Buyer needing advice..

Bufger

I can tell you now you're making a mistake. There are many hidden factors here waiting to bite you. Take a look at the clues you're telling us:

'I really suspect i am the only party showing any interest at all'

not good for you. If its been on the market for a while there is a reason people are staying away.

Cant you just pay your mortgage off in 2010 then find a dream house with no strings attached? there is more than 1 dream house for everyone and i can guarantee you will regret buying it.

just from the first page you've gone from possibly offering 147,500 and now you're on 157,000. To be honest you're not coming across as a decision maker and if you potray this to the vendor and EA they'll take you for a ride. Even when you're a LL they're likely to prey on your indecisions.

Walk away and buy a house in a years time. Break the emotional tie and let your senses come back.

tek-monkey

How long are they going to rent for, and can you increase the rent in that period? Also, I dunno, but it means more wear and tear on what you're buying. Anything they include will carry on being used by them, knowing they are leaving it in a year. If they're unhappy with your offer, would they be spiteful enough to do something about it?

I suppose it depends if you want to redecorate once you get it back, but I'd just feel a bit funny about it. I'd rather buy a house when I'm going to move in, so I know exactly what I'm getting.

mlz1413

I'm pleased they have come back to you, but this does also mean you are holding all the aces if you dig your heels in precisely what can they do? Not sell, take the house off the market, wait for another buyer - not really high threats to you as in years time (much closer to their move to USA) you will be ready to buy.

Did you ever find out if them going is guaranteed? What happens if their move back to USA falls though?

What rental agreements will be in place, what deposits?

They must have money issues or else they would just sell and rent a different house, what happens if they do not pay the rent or pay you less every month?

Also the question of condition has been raised - what fall back do you have if they move to USA and the house is trashed or in disrepair do you have the financing to gut and re-new everything?

Waiting 4 weeks has done alot for you, in another 4 weeks you may well get your deal, you are in a position that not many other people are in don't sell out on that use it to your advanatage.

mlz1413

** BUMP **

CashSaver have you made a decision on this house yet?

Did they come back to you with any other 'offers'?

Cashsaver_3

Hi there,
Since my last post we agreed to the arrangement of 157k and 950pcm rental. Everything seemed to be going fine but we've hit a stumbling block on the mortgage.
We cant get anyone to lend to us as they say its a 'sale and rent back' mortgage which i suppose is 'kind of' since the vendor will be renting from us after sale.
The reason they are giving is something to do with the vendor having been the owners first and this over-rides any repossesion court order if it ever came to that.
There are no exceptional circumstances even though the tenant is going to HAVE to leave due to being forces personnel.
Our broker is trying to find us a mortgage but it looks like we may have to go for a commercial mortgage.

Does this make ANY sense to anyone and if so, do you have any advice?

We're not walking away from it if that helps..

mlz1413

thanks for update.

I had assumed you would be getting a Buy to Let mortgage as this is what is happening, you are buying to rent out.

I hadn't heard of the problems with repossesion v previous ownership but I guess lenders are very wary of B2L at the mo as so much fraud has been uncovered although if that argument has any basis it could end all the 'quick sale' type companies.

Although it must be good to have made a decision to commit to this purchase, don't break yourself to please the vendor and agent. Good Luck.

Cashsaver_3

Just letting you know we are exchanging tomorrow and completing on Tuesday.
We've ran into a few hiccups on the way but i have been extremely pleased with my solicitor as they have been so thorough.
They've been trying their best to get everything done before the new stamp rules too but not at the expense of overlooking anything.

The rental agreement is drawn up for the term so as of Tuesday, we will be landlords.

Thanks for all your advise. I know some of you think i'm taking a massive risk on this but i have a feeling its going to be ok.
I know you were worried about them not leaving but they are under contract from the armed forces and MUST leave when told.

:beer: everyone, and i hope you all have a very merry Christmas and that all your purchases are completed before this wretched stamp duty comes back.

mlz1413

Glad its worked out as you wanted and good luck in your new role as LL.

Merry Xmas and a good New Year.

ML

Cashsaver_3

Completed at 3pm, a day early.
We are really happy esp with the knowledge we dont have to move yet.

Thank you again mlz1413. Merry Christmas to you too.