To those selling in these difficult times

Pee

Aw, Pawpurrs. It seems to happen like that...(like the tax and the tyres on the car at the same time.) I hope you have better news soon.

sarah_elton

MortgageRescueNetwork wrote: »

Sarah, you can sign AST for nominal amount of £10pcm.
This is acceptable in law and protects your position.

If you are hoping to stay longer than 6 months, you will need a right of renewal built into the AST to protect your tenancy.

Kind Regards,

Phil Martin

Thanks Phil - have spoken to my buyer and he had realised the issue with zero rent as I had. He has suggested a nominal rent of £50/month (and paying us 300 quid more for the flat). This is nicely above the legal minimum (apparently the Housing Act specifies a minimum rent of £250 per year to qualify as AST) so I think will work for us.

QTPie

bootalishus wrote: »

hi
can't quite believe it - exchanged today. It has been 21 weeks since we accepted the buyers offer and he has been the worst buyer ever. He is not selling and we are not buying (going to rent) - had 2 surveys on a new house all ok then gazundered us, then decided to apply for a different mortgage (so another survey) as one he had wouldnt reduce rate, then waited 2 weeks for him to pay his 10% to solicitor to exchange. Still in shock it has finally gone through I hope this gives someone some comfort as I honestly believed we would never get to this point.
We will definately be popping the cork on a bottle of champagne tonight.

Congratulations, sounds like hell! I bet you need a drink!

We were gazundered mid-Janaury - the shock, principle and being in the middle of a ski holiday in Colorado at the time, meant that we didn't negotiate at all and the sale fell through... BUT they did want a price reduction of £40k AND, to be honest, I think that they wanted out anyway...).

Well after being back on the market for a couple of weeks, and not a PEEP out of anyone, we have a viewing this Saturday. I have asked what the viewers' situation is (preceedable), but nothing back from the EA yet.... We will see - it is a start. AND just as I was beginning to seriously give up (have spent the afternoon talking to a mortgage advisor about BTL and possibly releasing equity that way - which turned out a LOT more favourable than I expected!).

Depending on how this viewing goes, may well spend the £99 application fee to get the process for a BTL mortgage (which will release equity) going anyway...

QT

Nikki

bootalishus wrote: »

hi
can't quite believe it - exchanged today. It has been 21 weeks since we accepted the buyers offer and he has been the worst buyer ever. He is not selling and we are not buying (going to rent) - had 2 surveys on a new house all ok then gazundered us, then decided to apply for a different mortgage (so another survey) as one he had wouldnt reduce rate, then waited 2 weeks for him to pay his 10% to solicitor to exchange. Still in shock it has finally gone through I hope this gives someone some comfort as I honestly believed we would never get to this point.
We will definately be popping the cork on a bottle of champagne tonight.

This sounds almost identical to the way our sale has gone but we are also buying. Our buyer gazundered us last week after they were asked for dates for exchange and completion -they've strung us along for nearly 4 months and would have continued to do so if they'd not been pushed for dates. Due to exchange tomorrow, still not convinced it's going to happen.

pawpurrs

Crikey its all go here!
Did you accept the gazunder Nikki?
Congrats Boots, glad it has worked out for you in the end.
Thanks Pee.

Davesnave

Nikki wrote: »

This sounds almost identical to the way our sale has gone but we are also buying. Our buyer gazundered us last week after they were asked for dates for exchange and completion -they've strung us along for nearly 4 months and would have continued to do so if they'd not been pushed for dates. Due to exchange tomorrow, still not convinced it's going to happen.

Mmm, we were sort of gazundered after 4 months near the start of our long battle to sell, though in our case they wouldn't discuss money directly and just said they'd 'lost' their(125%???) mortgage. Probably true, as we subsequently learned it was with Northern Wreck. We thought perhaps they were having rows because he needed to give up his bachelor pad to afford the house at all. It was only later, when they came back demanding a big reduction that we understood. By then we had another buyer, who subsequently pulled-out, leaving us all with red faces!

And to answer Lou's question, people will waste your time even if they know the area backwards; it's their own minds they don't know! Our third buyers lived 50 metres from our back gate, negotiated really hard, agreed a very favourable price and then pulled out because the school catchment was 'wrong.'

