Found house but buyer wants quick sale. Advice ???

Biggie

Been looking for over 1 year finally found a house we want.

She wants someone to complete straight away which I can't do until I sell my house.

1) I can buy it as a Let to Buy but then that's a huge cost on me (Extra Mortgage + Talking huge amount of money from my existing mortgage + Legal valuation fees), I revised my offer for this but she doesn't want to accept that.

2) She rents until I can complete, but basically she saying she may just rent it and take it off the market for 6 months. So we may lose the house.

3) We rent it from her and complete when I sell my existing house.



Number 3 seems like the cheapest option but it's also very risky. What if she pulls out or the survey isn't upto scratch. Then we've just rented a house we didn't need to.

Is there any way we could enforce this. (i.e. A tenancy agreement that states she must sell it and she much correct or compensate in the event of a bad survey)

Can't just walk away this is the house we've been searching for 1 year and it's hard to find a good house in London next to the tube with good schools near by at a decent price.

lynzpower

if she wants someone that can complete straight away she should be selling it to either a) cash buyers or b) at auction.

Its all very well wanting a quick sale, ( I know, I am sellling to a cash buyer- who now turns out *maybe* to need a mortgage who knows) but whether you get it or not is something else entirely.

Conrad

Let to buy is the usual route in this situation but you cant expect to revise your offer to reflect your costs, thats totaly out of the question.

If you were selling you wouldnt take a lower offer just to suit the needs of your buyer who had not sold thier home.

Sometimes in life especially when you have been very very selective in chosing a new hose (1 yr looking) you must accept the consequences.

If I really wanted a house that much I would jump through hoops to get it.

Having said this it is also reasonable for the vendor to expect a 3 month timeframe. Sounds like she's in a real hurry.

Let To Buy can still take time - the legal conveyance on the new place is likely to be the cause.
CARE - with some let to buy lenders they will insist on a letter from your current lender confirming authorisation to let out, a common stumbling block

Best of luck

Biggie

Thansk for the advice conrad.

I revised my offer as I was now purchasing the house as chain free rather then not chain free. So would have revised it on the basis that I now have more bargining power but it didn't work.

Also the let to buy costs I had was from a broker he seems quite good and has been recommended I persume he will be aware of any potential blockers.

Biggie

Sounds like the seller has with drawn it from the market to sell and has gone with another agent to rent it.

Sounds like shes panicing and doesn't know what she's doing.

Any ideas on how I could try and win the house back.

May be contact her directly some how, write a letter etc etc....

Or just wait she may not be able to rent it as quick as she thinks and may return

lynzpower

thinking about this some more

1) I can buy it as a Let to Buy but then that's a huge cost on me (Extra Mortgage + Talking huge amount of money from my existing mortgage + Legal valuation fees), I revised my offer for this but she doesn't want to accept that.

If we are talking a huge amount of money and yours hasnt sold, then you may wel be verring into pretty dangerous territory. Is your place on the market, what sort of interest have you had with it etc.


2) She rents until I can complete, but basically she saying she may just rent it and take it off the market for 6 months. So we may lose the house.

Shes not renting it out as its not profitable to do so, Id imagine. why else would she sell it.

3) We rent it from her and complete when I sell my existing house.

I think this is silly. If you did this she would have you completely over a barell. Plus what would be the impetus for her to sell it when she has ready made tenants living there and covering the overheads.

Biggie

thanks lizpower in reponse to the above

1) We had a valuation, but it's not on the market :eek:. Your right that i'd be in trouble if it's on the market for a while. However 2 bed courner house with planning permission are quite rare. So i'm quite confident it wouldn't be stuck on the market for too long.

2) Yeah your right you don't get a good yield for renting, but I think she just wants something to cover some of here costs. She only brought it 2 months ago as a investment to renovate and sell. But looks like it;s not trurning out too good of an investment for her.

3) I agree this is very risky. Unless I can get something in righting to enforce her to sell or cover my expenses. But dought that will ever stand up in court.

Anyway need to figure out a way to get her to put it back on the market.

This is a tough one.....

budgetflyer

Ill probably get slaughtered-but here goes.
Youve been looking for a year and now youve found it-BUY IT. or youve wasted a whole year looking for nothing!
If you do buy it, that will give you the kick you need to do something about your existing house ie sell it.If you cant sell it , - rent it.
If you do nothing, youve wasted a year and will torture yourself with what ifs etc.

Biggie

thanks budgetflyer,

I haven't given up.

But she's taken of the market to buy, she's decided to rent it.

But I know she hasn't rented it yet, so won't give up hope just yet.

Will keep an eye on what happen, and if she doesn't rent it i'll try going in with an another offer.