
Warning long post:
The first house we bid on we lost and it finally sold for 320.
This new house is two doors round slightly different plot but essentially the same house turned 90 degrees and no en-suite to master.
The big difference is this house is in an appalling state, some of the items needed are:
New Kitchen, bathroom, fully re-decorated throught out the whole house, most walls are dado rails and artex or wood chip effect.
Dodgy plumbing and bad skirting, new carpets for the whole house needed, etc etc. Their is also some really dodgy wiring of speakers and appliances throughout. (Tumble Dryer under the stairs)
Based on knowing what the other house sold for and the state this one is in, we offered 290.
Now the owners have had this house on the market for 2 months with no offers but need to sell by Friday or they lose the next house. The problem is they are in delusion about the work needed.
We offered a best and final of 295. Now the agent is saying they cant afford to move unless they get 300, and has already negotiated a cheaper price on the house above in the chain as it is through the same vendor.
I am not sure I can stomach going to 300 as it makes spending 20k on the house a little pointless as their is no incentive.
I guess this is where I am struggling to hold my nerve, so advice or support appreciated.
Warning long post:
The first house we bid on we lost and it finally sold for 320.
This new house is two doors round slightly different plot but essentially the same house turned 90 degrees and no en-suite to master.
The big difference is this house is in an appalling state, some of the items needed are:
New Kitchen, bathroom, fully re-decorated throught out the whole house, most walls are dado rails and artex or wood chip effect.
Dodgy plumbing and bad skirting, new carpets for the whole house needed, etc etc. Their is also some really dodgy wiring of speakers and appliances throughout. (Tumble Dryer under the stairs)
Based on knowing what the other house sold for and the state this one is in, we offered 290.
Now the owners have had this house on the market for 2 months with no offers but need to sell by Friday or they lose the next house. The problem is they are in delusion about the work needed.
We offered a best and final of 295. Now the agent is saying they cant afford to move unless they get 300, and has already negotiated a cheaper price on the house above in the chain as it is through the same vendor.
I am not sure I can stomach going to 300 as it makes spending 20k on the house a little pointless as their is no incentive.
I guess this is where I am struggling to hold my nerve, so advice or support appreciated.
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
Don't then. Sounds like all the pressure is on them if they are going to lose their purchase (not sure how this can happen anyway, them getting an offer accepted doesn't magically make the chain definitely going to completion) so you are in the driving seat.
I'd have stuck at your original offer if its in such a bad state.
Thanks, 295 I feel is the right offer, at 290 they would just not have moved.
The whole situation is crazy, I am just trying to make the most of it, though it is hard to hold off.
They tried selling the property 2 years ago, and pulled out when they only had an offer of 290. In that time zero work has been made on the house.
Though they still expected 320 now...
Thanks, 295 I feel is the right offer, at 290 they would just not have moved.
The whole situation is crazy, I am just trying to make the most of it, though it is hard to hold off.
They tried selling the property 2 years ago, and pulled out when they only had an offer of 290. In that time zero work has been made on the house.
Though they still expected 320 now...
Your gut is telling you not to go any further, So don't just turn and say that is our final offer take it or leave it, And maybe even put the pressure on and say you have a few days to accept or reject.
Obviously the issue is, If they bailed on it in the past it could be a bumpy ride ahead.
Have or will you be getting a full survey done on the house?
For the amount of work needed from what you say, I'd say 295 was generous. Get a survey and then drop your offer depending on the results.
I saw a house the other week that was on for the same price as 2 others in the street (230). Needed gutting and when the estate agent asked what I thought, I said any offer I made, the seller would feel insulted by. I still made the offer (190) knowing it would be refused (as he asked). A day later he came back and said if I could go to 210 they would accept. Still too much for what it was so walked away.
I saw a house the other week that was on for the same price as 2 others in the street (230). Needed gutting and when the estate agent asked what I thought, I said any offer I made, the seller would feel insulted by. I still made the offer (190) knowing it would be refused (as he asked). A day later he came back and said if I could go to 210 they would accept. Still too much for what it was so walked away.
