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Nanao_2
Posts: 55 Forumite
Hello, it's me again with more questions!
OK so we have made an offer on a property and it was accepted. At the time we told the EA the property had to be taken off the market as part of the offer and this was agreed.
A while later we had a call from the EA wanting to sell their mortgage and he said that the vendor doesn't want to take the house off the market unless we arrange a survey or speak to the EA about their mortgage offerings which show that we're serious?? I know the vendors seemed quite keen on selling as they needed the money, but this doesn't sound right to me.
What do we do now? We don't have a conveyancer arranged yet as its the weekend, got some online quotes but need to speak to local firms early next week. Should we be firm and put our offer down in writing, and state that unless the house is taken off the market we will retract our offer? I just don't want to start arranging for everything if there is a possibility of being gazumped.
OK so we have made an offer on a property and it was accepted. At the time we told the EA the property had to be taken off the market as part of the offer and this was agreed.
A while later we had a call from the EA wanting to sell their mortgage and he said that the vendor doesn't want to take the house off the market unless we arrange a survey or speak to the EA about their mortgage offerings which show that we're serious?? I know the vendors seemed quite keen on selling as they needed the money, but this doesn't sound right to me.
What do we do now? We don't have a conveyancer arranged yet as its the weekend, got some online quotes but need to speak to local firms early next week. Should we be firm and put our offer down in writing, and state that unless the house is taken off the market we will retract our offer? I just don't want to start arranging for everything if there is a possibility of being gazumped.
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Get a move on with the survey. It shows them you are a serious buyer. Then if it continues, I would drop a note to the vendor saying their agent are endangering the sale by pressure selling products you neither want nor need. Do you have a mortgage sorted yet?Been away for a while.0
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Why haven't you organised your own mortgage already if an offer has been accepted? When I had my offer accepted on my house, we applied through the Post Office for a mortgage that same day, the valuers were in a couple of days later and we instructed solicitors that same day.
It showed the seller we were serious, that money had been paid out and things were moving.
My brother had a similar issue to you, they had an offer accepted on a house then faffed around for a week picking a mortgage product and a solicitor. They were inundated for the week by the EA offering their legal services and MA.
Yes the legal services are crap and the MA will look at a limited number of companies and advise accordingly, but at the same time the EA is doing all they can to push you in the right direction. As soon as a valuer is instructed and you say my mortgage is with xxxxx and my solicitor is yyyyyyy then they'll leave you alone.
I agree taking the house of the market may have been a condition, but you've given the seller nothing but doubts
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Thanks for the advice, the offer was just accepted yesterday. Mortgage hasn't been sorted yet, although we do have an AIP with a bank (for backup). I spoke to my MA who is looking into mortgage products for me and will be contacting me tomorrow with what she has found. In the meantime I have been checking places that don't offer deals through brokers, and am tempted to apply to FD. But I just want to see what she has before I apply.0
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Personally, you seem too eager. The market is not the greatest at the moment. Is the house reasonably priced, or cheap? If not I would back away, wait a month then offer £20k at least less, just because they are so awkward, and you can because you have the cash. Then again ask them to take it off the market.
Sales and viewings are less in winter and it is not that far away.0 -
20k is a big reduction in % terms on most properties. The market might not be the greatest at the moment but how do you arrive at an offer of £20k less in a month without knowing the price offered already or whether it's reasonably priced or cheap to start with?Personally, you seem too eager. The market is not the greatest at the moment. Is the house reasonably priced, or cheap? If not I would back away, wait a month then offer £20k at least less, just because they are so awkward, and you can because you have the cash. Then again ask them to take it off the market.
Sales and viewings are less in winter and it is not that far away.0 -
personally, i wouldn't have a problem seeing the EA's mortgage advisor if it will make the vendor happy. you are under no obligation to arrange your mortgage through them but if it will confirm to the seller that you are good for the money then it can't do any harm. Having said that, if you have an agreement in principle that should suffice. Have you shown it to the EA?0
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20k is a big reduction in % terms on most properties. The market might not be the greatest at the moment but how do you arrive at an offer of £20k less in a month without knowing the price offered already or whether it's reasonably priced or cheap to start with?
£20k is just a figure. Often when bidding, it is much better to start at a low end and add a bit on, than at the top end and negotiate for a reduction.
The seller seems to be either desperate/greedy/someone is being played by not taking it off the market. I'd try and play someone like this, as many buyer have also put in a good bit of money and time then found the sale has fallen through.
Another chance for the possible reduction £ is the survey
I would use the EA's mortgage advisor and also contact http://www.moneysupermarket.com/mortgages/ plus some other free ones for the best deal.
BTW when I bought my property a few years back, I did ask for 20k off the asking price, but only got 17.5k
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From a seller's point of view, it is sensible to leave the house on the market until the survey has been done. Until that point the seller doesn't know if the buyer is serious and/or whether they can get a mortgage.
When I sold my last place the buyer faffed around for four weeks and then pulled out because she couldn't get a mortgage. The next buyer took 4 weeks to organise a surveyor and solicitor, and only proceeded because I instructed the EA to start actively marketing the property again.
The best thing to do is to get a move on and get the survey done, and then the sellers will know you are committed.I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0 -
zzzLazyDaisy wrote: »From a seller's point of view, it is sensible to leave the house on the market until the survey has been done. Until that point the seller doesn't know if the buyer is serious and/or whether they can get a mortgage.
When I sold my last place the buyer faffed around for four weeks and then pulled out because she couldn't get a mortgage. The next buyer took 4 weeks to organise a surveyor and solicitor, and only proceeded because I instructed the EA to start actively marketing the property again.
The best thing to do is to get a move on and get the survey done, and then the sellers will know you are committed.
I totally agree, and I wouldn't take it off the market until the survey is done and agreed on.
But also depends on the vendors principals, as I wouldn't be looking to the EA to continue to push my property if it was in that situation, but some vendors would still be pushing for a better offer elsewhere.0 -
If they really want you to see the MA, then maybe do so. Go in with a list of decent deals for your LTV band, for instance no MA (not even a proper one) can come close to matching the Post Office at 10% LTV
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