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help ive been gazumped but i think i have exchanged HELP HELP EMERGANCY
beauboutique
Posts: 15 Forumite
Hi there,
I am hoping someone will be able to help me tonight before its too late. I have had an offer on a reposessed house excepted offer was £81000 asking price is £84950 . I have done survey, mortgage ect ect. I was soppose to be compleating on Friday 10th july which is the 7th day of the notice of offer being in the paper.
Today weds 8th june the Ea came back that an offer had been made of £88000 , which seems high over mine.
The thing is i have signed everything at the solicitors all the searches have been done , the solicitor is holding my deposit and the building socity have had the money requested and it has gone allready.
As far as i am aware once contracts have been signed another offer cant be excepted , can it? Or have i not exchanged contracts?
Please help as my head is in bits. i Have allready paid out £1000 in fees and searches and surveys and will be very upset to lose out at this late date.
What can i do?
I am hoping someone will be able to help me tonight before its too late. I have had an offer on a reposessed house excepted offer was £81000 asking price is £84950 . I have done survey, mortgage ect ect. I was soppose to be compleating on Friday 10th july which is the 7th day of the notice of offer being in the paper.
Today weds 8th june the Ea came back that an offer had been made of £88000 , which seems high over mine.
The thing is i have signed everything at the solicitors all the searches have been done , the solicitor is holding my deposit and the building socity have had the money requested and it has gone allready.
As far as i am aware once contracts have been signed another offer cant be excepted , can it? Or have i not exchanged contracts?
Please help as my head is in bits. i Have allready paid out £1000 in fees and searches and surveys and will be very upset to lose out at this late date.
What can i do?
0
Comments
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Signing and exchanging and not the same thing. Sounds like you have signed only. You can either match the offer or pull out.0
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David is correct, the sale is not legally binding until the contracts have been exchanged. Unfortunately this is the risk with Reposessions as the Lender will want to make sure they get as much money as possible.
Can you match the offer? Do you want to match the offer?My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
Right i see, so on friday i would be exchanging and compleating in the same day.
I have put an offer of 85000 in which the ea says he will fight to get accepted . As i am so near to compleating he thinks it could work...im not so sure now.
This house has gone around in these circles 3 times allready with different buyers and he seems to think that the repossesion company will have to have a debate as to what to do...is this true0 -
i can match his offer but if i dont have to i dont really want to ..lol0
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beauboutique wrote: »i can match his offer but if i dont have to i dont really want to ..lol
Ok.....this is what you do.
Tomorrow you contact your Solicitor to find out where you are with regards to exchanging.
Ask you Solicitor to write/email the Lender's solicitor and make it clear that you are only days away from exchanging.
Ring the EA and reiterate that your position is extremely strong and you are prepared to pay X amount and can exchange/complete on Friday. Make sure that they are conveying this to the Lender!
If the Lender is messing about then I would walk away.....there are lots of properties out there.My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
Right thanks for that Miss motivator.....i will do this first thing tommorow.0
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Im really annoyed at myself as i have been so strong up untill today when i thought i could breath a sigh of relief....How wrong was i x0
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You're telling us that a higher offer has been made, but the question is has it been accepted?! At this point, if you are ready to exchange, it *may* not be enough that the lender chooses to wait another 4 weeks or whatever for the next buyer.
Fingers crossed for you that your revised offer is still okay for them!Everything that is supposed to be in heaven is already here on earth.
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they have said they will accept the other higher offer unless i can close the gap....what a farce....so near yet so far
thanks0 -
I know exactly what you are going through...
The next few days will be tense but I'm sure it will be worth the fight.0
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