Seems to depend on the agent. We looked at a house that i know they accepted an offer on but was still there a month later just not taking viewings. Other we offered on was off same day.
The nervous wait to exchange....
- Thread starter noj
- Start date
No, but it is useful to have a pipeline to the sellers agent using a solicitor.for photocopies of proof of funds etc.
Soldato
- Joined
- 18 Oct 2002
- Posts
- 8,305
- Location
- Aranyaprathet, Thailand
24th May to 07 August! Have exchanged contracts today after some heavy negotiation resulting in me having to drop 15K
but in all honesty I was expecting it to fall apart. Completion 1st September.Next step is emigration
24th May to 07 August! Have exchanged contracts today after some heavy negotiation resulting in me having to drop 15K
Next step is emigration
What was the reason for negotiation if you don't mind answering?
I hope it's not people taking the 'P' because they think the world is falling apart so should now get a discount on a deal that takes months to process.
To be fair lots isn't people it's the mortgage providers ..
Soldato
- Joined
- 18 Oct 2002
- Posts
- 8,305
- Location
- Aranyaprathet, Thailand
When the market is rising, sellers accept higher offers at the last minute. In a falling market, buyers know the seller does not want to re-start the whole damn process so they use anything in the survey report to demand a reduction. That's life.
Well ours has taken a sudden turn. Our sale and Purchase has been going on since Feb/March. No major anomalies just our buyers and who we are purchasing from taking an age to do anything. Anyway, last week our buyers threatened to pull out of purchasing our house, so we have had to agree to complete on the 24th Aug and Exchanged contracts on our sale today. Our onwards purchase are 'Aiming' to be ready to Complete on the 1st September but we are yet to Exchange contract.
Slightly worrying situation but I don't want to risk having to go back on the Market again... Prices have dropped since we sold and the Mortgage rates are terrible so we could end up waiting for ages to find a buyer and also lose the house we want to purchase. I've got a young family so this is a bit un-settling, but I'm not sure what else I could have done. I have been and continue to chase the Estate agents of my onwards purchase most days (they rarely return calls, etc). To be fair to my Estate Agents and my Solicitor (both local) they have been excellent, no complaints with them at all.
Now looking into storage of our possessions and somewhere temporarily to live. Blooming nightmare! Anyone else been in this situation?
Slightly worrying situation but I don't want to risk having to go back on the Market again... Prices have dropped since we sold and the Mortgage rates are terrible so we could end up waiting for ages to find a buyer and also lose the house we want to purchase. I've got a young family so this is a bit un-settling, but I'm not sure what else I could have done. I have been and continue to chase the Estate agents of my onwards purchase most days (they rarely return calls, etc). To be fair to my Estate Agents and my Solicitor (both local) they have been excellent, no complaints with them at all.
Now looking into storage of our possessions and somewhere temporarily to live. Blooming nightmare! Anyone else been in this situation?
You need to factor in the process started half a year ago and given the market dip it's probably not worth what they originally agreed. End of the day if it wasnt worth less and they were out of line the seller would just relist and get even more wouldn't they?
Soldato
- Joined
- 18 Oct 2002
- Posts
- 8,305
- Location
- Aranyaprathet, Thailand
House buying in the UK takes so long that generally there is always a difference between the value on the day of the offer and the day of the completion. In a rising market the buyer hopes the seller won't suddenly demand extra and in a falling market the seller hopes the buyer won't demand a reduction. This is the way.
And it's so uncertain right now that losing a buyer and restarting the sale process means relisting at a much lower figure. I'm not complaining. It's just economics.
I'd hope not very. It would be massively off putting. Similar to the current market i wouldn't want a buyer to reduce by £10k near the end.
Our Survey was done last Wednesday, had confirmation from the buyers this morning that they're happy with it which is a massive relief.
We both agree and I wasn't challenging your understanding btw. I was just trying to expand on your point, you sounded anti dday renegotiation, that from a moral (right word?) view point it's fine to not like it but logically the proof is in the pudding. If the seller accepts the price drop then it speaks to the property now being worth that or else they'd pull.
The risk of negative equity is real over the shorter term but if you're moving somewhere for the foreseeable £10,000-£50,000 here or there isn't going to matter much. Just take the price and get on with the move imo. I personally wouldnt try renegotiate and risk chains falling through unless I'd overpaid by a decent amount or I had other options as leverage.
I'm not sure on that point.
It's just you're almost held to ransom and they might decide it's worth taking the hit to carry on with everything they've been planning for the last 3 months, rather than have the hassle of going through the whole process again. Alternatively other sellers might just refuse at which point the whole chain collapses.
I think it's why we need a revision to the process where there's a financial penalty for people pulling out mid way through the process as is the case elsewhere.
Last edited:
Soldato
- Joined
- 18 Oct 2002
- Posts
- 8,305
- Location
- Aranyaprathet, Thailand
When the market was rising gazumping was common. If someone comes in at the last minute and offers another 50K, would you hold to your principles and stick with your original buyer or would you ask them for a little extra for you to not switch?
Oh yeah, i'm not saying i wouldn't be tempted, but i'm also saying it's a pretty crappy thing to do. Similarly i'd say it was the same on the buyers side suddenly reducing the price.
It's why i believe there needs to be more penalties except in extreme circumstances.
Disagree. It's not a deal until it's signed sealed and delivered.
The only logical process improvements would be speeding up the transaction phase ie shot clock on chain offers. End of day if its a deal breaker only source houses with no chain and immediate availability &/or move into rented first.
The only logical process improvements would be speeding up the transaction phase ie shot clock on chain offers. End of day if its a deal breaker only source houses with no chain and immediate availability &/or move into rented first.
There should be no need to take so long. We offered on a property end march and chain went to 5 long then people changed their minds. got surveys done, then another changed mind so only 3 in chain now. Then another changed mind. There was no mortgages involved either, its now months later and we are no further than we would have been in april. Nothing else has gone on the market within 5 miles though since then
Soldato
- Joined
- 18 Oct 2002
- Posts
- 8,305
- Location
- Aranyaprathet, Thailand
Chain-free is a wonderful benefit. In my case, my buyer is letting his current house and moving into mine and I'm just going to be catching a plane.