cash buyer looking for advice

soweezy

hi all... we bought our first house 8 years ago, everything went through the mortgage company and their solicitors so we had practically no involvement other than to make an offer.

we're now in a position to buy for cash, all be it a very small amount, and have put in an offer for a property. Thing is we don't know what else to do, should we be looking for a solicitor in readiness ?

We've given the estate agent proof that we can afford the cash offer, in the form of a certified bank statement, and they've informed the sellers, who are in the middle of a bitter divorce, one party said yes but the other said no, so it's a waiting game. As far as we know there have been no other viewings or offers, a friend works for a different office of the same estate agent and given that info but that's it.

Now, assuming they eventually say yes, what's the shortest timescale it could take for the sale to complete ? Is it basically down to the solicitor, and whatever they do, that holds things up ?

Thanks for any advice/info.

BitterAndTwisted

Get a solicitor lined up and a surveyor to carry out a full structural survey once your offer is accepted. If the vendors are bickering and one doesn't want to sell you might have both of your professionals on their marks for some time.

soweezy

thanks BAT
will take your advice and start looking for a solicitor and surveyor on Monday.

had a txt from our "friend" at the EA's other office last night and there've been no other viewings or even interest in the 4 weeks it's been on the market.
should we keep in contact with the proper EA or should we wait for them to contact us ?

poppysarah

If you are making an offer on a bitter divorce property - set your offer with a deadline and for each week past a set date reduce it ...

soweezy

poppysarah wrote: »

If you are making an offer on a bitter divorce property - set your offer with a deadline and for each week past a set date reduce it ...

that's what I said to the mrs yesterday, she wasn't sure though
they've had our offer for over 3 weeks so I said give them 1 more week... next Friday
will run it by her again

thanks

poppysarah

Look for other houses too.

soweezy

poppysarah wrote: »

Look for other houses too.

we have been, there's nothing in our area within our budget that's worth buying at anywhere near the asking price, and we've looked at upwards of 15 houses so far
we've put offers in on 3 houses, 2 repo's that needed a lot of work and the one we're trying to get at the moment.
we costed the refurbs on both those houses, gave the details to the EAs and submitted offers based on that, both were declined and both houses are marketed at twice their actual value (according to our figures).
we have a viewing on Tuesday but the EA said there's already a full asking price offer made on the day it was marketed (Thursday gone)
all the local EA's know what we're looking for and we're in regular contact, not a lot else we can do really

Swipe

There's no point appointing a solicitor or surveyor until the offer is accepted. Appointing one takes a phone call.

PropertyParrot

I've been in the house buying/selling game for a decade or so and even with cash it's frustrating how long it will take to get a sale going through. Take your solicitors advice on what searches you need to pay for... some might be a waste of money. I've always had a good relationship with my solicitor so that's one tip - stick with the same guy/girl so they get to know you. Likewise with the agent - I've always tried to look after those who make an effort.

In answer to your actual question, I've seen people exchange in 7 days... but never managed it myself! By the time all is done I'd allow a month to complete...

You'll still have to wait for the buyer to sort themselves out which in your circumstances may take time! Try and negotiate a no sale no charge deal with your solicitor (I can refer someone if you need it) then you won't get stung for a 'file closure fee' when this couple kiss and make up and don't sell at all!

When looking at doer uppers - make a little speadsheet with all your buying costs and doing up costs - electrics, plastering, tiling, kitchen, bathroom, heating... it's easy to come to a pretty accurate figure if you know what you're doing. If not - get trades in to quote before you exchange. Ask for a key undertaking - they may not give one but failing that the agent can take someone around the property.

Property Parrot are low fee estate agents in Leeds

[Deleted User]

Assuming no chain then I'd expect to complete within 4 weeks. Four weeks is the normal time given to complete on auctioned properties which are usually cash purchases.

G_M

Swipe wrote: »

There's no point appointing a solicitor or surveyor until the offer is accepted. Appointing one takes a phone call.

There's a difference between 'selecting' and 'instructing'. I would certainly shop around, get quotes, check which solicitor and surveyor you feel confident with, and make your selection

But don't 'instruct' them till you actually want them to start work.