So how would you play it? House sale question
If they “must” have it, then they “must” come up with the formal mortgage offer and proof of deposit, then you can play with them.Posted 4 years ago
Otherwise they’re just another dreamer with the potential to ruin your sale. It’s business, you don’t need to be friends with them and go for long walks into the sunsetplumslikerocksSubscriber
all the above +1. There is no room for sentimentality in the property game. Buyer can legally walk away without it costing them a penny right up until exchange of contracts. If she’s mid-divorce I would suspect it almost certainly will not wrap up as quickly as she’s expecting. Estate agents and solicitors will do bugger all to help you out if it gets sticky either.
I can’t imagine she will pay a non-refundable deposit large enough to cover your expenses if you lose the house you want…..
Also, although you could state that a deposit was non-refundable, a wily property lawyer would take all of about 5 minutes to accuse you of non-disclosure of a minor something or other, making the original agreement void.
I know this because my wife’s uncle is one such lawyer who serially makes his wife happy by committing to buy houses, then (when the excitement is over) pulling out at the last minute by citing minor details.Posted 4 years ago
Our house has just gone on the market and someone viewed it tonight and fell in love with it.
From what she’s said, she *must* have it but isn’t in a position to buy for two months, having just divorced – she says she has a mortgage in principle but they need to see three maintenance payments go in before they will proceed (she’s had one, so two months to go).
She has even offered to pay us a deposit to take it off the market.
Thing is, the house we want is part-owned by a bank and they want a quick sale so I am concerned that if we don’t act quickly we could lose out.
Thoughts anyone please!Posted 4 years agotonydMember
Talk to the vendor of the house you want to buy, if they are prepared to wait that long and commit to you then ask her to put up a large and non-refundable deposit. Have this all drawn up through solicitors.
The vendor (bank?) may be happier if you put all or a part of the deposit she pays down on the house you want to buy and make that non-refundable too. That way you’re all committed.
If the bank won’t wait two months (plus however long the rest takes, another 2 months?) then explain your situation to the lady and keep the house on the market.
Where in the country are you? What is the housing market like there? Where we are everyone is partying like it’s 2007 unfortunately.Posted 4 years agodannybgoodeSubscriber
Until contracts are exchanged the buyer can pull out at any time – end of. As can you.
Her solicitor **must** tell her that she should not pay a deposit until contracts are exchanged.
Nothing is binding until that point (unless you’re in Scotland of course then its a whole different set of rules) and to hand over money early is fraught with dangers and complications.
Accept her offer, get the ball rolling and tell her if she wants it you need exchange of contracts within two weeks.
Yes, it normally takes between 6 and 12 weeks to reach exchange but her solicitors, if paid enough money, should be able make it happen.
May be delays a) if there are complicated convenants on your property and b) if you property is leasehold.
I used to work in a conveyancing office and if paid enough I have seen offer to completion within 48 hours but it means the solicitor involved dropping all their other cases and working on it 14 hours a day. Hence the cost.
Your solicitor has to do very little as the selling solicitor so should cost you as much.
Danny BPosted 4 years agototalshellSubscriber
can only echo the above.. one person has said they d like to buy your house.. i’d like world peace.. they say they have to wait 2 months to prove an income.. and already the excuses have started..tell her its hers unless you get better offer ( ie one from somebody who has an income and is able to complete the purchase..)
keep that for sale board up and tell the estate agent to send solvent purchasers not dreamersPosted 4 years ago
Well it all warmed up – she offered £250k (we are on at £270k). We rejected straight away. She came back with £260k so we are ‘considering it’ overnight.
She still seems keen and the seller of the house we want is very keen to sell so fingers crossed.
And no, no cellar 🙂Posted 4 years ago
And a second wasp nest. And fixing one toilet cost £100 (and the whole lot gets ripped out next month). We’ve cordoned off the other one as that is bring renovated soon too.
And the blinds I bought don’t fit properly and I’ve botched them.
I hate moving in but I love the new house.
Time for Henry Westons Cider…Posted 4 years ago
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