Been awhile since I posted in here, we are closing in on exchange now!
It's taken a while to get to this point since the chain completed again. The solicitors have been taking their time. I have been emailing/phoning pretty much every day.
This morning I sent across all of our signed documents and all of the deposit money etc. Hoping we can exchange this week with a view to completing on 2nd September.
Current time line:
3rd October 2015: View property (along with 30 other people!)
5th October 2015: Offered on property (along with 12 other people!)
7th October 2015: Offer declined - vendor accepted a higher offer
8th October 2015: Higher offer fell through second chance given, to us and another couple. New offer put in.
9th October 2015: Offer accepted (Although lower than other couple we got preference due to being FTB and having no chain)
7th March 2016: Vendors have offered accepted on property
16th March 2016: Chain complete with five people in the chain.
18th March 2016: Chain collapsed as vendors of the property our vendor was due to buy decide not to sell
10th May 2016: Property withdrawn from market as our vendors are 8 months pregnant and decide they don't want to keep looking at properties.
1st June 2016: Contacted by Estate Agent as vendor has found, and had offer accepted on property and given us first refusal at same price
8th June 2016: Chain complete with four people in the chain.
11th June 2016: Mortgage meeting with Nationwide
20th June 2016: Building survey
21st June 2016: Mortgage valuation survey
21st June 2016: Mortgage offer from Nationwide
22nd June 2016: Chain collapsed again and property withdrawn from market
4th July 2016: Chain brought back to life and purchase back on
13th July 2016: All searches have come back fine.
20th August 2016: Received all documentation from solicitors.
23rd August 2016: Documents signed and returned. Deposit money sent to solictor
It's taken a while to get to this point since the chain completed again. The solicitors have been taking their time. I have been emailing/phoning pretty much every day.
This morning I sent across all of our signed documents and all of the deposit money etc. Hoping we can exchange this week with a view to completing on 2nd September.
Current time line:
3rd October 2015: View property (along with 30 other people!)
5th October 2015: Offered on property (along with 12 other people!)
7th October 2015: Offer declined - vendor accepted a higher offer
8th October 2015: Higher offer fell through second chance given, to us and another couple. New offer put in.
9th October 2015: Offer accepted (Although lower than other couple we got preference due to being FTB and having no chain)
7th March 2016: Vendors have offered accepted on property
16th March 2016: Chain complete with five people in the chain.
18th March 2016: Chain collapsed as vendors of the property our vendor was due to buy decide not to sell
10th May 2016: Property withdrawn from market as our vendors are 8 months pregnant and decide they don't want to keep looking at properties.
1st June 2016: Contacted by Estate Agent as vendor has found, and had offer accepted on property and given us first refusal at same price
8th June 2016: Chain complete with four people in the chain.
11th June 2016: Mortgage meeting with Nationwide
20th June 2016: Building survey
21st June 2016: Mortgage valuation survey
21st June 2016: Mortgage offer from Nationwide
22nd June 2016: Chain collapsed again and property withdrawn from market
4th July 2016: Chain brought back to life and purchase back on
13th July 2016: All searches have come back fine.
20th August 2016: Received all documentation from solicitors.
23rd August 2016: Documents signed and returned. Deposit money sent to solictor
Had our searches all come back today, Solicitor sent away for them on 10th/11th August.
Just closed my Help to Buy ISA and awaiting the closing statement letters, this can take up to 7 business days to arrive!
Sellers have signed their contracts and handing back to solicitors tomorrow then it's our turn I guess!
Just closed my Help to Buy ISA and awaiting the closing statement letters, this can take up to 7 business days to arrive!
Sellers have signed their contracts and handing back to solicitors tomorrow then it's our turn I guess!
In the end the people said they will sell for 300 and we decided due to its future potential for a long term house we accepted. That should have been job done lets move on.
However this morning they came back saying that they need at least 10k more to make a viable move. I am a little taken aback by these people unable to consciously accept the state their house is in. I also feel sorry for the people above in the chain who now have to re-market their house.
In the end the people said they will sell for 300 and we decided due to its future potential for a long term house we accepted. That should have been job done lets move on.