Pawpurrs, I'm sorry you and your DH are having such a tough time of it just now. Without going into detail, I remember having the same kind of experiences in 2005 and wondering what I'd done to deserve it and when it would all end. Needless to say, things did improve, so although selling two houses in the following years became a total pain in the rear end, that was still better than my 'annus horribilis.'

Finally, the EA asked us ever so politely today if we'd allow a viewing of our rental house next weekend. We didn't have to agree, but I decided to make an exception just for a laugh. Most of the house looks a damned sight better than it did when we moved in, but there is one huge room filled to capacity with all our spare stuff and the garage is like a mini Grand Canyon, filled to the ceiling with boxes, appliances etc with just a 2' channel in the middle to squeeze through. I wonder what they will make of that. Nothing in storage any more though - We're Pickfords free!

Nikki

pawpurrs wrote: »

Crikey its all go here!
Did you accept the gazunder Nikki?
Congrats Boots, glad it has worked out for you in the end.
Thanks Pee.

We didn't feel like we had much choice, there are no guarantees we'd get a new buyer or a better offer. TBH we are just sick of the whole thing and just want to get out of here, it would have been nice to say get lost but the move was more important to us. It was a 25k gazunder having already dropped our price 65k. We'll see what tomorrow brings.

QTPie

Nikki wrote: »

We didn't feel like we had much choice, there are no guarantees we'd get a new buyer or a better offer. TBH we are just sick of the whole thing and just want to get out of here, it would have been nice to say get lost but the move was more important to us. It was a 25k gazunder having already dropped our price 65k. We'll see what tomorrow brings.

God it is awful... I really feel for you and hope it goes through.

How much was the accepted offer (before the gazunder) if you mind me asking?

Our house had an asking price of £459k, we accepted £420k (I had really been after £430k - an identical house, and ours is in immaculate condition too, sold for £465k 3 months earlier). Then - only a month after the offer (they had wanted to complete within 7 weeks of the offer - their condition of sale) - they stalled the valuation and demanded a reduction to £380k. I was in absolute shock and - as a person of strong principles (I wouldn't dream of doing it to anyone else) - we refused to negotiate. They were "odd" buyers and I have a feeling that they had gotten spooked by the media reports over the Christmas period (and lost sight of why they wanted the house in the first place). I am pretty sure that they would have pulled out anyway: the £40k price reduction was "do or die" - they were probably quite relieved that we refused...

Do you think yours was an "intentional"/planned gazunder? Do you think that they had planned it all along? I hope not - I wish very strong karma on people who do that... :mad:

Will keep my fingers crossed for you Nikki - hope it all turns out well tomorrow.

Good luck
QT

Nikki

QTPie wrote: »

God it is awful... I really feel for you and hope it goes through.

How much was the accepted offer (before the gazunder) if you mind me asking?

Our house had an asking price of £459k, we accepted £420k (I had really been after £430k - an identical house, and ours is in immaculate condition too, sold for £465k 3 months earlier). Then - only a month after the offer (they had wanted to complete within 7 weeks of the offer - their condition of sale) - they stalled the valuation and demanded a reduction to £380k. I was in absolute shock and - as a person of strong principles (I wouldn't dream of doing it to anyone else) - we refused to negotiate. They were "odd" buyers and I have a feeling that they had gotten spooked by the media reports over the Christmas period (and lost sight of why they wanted the house in the first place). I am pretty sure that they would have pulled out anyway: the £40k price reduction was "do or die" - they were probably quite relieved that we refused...

Do you think yours was an "intentional"/planned gazunder? Do you think that they had planned it all along? I hope not - I wish very strong karma on people who do that... :mad:

Will keep my fingers crossed for you Nikki - hope it all turns out well tomorrow.

Good luck
QT

Yes I believe it was planned as there had been several jokey comments about lower prices in different conversations over the months. Agreed price was 225k. I think as we too have strong principles, we find it hard to get how people can be like that.

QTPie

Nikki wrote: »

Yes I believe it was planned as there had been several jokey comments about lower prices in different conversations over the months. Agreed price was 225k. I think as we too have strong principles, we find it hard to get how people can be like that.

So, similar to us, they basically gazundered you an additional 10%...

So, so, so underhanded.

I hope it all goes through for you and that karma comes to bare on your buyers at some point... (and very good karma for you ).

QT