could i complete in 4 weeks?

baron777red

hi

we've just agreed a sale on our house (last saturday) and have just seen a great property for sale, on the market for 99,950, i rang the agent and they said that an offer has been accepted of 93,000, but they are still marketing it, so we are going to see it on saturday.

so from that i am assuming its a repo, and that the vendor or lender will want to complete in 4 weeks, and im not sure if we will be able to do this.

we are thinking of offering the asking price, on condition that the house is taken of the market.

our house is now sold, and our buyer has sold theirs, (only last week though), we are porting our current mortgage over like for like, the solicitor has been instructed,

could i complete this in 4 weeks? any advice appreciated.

thanks

baron

poppysarah

Do you want to get in a bidding fight and the stress of having to compete in 4 weeks and the possibility of them outbidding you back?

PasturesNew

If it's a repo there's no taking it off the market and you HAVE to complete in the timescale agreed. If you aren't in a position to buy it, you should stay clear until you are.

As you are in a chain, it could be 2-3 months easily before your sale has completed.

baron777red

but wouldnt it be more benefical to the lender to get an extra 7,000, even though they may have to wait another 6 weeks or so.

assuming that the other bidder doesnt match or better the asking price, which i dont think they would.

i thought banks had a responsibility to accept the best offer, not the one that pay the quickest.