However this morning they came back saying that they need at least 10k more to make a viable move. I am a little taken aback by these people unable to consciously accept the state their house is in. I also feel sorry for the people above in the chain who now have to re-market their house.
Its amazing what some people do, Yes we would sell for 300 then you say sure, and they turn and say actually nah we want 310... some people are a joke.
There has been no compromise in it either, they have completely disregarded all involved like a toddler throwing a temper tantrum.
it is pure greed over anything else. I will offer a reasonable solution to the agent that they accept our offer and form a new chain, but they will either pull out all together, or just hope someone comes and bids higher, in line with their imaginations.
I'd tell the estate agent that you're offer is only open until tomorrow. Don't go any higher if its likely to become a money pit. Its a waste of your time when you can keep looking.
The trouble with sellers like that, is if they get a better offer they will drop yours in a heartbeat and the chain will start again (One of my criteria was that the house is either chain free or only a 2 people in it at most).
The trouble with sellers like that, is if they get a better offer they will drop yours in a heartbeat and the chain will start again (One of my criteria was that the house is either chain free or only a 2 people in it at most).
Soldato
- Joined
- 15 Mar 2010
- Posts
- 11,537
- Location
- Bucks
An update:
The buyers accepted our offer for 430 in the end, and we had another look round with the seller and its just 2 bathrooms and wallpaper that all need to be refitted so not as big a job as first thought.
Our chain is 4 big and not really that complex.
Our buyers have sold their house to a buytolet person for full cash value which will be used to buy our house outright , we have our mortgage which is in the process of being finalised and the people we are buying from have already left and are renting through work as they have relocated.
So hopefully their aren't to many hiccups, supposedly we have literally the worst solicitor in the area though so plenty of room for drama.
An update:
The buyers accepted our offer for 430 in the end, and we had another look round with the seller and its just 2 bathrooms and wallpaper that all need to be refitted so not as big a job as first thought.
Our chain is 4 big and not really that complex.
Our buyers have sold their house to a buytolet person for full cash value which will be used to buy our house outright , we have our mortgage which is in the process of being finalised and the people we are buying from have already left and are renting through work as they have relocated.
So hopefully their aren't to many hiccups, supposedly we have literally the worst solicitor in the area though so plenty of room for drama.
Nice hopefully keeps running smoothly for you, Seems you will be the only major hold up in it all
An update:
The buyers accepted our offer for 430 in the end, and we had another look round with the seller and its just 2 bathrooms and wallpaper that all need to be refitted so not as big a job as first thought.
Our chain is 4 big and not really that complex.
Our buyers have sold their house to a buytolet person for full cash value which will be used to buy our house outright , we have our mortgage which is in the process of being finalised and the people we are buying from have already left and are renting through work as they have relocated.
So hopefully their aren't to many hiccups, supposedly we have literally the worst solicitor in the area though so plenty of room for drama.
Our chain was 4 houses and not complex....
In 24 hours it went from all good, to everyone in the chain needing to drop £1k to £2k, to totally collapsing, to being back on (with the price drops). Hope yours is smoother and much less stressful!
Solicitors seems to be the bane of any purchase, Why oh why!
So our Solicitors apparently contacted the Vendors solicitors mid July, By letter/fax/email and still yet to be contacted.
So they have been trying to get in touch with them past few weeks also now we are all ready to complete, We have asked the Vendor to also get in touch.
Vendors said her Solicitors have said everything is fine... What does that even mean!
They are using someone through DB Roberts/Purple Bricks, After some searching seem to use someone used "Premier Property Lawyers" that from reviews alone seem awful.
So our Solicitors apparently contacted the Vendors solicitors mid July, By letter/fax/email and still yet to be contacted.
So they have been trying to get in touch with them past few weeks also now we are all ready to complete, We have asked the Vendor to also get in touch.
Vendors said her Solicitors have said everything is fine... What does that even mean!
They are using someone through DB Roberts/Purple Bricks, After some searching seem to use someone used "Premier Property Lawyers" that from reviews alone seem awful.