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Repossesed Transaction Gone Pearshaped.
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Although it does happen, if we are talking about a few quid extra quid for the estate agent then I doubt most would risk their commission for that. The real question is not whether you trust the agent; he has been appointed by the bank to get the best possible price for the poor sap who lost their home. The real question is, are you motivated enough to do what is necessary to secure this house?Been away for a while.0
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If you do up your offer, make it conditional on the exchange going ahead on Monday. Any delay (where they may be negotiating with another buyer) will result in you withdrawing completely. ??I'm not a lawyer, so this is just my opinion. Don't go acting on legal advice you get from a stranger on the internet!0
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That won't be possible. If the OP needs a mortgage, the offer will have to be re-issued to reflect the change in purchase price.gordonbennet wrote: »If you do up your offer, make it conditional on the exchange going ahead on Monday. Any delay (where they may be negotiating with another buyer) will result in you withdrawing completely. ??I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »That won't be possible. If the OP needs a mortgage, the offer will have to be re-issued to reflect the change in purchase price.
The shortfall in the new offer would be made up with my own savings and not the mortgage so there would be no delay in getting the mortgage re-issued.
My solicitor said that she could be ready to exchange the contracts in a matter of hours rather than days, thats how far along we got.
thanks for your help so far.0 -
unlucky...some things are not meant to be..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
the new purchase price will still have to be confirmed by the bank even if the loan amount is the same and you make up the shortfall with savings. We were in the same position and also made the difference up in cash - our lender took a few days to send through the confirmation saying it was okay to go ahead on the same loan amount but with a higher purchase price.:staradmin:starmod: beware of geeks bearing .gifs...:starmod::staradmin:starmod: Whoever said "nothing is impossible" obviously never tried to nail jelly to a tree :starmod:0
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