i really need some help/advice please

rach!_3

hi all
have had some ups and downs on this and now nothing is happening.
firstly the d.i.p. said we could borrow £84,575 we were told find a house make the offer get it moving, found a house made the offer, offer accepted ( i should add now so you know as much as poss, we are doing it with 10% gifted deposit) anyway gets to surveyors they survey wrong house they agree to survey right house for "free" but halifax say after recieveng actual application they can only lend £70,000. 2 weeks ago tomorrow i sent a letter to vendor explaining this and asked her to contact me, EA contacted us left answerphone message(on the friday) so my partner rang back and was told someone would call back monday no one did so he rang on tuesday, were told she wouldnt make a decision until we had spoken to EA's FA to see if this was definately all we can get. So he seemed satisfied that we arent pulling a fast one which is why we assumed we had been told this, our FA put letters through vendors door and EA's door stating this is our offer (this was thursday last week, so another week has passed). We havent been informed of any decision yet, but the sold sign is still on and on the website it still says sale agreed.
have tried emailing and got no reply (this may sound daft but...............i darent ring the EA as the manager which is who i always get put onto is really not a nice person and makes me feel rubbish to be honest) i am thinking of ringing the manager at a different office who is also the EA's FA and asking him to find out for us.
have been advised by a friend who had almost the same situation to give them a timescale of when we want an answer by, as we want to move before xmas if possible and if she turns it down can at least go private for the time being to get my kids off this estate.
our FA's advice now is to find another house and say nothing to vendor until we move but i really want this house and as it has come so far im sure it can go ahead quicker if we get a decision.
im sorry if this post makes no sense and seriously hope it does make sense as i really need advising as to what to do next.

facingthefuture

Please read this before you do anything else.....
http://www.housepricecrash.co.uk/forum/
lots of mortgage brokers, bankers etc on this

pawpurrs

Take a deep breath, and ring the EA or even better pop in there, and apologise for messing the vendor around, you are serious about buying the house, and realise that its a dissapointment that your mortgage lender has refused to lend you the amount as agreed, however you need to know if this deal is going ahead or not, otherwise you need to sort out whether to rent somewhere new, or to start viewing properties again.
I dont understand why the vendor cant make a decision?

rach!_3

what should i do? post this post onto there too? thanks this was for facingthefuture

thanks pawpurrs im wondering if she has but for some reason we arent being told?

pawpurrs

If you dont want to ring, I would be happy to, used to dealing with situations like this, all you need is a yes or no answer how hard can that be?

izzybusy23

rach! wrote: »

what should i do? post this post onto there too? thanks this was for facingthefuture

thanks pawpurrs im wondering if she has but for some reason we arent being told?

Only if you have balls of steel and are ready to take all the knocks in the world.. because the guys on HPC do not mince their words.. but they are very informative, with one of the regular guys on there quite often doing interviews on TV with regards to house prices.

rach!_3

would you really? im really not confident about dealing with the manager there and this who i end up speaking to

facingthefuture

Hey this is way too important to be scared to get the advice of people that are independent and actually know stuff. The problem you have is that all the people from your estate agent to the solicitor and bank GET something out of you if you buy this house. The guys on the forum do not benefit, their advice may be a bit brutal but boy it could save you an absolute fortune. Please post on it and read the other threads - get a feel for whats really going on. Then if you want to go ahead they will no doubt give you advice how to achieve this - at least you will be informed.

F_T_Buyer

Rach, your post was merged with the pinned thread on the other forum: http://www.housepricecrash.co.uk/forum/index.php?s=&showtopic=69463&view=findpost&p=1424321

Personally, I would stand back and wait. If the house is down valued for you, it will be down valued for everyone. Don't let EAs bully you around, and don't be bullied into the purchase.

If need be, send a letter to the vendor and EA with your lower revised offer. Clear state this is based on the surveyors valuation, hence that is what it's worth.

pawpurrs

The house was not downvalued, as I understand it, the banks just were not prepared to lend the couple the amount that they originally stated.
The problem is that they have lowered their offer and are awaiting to hear if this is acceptable to the vendor, or not.

Richard_Webster

If there's a 10% gifted deposit then any sensible lender will automatically downvalue the property by the amount of the gifted deposit. If the seller could sell without a gifted deposit he would do so.

As I understand it, OP got a decision in principle for a specific amount that assumed that OP had a 10% deposit and could afford to buy a property for mortgage amount x 10/9. Gifted depsoits have to be reported to lenders by solicitors and whilst these used to be accepted by lenders anxious to keep market share of lending, they are now being much more cautious. OP's answer would be to save.