Our deadline was today but had problems

GAZB

Our offer was accepted on a repossession house , we where given the deadline of today 29 / 09 / 09 to get everything in. we remortgaged our other buy to let property for the deposit and everything was okay the funds are in the bank but there was an hiccup with our mortgage offer and it only come to us this morning but our solicitor ( who is part of the remortgage company who own the house ) has also received his copy of the accepted mortgage offer. We have posted our signed copy off today but are now worrying that we might get gazumpt because we where told by a friend who lives next door to the house that we are buying that another couple was viewing the house later today by the estate agents that are dealing with our mortgage , we have rang the solicitor today and he said he has everything , he just needs a bank statement to show the funds from our remortgage are in our bank which they are. Can we lose the house at this point or will they allow a couple of extra days seeing has we had a slight problem that delayed things a bit.

cashndash

even if someone else offered, they would take several weeks to be in the same position as you!

GAZB

So you think we will be okay , its just that this couple who viewed the house again today who was described to us apparantly also own a few house's in my area , what position would he be in he say he had cash in the bank for the house would it still take a week or two for them. I might be worrying too much but will be gutted if we lose the house at this final stage.

cashndash

obviously I can't say whether you'll be fine or not, but I can't imagine that anyone will be closer to buying it!! Ring your guys in the morning, it's the only way you'll know for certain where you stand.

GAZB

Thanks Ill contact both the solicitor and estate agent again tomorrow morning , I just hope its not fell threw for us now.

GAZB

Another shock today , after sending everything off on the 30th September which included proof of funds for deposit another signed contract as the original one was changed by the vendor and the signed mortage offer and other bits and today i sent the mortage deed off fully signed i even called the solicitor who works as part of the reposession company and they said they have everything they needed and our completion statement was going in the post today, i got a call from the estate agents at 4.55 today to say that the vendor had called to say they had received another offer and would we be prepared to increase or they were going with the new clients , we are gutted seeing as we thought everything was done but we are not prepared to increase , I was annoyed and told the estate agents we cant believe this has happened after us working so hard to get it sorted over the last 4 weeks , they did say that this happened with someone else on another house they where selling and the vendor in the end sold the house to the people who had offered first and not sold to the last minute offer , we have got our fingers crossed and hope that they will still sell to us seeing as we are 99.9% there.

DVardysShadow

Your biggest ace is being able to exchange contracts on demand.

GAZB

Thats what we where thinking , we have everything sorted and its in there solicitors hands now , we were just awaiting a date to exchange , surely the other people who have raised there offer higher than ours will take a few weeks to get everything sorted like we have so fingers crossed the reposession company who own the house will stick with us.

G_M

our solicitor ( who is part of the remortgage company who own the house )

This sounds very wierd. Surely a conflict of interest?

Repossessions are like this. Until you actually Exchange contracts, anything can happen. If a cash buyer comes along, decides not to bother with a survey and offers to Exhange in a day or 2... well it can happen.
However, as DVShadow says, you have an ace in being so close.
Stick to your guns.

Tell the vendor/your solicitor/the vendor's solicitor you will Exchange tomorrow, at the original price.

ognum

G_M wrote: »

This sounds very wierd. Surely a conflict of interest?

Repossessions are like this. Until you actually Exchange contracts, anything can happen. If a cash buyer comes along, decides not to bother with a survey and offers to Exhange in a day or 2... well it can happen.
However, as DVShadow says, you have an ace in being so close.
Stick to your guns.

Tell the vendor/your solicitor/the vendor's solicitor you will Exchange tomorrow, at the original price.

The mortgage holder is legally obliged to get the best price for the house so if the new offer is genuine and they can move fairly quickly then you could forfit the house.
You have to think of it in terms of the person whose home has been repossessed, even an extra £1K could make a difference to their lives.
Hope it works out for you.

GAZB

G_M wrote: »

This sounds very wierd. Surely a conflict of interest?

Repossessions are like this. Until you actually Exchange contracts, anything can happen. If a cash buyer comes along, decides not to bother with a survey and offers to Exhange in a day or 2... well it can happen.
However, as DVShadow says, you have an ace in being so close.
Stick to your guns.

Tell the vendor/your solicitor/the vendor's solicitor you will Exchange tomorrow, at the original price.

The solicitor works for the company along with other solicitors so we are using them and the vendors are using another company on there books (so to speak) they said it would help us get through the purchase quicker as we can do it in house