help me please I,m so thick

saracox

had offer on my mothers house on Friday. we accepted the offer then today EA rang to say the young couple who wanted the house are having problems getting a mortgage for my mums house because its PRS Constructed don't know what the hell that means and didn't want to show the EA my ignorance.
They have told me unless I knock the asking price down from 90,000 to 80,000 , that they would only be able to sell to a cash buyer :rolleyes: because anyone else would have the same problem of getting a mortgage. what todo.

Thanks for any help.

samroo

Firstly, your're not thick. I don't know what PRS constructed means either. Please ask the estate agent to explain what this means - as it's not your house you would not have any knowledge of this. You may find that the estate agent is none the wiser either, but maybe this term has come up on a survey done by the prospective buyers. I do understand that if it is of non conventional construction a mortgage may not be possible / easy to obtain. However, the estate agent should have based their valuation of the property as it stands.

samroo

Also is the EA saying the purchasers can proceed at £80,000 and not at £90,000.

chickmug

Do you mean Pre Constructed?

Soot2006

PRE constructed?


According to Google

Concrete house construction is a type of property construction classed as being non-traditional. High Street Mortgage Lenders are generally reluctant to provide mortgage funding for properties of this type. However, you may be pleased to know that specialist help is usually available!

saracox

EA told me a cash buyer would be better as there is no mortgage people involved. what I don't understand this offer was put in place on Friday so to my knowledge no surveyor has been to the house, they did ask if some one could check the roof as there was a bit of wet on the one wall, some slates had moved. but maybe they can see from the outside of house what construction it is, its an old council house that has been all done up lovely.

saracox

She definitely said PRS but am going to phone her back now,pre construction I think that is what she meant :rolleyes:

saracox

EA did tell me wrong its a ( PRC) cast reinforced concrete house

which mortgage companies are reluctant to lend on just my Bl...dy luck my only chance of selling this house would be a cash buyer at a drop down ridiculous price.

mlz1413

Your EA should have priced your house by its current value - so if it is a non standard type of construction then they should have advised you this affected the price AND this info should be clearly stated on the details.

How long have been with these agents? How quick was the offer after marketing?

Pssst

Your EA is like so many others.....BENT. They priced your house when they signed to market it. All they can see is a potential sale slipping away along with their commission hence their approach for you to drop it.

saracox

what would any of you do ? so gutted at the moment I can see I will be left with this house on my hands. mum and dad would be so upset love them if they were still here, I might have to give it away