Fed up :(

new_home_owner_3

the worse thing about it is they could offer higher, the vendor could accept, they could then have the survey done and knock the vendor down to near to what you offered.

The law needs to change on buying houses, i think when a offer is made and accepted it should be binding, then if any, the buyer or the seller pull out they should have to pay a compensation fee of 2500 pound to whoever gets backdoored.

Obviously it would be dependent on any work on the valuation being more than 2.5% of the total property price.

socrates

Unfortunately probate sales and repossessions are very similar in that:

The Executor of this property is obligated (legally) to get the best price possible.

So even though its not morally right - legally they have no choice.

If it were to be proved at a later date that there was a buyer who was prepared to pay more for the property than you - the Executor would be liable.

That why buying probate and repo's are so fraught with heartache and wasted money.

Lets just hope the other potential buyers are not interested

VKay

Well thanks everyone.After a sleepless night we have decided what we will do.

We know the tenants in the house hate viewings and will not let the other guy view til Tuesday. We are ringing the agent first thing today to say that the vendor has til the end of Monday to accept our original offer or reject it. Then we can start viewing again as we have a mortgage in place for the next 3 months.

We won't hang on til they get the next viewing in- that just seems completely unfair on us!

We expect to get rejected but at least then we have a small amount of control rather than waiting around for 2 days of torture.

Feel better now we have made the decision not to be held to ransom.

mistrihelen

Sympathies. We were seven weeks in and just trying to sort out a legal issue with the deeds (or we would've been done in four) and we were gazumped on the repo we were trying to buy as first time buyers. I was gutted.

Fortunately we've now seen a nicer house that doesn't need as much work doing to it. I hope it works out for you guys too

Annpan

VKay,
If the other interested party doesn't offer on the property perhaps you could reduce yours by a grand as compensation for sleepless nights and raised blood pressure.

gemstars

Annpan wrote: »

VKay,
If the other interested party doesn't offer on the property perhaps you could reduce yours by a grand as compensation for sleepless nights and raised blood pressure.

i like that.

Whatever you do I'd stick to what you say. If you say you're going to walk away then don't the vendor and EA will just think you're full of empty threats.

VKay

Thanks for the replies.
We did as i said rang at 8:30am and gave them til 6:30pm today to accept or decline so we can move on. Mid morning the EA told us the other buyer had pulled out . So we are still 'on' but left feeling very suspicious.

We have told the EA we won't hesitate to pull out if they try anything like this again.

We like the house enough to continue the purchase but it has left us worrying about the next few weeks.

AMILLIONDOLLARS

Good on you. Sounds like the EA were trying it on, who would offer 9k above in this market. Take what they say with a pinch of salt from now on.

Good Luck with your purchase.

AMD

Engelbert

Well done! I'm glad it has been resolved & hope it continues to go OK with the purchase.

VKay

Thanks for your encouragement!