My Worst Nightmare!!!!! Help

Darth_Marty

Jesus there is some bad advice on here, for a start dont go !!!!ing about with changing your offer last minute, thats a sure fire way to lose any chance of getting the property, only do that if the survey shows some bad news you were unaware of, otherwise dont bother!
Just sit tight and get your solicitor to exchange asap, that can be done real quickly if its a must, thats all id concentrate on and even if someone offers more (as long as its not a lot more) they will stick with you as you are exchanging very soon.
Trust me on this.

TopKat*1

Thanks Darth Marty, I am trying to push things through as quickly as possible, the valuation is going to be done today, and the solicitors said they are just waiting for the contract from the vendor. So you think they wudnt accept a higher offer of say 1k as we have started proceedings would it have to be a more substantial amount of 5k

socrates

TopKat*1 wrote: »

Thanks Darth Marty, I am trying to push things through as quickly as possible, the valuation is going to be done today, and the solicitors said they are just waiting for the contract from the vendor. So you think they wudnt accept a higher offer of say 1k as we have started proceedings would it have to be a more substantial amount of 5k

Darth Marty I agree with you on using the survey as a leverage tool.

To a certain extent it seems to me that the OP is not an experienced enough buyer to be messing with the numbers.

However the advice given is not bad advice half the people agree with you and half do not.

Personally in this market and with all facts in front of me I would find out the lenders bottom line and offer near to that.

Are you saying that a lender who is owed say £142k - and this offer was dropped to that on the day of exchange with everything in place would walk away from the deal and start all over again?

Lil_Dee_2

When I purchased a repossession, the seller was unbelievably stupid (and yes, it was a big financial institution !!)

They had been waiting for 3 months for the original guy to get a mortgage (he was having problems) His offer was £110k. I came along, steady job, deposit and mortgage in principle, and offered £112k. They accepted my offer. Two days later, the original guy offers £113k. They accept his offer. :mad: :eek:

I was in turmoil....I couldn't believe they passed up my offer for another measly £1k !!! But they did. In the end, I offered £115k. He matched the offer...and the seller basically said first to sign the contract gets the house.

I would be verrrry wary of trying to lower the price last minute, as you never know what the seller will do. Just my two-penneth worth.

Personally, as it stands, I don't think you have much to worry about with the sale as it's going as it should be at this point.

Good luck with it TopKat*1 :T

TopKat*1

Thanks Lil Dee

I am just so nervous incase it falls through as I feel we have had a bargain, house was up at 185k in Sept, dropped to 175k in Nov dropped to 165k in Jan, we offered 140k in Jan - rejected, waited a month saved a bit more, offered 145k last week it was accepted. It was left on the website at 165k for the last week with it saying sold stc still view then yesterday they reduced it to 145k on the website and i am worried this is going to attract people in their shed loads??????

MX5huggy

Hang in there TopKat you will be fine, have you chased up that the valuation is happening today?

TopKat*1

Yes i feel like a nag i am ringing people all the time ha

but will people still view it or do u think as it says sold stc still view it will put people off, i know it would put me off as u more or less know ur gona have to go above asking price (i know in this case its cheap) but still people wont want a bidding war in this climate surely

hethmar

All repos have to be advertised in the local paper saying how much has been offered and inviting higher offers. Offers can be made right up to exchange of contracts.

You have 28 days to complete and if you have every thing in hand like mortgage offer, survey done, solicitor instructed, its doubtful they will accept another offer (even if its higher). Good luck and try not to worry.

MX5huggy

TopKat you can't do anything about other people, SSTC would put me off. Only people the the money lined up could put in an offer that would be taken seriously. There clearly has not been people offering 150K etc else it would have sold before.

TopKat*1

Thanks Hethmar but I just feel if they didnt want more for it why have they reduced it on their website, I feel they are giving it one more go to see if they can get more for it