so confused what do you think am i going mad

aderbyshirelad

This whole thing stinks and I feel really sorry for you. However, your buyer is an investor and a speculator and will want to get the very cheapest price possible. His tactics will seem to many as unfair and underhand, they may as someone else mentioned, be bordering upon illegal (but I bet he knows how far he and the EA can push this).

All that said, my advice would be to get your O.H. to read through this thread and show him what other people think, then sit down and discuss your options.

For what it's worth, in your position I would dump this buyer and the EA (check your contract first). You are in a reasonably good position as your vendors seem to have placed themselves in a position where they are getting very little interest and no offers (this does make me question whether you're paying too much, but that's another thing).

As your vendor isn't going anywhere, you have the luxury of starting all over again. That may not sound appealing, but if you stick with this current buyer it wouldn't surprise me if it took longer to complete with him than someone else. Either that, or you will fold and loose money.

I wish you all the best.

Doozergirl

Is North Road the good area of town? Is that where you are?

maninthestreet

"my EA has just told me that the advance of 76000 could mean the valuation for insurance purposes"

A 'valuation' for insurance purposes means the rebuilding cost of the house, which is normally signifcantly less than the value of the property on the open market. As for the buyer pulling out after exchange, they would lose any deposit they may have paid, and would be liable for your costs. Time to put the cat amongst the pigeons - as you're advertising the property yourself on the web, tell the EA you have a private buyer very interested in the property, and you think they will be putting in an offer in excess of 68K. I assume you have not signed a contract with the EA giving them sole selling rights?

zipwen1

its not the good area by a long shot, wish i knew that when we moved here but thats another story, but is is next to the harrogate hill area which is a desirable area. having said that the area is not that good i have seen a difference in the two years iv been here and it is starting to lose its bad name there are a lot of FTB moving in which we were one of the first and there is talk from the council to improve the area and regeneration work has already begun on the shop fronts ect.

zipwen1

maninthestreet wrote:

"my EA has just told me that the advance of 76000 could mean the valuation for insurance purposes"

A 'valuation' for insurance purposes means the rebuilding cost of the house, which is normally signifcantly less than the value of the property on the open market. As for the buyer pulling out after exchange, they would lose any deposit they may have paid, and would be liable for your costs. Time to put the cat amongst the pigeons - as you're advertising the property yourself on the web, tell the EA you have a private buyer very interested in the property, and you think they will be putting in an offer in excess of 68K. I assume you have not signed a contract with the EA giving them sole selling rights?

stupid me didnt know about the sole agreement so yeah we have, i have thought about getting someone to put a fake offer in and asking our buyer if he wants to match it but if they said no that would mean id get found out and hung

ashcarrot

What I would do is remarket the property at a much higher price 75k maybe and accept at min 72k. When the buyer offers his next offer say you will reoffer it to him at 72k (or even more that will confuse him and tell him your not a walk over) but exchange must happen in the next x days/weeks (completion after). With regards to the new property could you get another loan or some sort of bridging loan or a loan of the parents to cover the procedes of the house until this mess is sorted out. If they start playing games again remind them about that fraud act. I'd put it in your head that you may not get the new house but theirs plenty more houses out there and wouldn't you rather take a bit longer to get another right one that let some scum bag screw you over.

If the properties was getting 74-75 in 2005 I'd expect more now in 2007 especially with regeneration in the future (up and coming) the developer/buyer probabily knows this and is buying to make a fortune off it. Dont let him win.

zipwen1

with regards to the above, so when they try and knock us down again which i know they will we say they can have it for 72?
loan not poss we only just managed to get the mortgage couldnt afford it
and our parents have given us 3 thow to help cover the fees already

ashcarrot

yeah personally thats what i'd do or preempt and tell them now. Lets see what the others think, but I just hate to see someone getting ripped off which is what I think their doing to ya. I'm saving up for my house and when I buy I believe in a gentlemans word once you make an offer you stick and dont play games (unless the surveyor finds proper problems).

But at the very least get the property readvertised if not already at a decent price

zipwen1

maninthestreet wrote:

"my EA has just told me that the advance of 76000 could mean the valuation for insurance purposes"

A 'valuation' for insurance purposes means the rebuilding cost of the house, which is normally signifcantly less than the value of the property on the open market. As for the buyer pulling out after exchange, they would lose any deposit they may have paid, and would be liable for your costs. Time to put the cat amongst the pigeons - as you're advertising the property yourself on the web, tell the EA you have a private buyer very interested in the property, and you think they will be putting in an offer in excess of 68K. I assume you have not signed a contract with the EA giving them sole selling rights?

would it say that the 76 was value for insurance purposes, or would it say as it dose, advance 76

zipwen1

sorry just read that properly and now i get it, so even if it was the insurance value the house is worth that or more, i thought the insurance value was normaly more than the house was on the market for stupid me