House Sale - How long left?

spiretishappy · 18 May 2017 at 1:11AM

Hey all

My father inherited a house and managed to find a seller around the 20th of Feburary this year.
He said that it's apparently a cash sale although they have used an Estate agent.
On the 28th the sale left the estate agents hand and moved to the Solicitors
On the 5th he recieved a letter saying that his solicitor is in contact with the buyers and has asked for some details about the house
On Monday called and they said that they are waiting for a date of completion to be decided on.

How long do you guys think is left on the sale to be completed?
I've read solicitors can take a very very long time and my father isnt the best at calling them and staying informed.

I'm receiving some money from the sale and me and my girlfriend are taking the step to get a place to live.
Considering it's not my money i'm finding it hard to find out about the sale as i dont want to come across as a pest and be rude.

This period of being in limbo is hard as we cant time our move yet. :money:

Thanks guys

eddddy · 18 May 2017 at 8:33AM

I guess you mean the buyer is a cash buyer - i.e. they don't need a mortgage.

However, do they have to sell a property in order to buy your father's house? If so, that sale (and any chain below it) will govern the speed of the transaction.

It's the estate agent that does 'sales progression' (i.e. chasing the buyer and seller), not the solicitor.

So you or your father should be asking the agent to check with the buyer how things are progressing.

The agent can also ask each party when they would like to complete - and then your father can inform his solicitor accordingly.

(But bear in mind that agents often put a 'positive spin' on information, so factor that in to your assessments.)

Cakeguts · 18 May 2017 at 12:53PM

I don't understand the bit about cash sale and using an estate agent? Do you mean that your father used an estate agent or the person buying has used a buying agent?

Someone offering cash does not have to sell a property first. A cash sale means that the person buying a house has got all the money needed to buy the property in the bank now ready to be paid out.

If the person buying the house has to sell a property first to get the money then this is a normal transaction it just means that the person buying your father's inherited house doesn't need a mortgage. They are not a cash buyer because they are relying on a sale to get the money needed.

A cash buyer would be better because then the only people involved would be your father and the buyer.

You need to see if you find out what it actually is that is going on. If it is a genuine cash buyer this will probably be quicker if it is someone who has to sell a house first then that could mean a long chain and so could take much longer.

G_M · 18 May 2017 at 1:13PM

'Cash buyer' can be used to describe different things:

* paying cash ie not getting a loan or mortgage, but has to sell a property to get the cash
* paying cash ie not getting a loan or mortgage, and already has the cash sitting in their bank

In some cases, people also use it for
* Do not need to sell a peoperty so no chain, but getting a mortgage

Confusing eh?

As the delays & timeframes will be different for each, you need to know what they mean.

And whichever it is, there could be other reasons for delay arising from legal searches, probate on the property, structural survey etc

So the answer to

House Sale - How long left?

is "Between 2 weeks and 6 months."

spiretishappy · 19 May 2017 at 2:10AM

G_M wrote: »

'Cash buyer' can be used to describe different things:

* paying cash ie not getting a loan or mortgage, but has to sell a property to get the cash
* paying cash ie not getting a loan or mortgage, and already has the cash sitting in their bank

In some cases, people also use it for
* Do not need to sell a property so no chain, but getting a mortgage

Confusing eh?

As the delays & timeframes will be different for each, you need to know what they mean.

And whichever it is, there could be other reasons for delay arising from legal searches, probate on the property, structural survey etc

So the answer to
is "Between 2 weeks and 6 months."

Apologies for the lack of information. I'm receiving information second hand so i'm afraid i don't know too much.
What i believe has happened so far is:
I do know the buyer has bought to resell and won't be getting a mortgage.
Everything left the hands of the Estate agents two weeks ago.
Legal Searches have completed.
Last week i believe Structural Survey questions were answered.
Like i said i’m hearing second hand so i’m not 100% on everything.

The Solicitor also said he doesn't believe it will be much longer.
He’s apparently calling today so hopefully i’ll get some more information
It’s hard because i don’t want to pester and seem ungrateful over a situation that is due to a family loss.

Thank you :money:

martindow · 19 May 2017 at 10:57AM

spiretishappy wrote: »

Everything left the hands of the Estate agents two weeks ago.

The agents may have passed details to solicitors but they are very much involved as they won't get their fee until the sale goes through. As others have said it is a good idea to ask them how things are progressing.

spiretishappy · 19 May 2017 at 9:25PM

He rang today they said they are waiting on the buyers solicitor to respond with a closing date.
He's happy with all of the answered questions and such.
Hope its not too much longer now then

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House Sale - How long left?

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