Are they about to bump the price?

tjak

We are selling in order to repay debts, and are moving into rented. We can't exchange until 18 Sept due to mortgage penalty, but accepted an offer at the start of June from a couple with no chain. Their survey wasn't done until 10th August and undervalued our house by £5k. We found this all out last Weds. They are now going to another lender, but a new valuation is needed. This still isn't booked. The EA has said the buyers feel it is worth the extra £5k, and worse case will top it up themselves, but we are starting to panic.

If we go past the 18th, it costs us another months debts repayments. We also both have to commute 1hr each way, which will stop once we move.

Any advice? Should we sit tight and hope it still comes through or pull it and try again with another EA?

cattie

The buyers sound serious if they have said they will pay the extra between valuation & sale price themselves if new lenders valuation also falls short.

You have everything to lose & nothing to gain by withdrawing from the sale at this stage. All you will end up doing is being back at stage 1 & facing the possible prospect that if & when you find another buyer the valuation will fall short, especially if they are using the same lender.

Whatever happens, you are not going to be out of your house by the 18th
of this month, so you may as well prepare yourself as you will have to try to manage the debt repayments for at least another month.

Good luck anyway & I hope everything will here on go smoothly & that the 2nd lender your buyer is approaching will be lending them the full amount & you can agree an exchange date.

silvercar

We are selling in order to repay debts, and are moving into rented. We can't exchange until 18 Sept due to mortgage penalty,.....

Firstly, well done for facing up to your problems rather than waiting until things are out of hand.

Secondly, it is the date of completion when you get your money not exchange. In theory they have already done all their paperwork and should be ready to exchange as soon as the mortgage offer comes through. This can be as quick as a week after the survey as done.

RHemmings

The buyers are very keen on the property. But if they are prepared to "top up" the purchase price themselves, why do they need a second valuation and another mortgage? Why couldn't they just do it now?