It's great that they're keen, but they're not in a position (yet) to buy your house, so I defo wouldn't accept an offer.
The nervous wait to exchange....
- Thread starter noj
- Start date
Do you mean mortgage valuations? They would be cash buyers...
Incidentally their property is similar cost to mine and also mentioned a six figure cash inheritance float. For that reason i dont think the issue would arise.
My only concern would be the speed at which their house sold. Whats peoples thoughts on stamp duty levy being extended? I presume if it didn't prices would drop so it doesnt really matter either way.
Soldato
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No one here will likely be able to answer that.
Given the facts at hand, you should proceed on the assumption it won't be extended.
Yes agreed.
I think I would be ok to proceed based on that risk. In my mind, if it isnt extended, property prices wont hold and thus may get a reduction to cover the 15k stamp duty saving on a 500k property.
Struggling to find something I like for 500k which sounds ridiculous! (a nice problem to have, i suppose)
Soldato
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I cant see the stamp duty being extended. However, if there property take ages to sell (after stamp duty cuts) would they reduce there price?
The big question! Thats one ive discussed with mrs buff man and Ill be sure to ask them
.Thats the critical one for me.
It seems the manager who I originally dealt with 'no longer works for the company' and I'm waiting for an interim one to call me back.
Soldato
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The big question! Thats one ive discussed with mrs buff man and Ill be sure to ask them
Thats the critical one for me.
I would still keep it on the market though, dont forget the longer its delayed you will have to pay stamp duty after March and theres no guarantee they will buy your property until contracts are exchanged.
When you say "keep it on the market" do you mean sold STC?
Im selling thru purplebricks.
Nope, if you do that and they can't sell you've lost out potentially. I would thank them for their offer and say that you accept it in principle but that they need to have a solid offer on their property in order to proceed to sold stc.
Associate
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We just put our house on the market, its been rented out for nearly 2 years, but we now want to get rid and buy where we currently rent ourselves......
Fingers crossed it moves quick!
Fingers crossed it moves quick!
Soldato
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Depends what you wanna do, if you drag out till after March then both you and your buyer will end up paying Stamp duty so then will this affect the amount that is offered? If i was in your position i would probably keep it on the market not as "STC", ultimately you and the buyer do not have a binding contract until exchange so you could end up waiting until Jan 21 and then they pull out of the sale. Depends how desperate you're to sell.
Sorry to hijack but why would a vendor lose out by taking their property off the market? A flat near me allegedly sold on the first viewing and the vendor asked for her property not to be taken off the market. Confused!
The reason not to ‘take it off the market’ is because the offer isn’t able to be taken forward or the vendor is holding out for more money.
I’d never entertain a vendor continuing to actively market the property after accepting my offer. I’d just move on as the chances are they are going to be a pain to deal with or they’ll get a better offer at the 11th hour after you have spent a load of cash on your due diligence checks.
I’d never entertain a vendor continuing to actively market the property after accepting my offer. I’d just move on as the chances are they are going to be a pain to deal with or they’ll get a better offer at the 11th hour after you have spent a load of cash on your due diligence checks.
Soldato
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If its taken off the market better known as "Sold subject to STC) that means the estate agents wont entertain any more offers for that property. The seller would lose out if they cant proceeed by Mar-21 with the stamp duty exemption.
Soldato
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Mortgage approved pending valuation. This needs to hurrrrry up. Really want to be in new house ASAP.. Been dragging on since January.
Well, I've just done it and bailed out on our purchase. Tried to get a firm completion date for next week and got back the same waffle about waiting to hear about a dependent purchase. I've been asking repeatedly for concrete answers about the state of the chain and never got a straight answer.
Weird to let go of something with so much time, money and mental energy invested in it. But I'm much more confident that the new property is going to complete in a sensible timeframe.
Weird to let go of something with so much time, money and mental energy invested in it. But I'm much more confident that the new property is going to complete in a sensible timeframe.
Soldato
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Believe me, there is no such thing as a sensible time frame these days. You're talking six months minimum on any purchase now. Unless you are very lucky indeed.
This vendor is very pregnant and wants out before the kid appears, and is prepared to move in with parents to make sure the transaction completes on time....so I am cautiously confident.