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Potential buyer having trouble getting mortgage
Comments
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i can't think of anyway you can help..................unless you want to hand over a wad of cash to your buyers buyer.
its as if your buyer needs to significantly reduce their asking price to enable their buyer to be able to afford the house.
I'm wondering why this has happened, because if you (e.g the FTB) got an AIP the you know what the house price range is that you can afford
have you had a chat to your EA about this?2010 challenges
Saving £8k to add to house deposit - done:D
8000/10,200 done 28 April (started jan 1 2010)
Lose 2 stone/ -5/23 to go
Sell our house and buy another one0 -
Wally, if you could get 20% knocked off your potential purchase property, would you consider 20% off your property?
We have already done this - although we have knocked off more than the houses on either side of us in the chain (we are downsizing). I don't think our purchase property will go down any more, unfortunately, we will probably lose it.0 -
Oh, fair one. If you were willing to sell for 20% off, I would personally put it back on the market at 15% off to allow for wiggle room. Just because this couple cant buy, doesnt mean others cant. If you are willing to take 20% off, then you might as well market it at close to that, but dont let yourself get haggled down. Obviously you have done the sums and know what is workable. We put an offer in at 25% off advertised, (not bad considering the greedy begger had made 900% profit in 15 years) and the seller refused to budge. Shame, becuase when he then came back a month ago and asked whether the offer still stood, we had to refuse, as prices had started to fall again locally.
Other route I would take is by putting a cheeky offer on your forthcoming purchase, you need to obviously get less of a discount than the >20% cut in your current property for the equivalent mortgage (assuming the house you are moving to costs more).
Until all sellers in chains start discounting as you are, things will not start to move again.
What sort of property is it btw? Semidetatched, flat etc?0 -
Wow, that gives me some ideas about how to play this game as a FTBAgreed. But we have reduced by >20% of their price - what I wanted to find out was if there was a way that 20% could be used for their deposit?
If you were prepared to drop the price by 20% but didn't, maybe you missed genuine buyers and now have to deal with some gambler.0 -
goldengirl28 wrote: »i can't think of anyway you can help..................unless you want to hand over a wad of cash to your buyers buyer.
its as if your buyer needs to significantly reduce their asking price to enable their buyer to be able to afford the house.
I'm wondering why this has happened, because if you (e.g the FTB) got an AIP the you know what the house price range is that you can afford
have you had a chat to your EA about this?
You are right. Handing over a wad of cash is much too risky - unless it could be help back until all houses had completed their sales!!!
Excuse my ignorance, but what is an AIP?
I am not the FTB - that is our potential buyer's buyer.
Estate agent knows all about it, but can't do anything until buyer's buyer coughs up the cash!0 -
In which case, the chain needs to break... If your buyer puts it back on at a 15%-20% discount on rightmove, it should sell quicky. Although that does depend on whether the price was right in the first place.0
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Oh, fair one. If you were willing to sell for 20% off, I would personally put it back on the market at 15% off to allow for wiggle room.
Yes, we have already done this.Other route I would take is by putting a cheeky offer on your forthcoming purchase, you need to obviously get less of a discount than the >20% cut in your current property for the equivalent mortgage (assuming the house you are moving to costs more).
This too! But think they have another party interested now.What sort of property is it btw? Semidetatched, flat etc?
All terraces, FTB is renting.0 -
AIP - Agreement in principle
that is the bank telling you how much money you can borrow based on your earnings and available deposit etc.
sounds like they havn't done this2010 challenges
Saving £8k to add to house deposit - done:D
8000/10,200 done 28 April (started jan 1 2010)
Lose 2 stone/ -5/23 to go
Sell our house and buy another one0
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