Bottom of chain has mortgage pulled AFTER exchange

GDB2222

vexta wrote: »

They deal in property and fixing chains is part of what they do. Presumably it would either be BTL or turned around for profit. Not bad if you've got the funds to buy at bottom of market and still get further 10% off!!!

If they are property dealers, I am not convinced that 10% off will swing it for them. Dealers turn over their stock, and 10% is not a big enough margin, even assuming the original FTB drove a hard bargain. I suppose you'll find out the hard way what their real price is on the tenth day after completion notices have been served, and you're all sitting there on tenterhooks waiting to complete.

I would strongly suggest getting as many people interested as possible. What you want, really, is an all-cash end user rather than a trader.

Sorry to be so realistic.

jmt

silvercar wrote: »

Are these buyers like buses, none in sight then two come along at once!

I was told by an EA last week that cash buyers are 'ten a penny' and being a cash buyer does not have any preference now

I hope OP gets the sale they need and the the FTB manages to raise a mortgage as a hard saved deposit is a lot to lose especially if she has been bankrupt in the past and has managed to get herself back on track.

vexta

GDB2222 wrote: »

If they are property dealers, I am not convinced that 10% off will swing it for them. Dealers turn over their stock, and 10% is not a big enough margin, even assuming the original FTB drove a hard bargain. I suppose you'll find out the hard way what their real price is on the tenth day after completion notices have been served, and you're all sitting there on tenterhooks waiting to complete.

I would strongly suggest getting as many people interested as possible. What you want, really, is an all-cash end user rather than a trader.

Sorry to be so realistic.

How do we go about getting as many people as possible interested at this late stage?

silvercar

GDB2222 wrote: »

If they are property dealers, I am not convinced that 10% off will swing it for them. Dealers turn over their stock, and 10% is not a big enough margin, even assuming the original FTB drove a hard bargain. I suppose you'll find out the hard way what their real price is on the tenth day after completion notices have been served, and you're all sitting there on tenterhooks waiting to complete.

I would strongly suggest getting as many people interested as possible. What you want, really, is an all-cash end user rather than a trader.

Sorry to be so realistic.

I thought it might be you;)

silvercar

vexta wrote: »

How do we go about getting as many people as possible interested at this late stage?

Well a link to rightmove or the estate agent website would help for starters.

Wouldn't cost you anything to post a link on some of the websites that advertise for quicksales like getmeanoffer.co.uk, singingpig.co.uk.

And tell the estate agent to find alternative buyers.

silvercar

jmt wrote: »

I was told by an EA last week that cash buyers are 'ten a penny' and being a cash buyer does not have any preference now

If cash buyers are ten a penny, why are estate agents struggling at the moment? Hasn't he heard of the crash in the housing market?

GDB2222

vexta wrote: »

How do we go about getting as many people as possible interested at this late stage?

As Silver said, post links here.

Go round all the estate agents in the area explaining the position. 10% off an already-agreed price which has been valued okay by a surveyor acting for the lender is different from 10% off an inflated price. It's worth an end-user buyer's while to pull out all the stops. You have all the legal stuff ready. Completion in 10 days is quite possible if the cash is there, perhaps with a big helping hand from parents.

GDB2222

silvercar wrote: »

I thought it might be you;)

Nope, although my eldest son is looking for somewhere to buy. I think it's a bit early in the cycle, but he wants to settle down in his own place. He's mid-20's, quite well paid. As I have no idea at all where the OP's house is, I have no idea whether my son would be even remotely interested. OTOH, I suppose it's understandable that the OP does not want to post a link to the property on a public forum.

vexta

GDB2222 wrote: »

As Silver said, post links here.

Go round all the estate agents in the area explaining the position. 10% off an already-agreed price which has been valued okay by a surveyor acting for the lender is different from 10% off an inflated price. It's worth an end-user buyer's while to pull out all the stops. You have all the legal stuff ready. Completion in 10 days is quite possible if the cash is there, perhaps with a big helping hand from parents.

Going round the estate agents seems more viable because any traders interested that have read this thread could just see this link and come along and say "hi, i'm an end user"
So I'll suggest the going round to all the EAs to our buyer.

Having spoken to our solicitor on the issue of our buyer's cash buyer moving the goalposts on the tenth day scenario, he seemed to think that some contractual framework would have to be created to ensure that didn't happen. Our buyer's solicitor has worked with chain-breakers before and I'm hoping he's dealing with that.

jmt

silvercar wrote: »

If cash buyers are ten a penny, why are estate agents struggling at the moment? Hasn't he heard of the crash in the housing market?

I couldn't believe it, but I don't like him and he was so arrogant.

I told him that I would like to place an offer, but it would be under the asking price as I was a cash buyer and could complete with 28 days. He told me they were looking for asking price as one opposite had just sold for £5000 more than asking price.

With him being such a know it all, I have not bothered so this vendor could have lost a potential sale, but he will never know.