Closing date- how likely someone will go over home report value?

Caleb11

Well they got back and want to know If we can set a date of entry for the 10th April which is under a month away!! Don't know what to do

pokey128

Does that mean they accept your offer but want a shortened moving date? I have gone from offer accepted to move in 4 weeks but nothing shorter. I guess it depends on the type of property and whether this will be a first registration, whether it will need specialist searches etc. Also, why they chose that date, as long as you don't conclude missives you can still move the date as you progress the sale

Caleb11

Yes apparently I have the highest offer but only just and they will accept whoever can move first and that they are very strict on the entry date. My mortgage advisor has said this date is fine and her words were "the main thing Is we get your offer accepted. Then you can come in next week and get mortgage sorted. Then when that's all sorted we go to sign and say actually mortgage advisor made a mistake and that date isnt actually suitable but we can do 15 may" I don't know what to think. I won't find out if it's definetly accepted until Monday now. Is it ok to move entry date? I could do the 10 April but I would be really really really pushing it money wise and also I rent my house from my dad and only told him on Wednesday i was looking for a place so it's kinda leaving him in a mess. His place is on the market btw and he wanted me to stay until it sold but it's been on the market for 4 months without a viewing and I can see it taking a year or two so I think I should be paying my own mortgage when I can. He wasn't too happy though and if I tell him I'm leaving in April I think he'll go mad. Anyway thats beside the point does anyone have any advice? Thanks

richardw

The Easter bank holidays may slow things down a bit.

bris

String them along until the mortgage is in place and on time, there are penalties if you don't get it right. Your solicitor should have tricks up his sleeve to delay the missives and give you the time you need to make sure.
He can use delays in searches, coal reports etc to you advantage.

Caleb11

thanks for those ideas, i will speak with my solicitor once i find out on monday if my offer is offically accepted.

Can i just ask, if anyone knows... I was thinking about it and if the bank were to decline my offer and accept the lower offer on the basis of the entry date is this even allowed? I always thought that the banks job is to get the very best price for the property as anything that is raised above what is owed is paid out to the debtor?

Paul_the_Painter

The Bank does have a duty to achieve the best outcome, this may not be the best pirce!

The debt continues to accrue even though the house has been repossesed, assuming a £75,000 debt, and a 5% interest rate, the debt is building at a rate of £10/day.

Also they will take into account the ability of the purchasor to complete successfully, and without hassle. So an offer from a developer with previous history of completing within days - with cash, will be viewed more favourably than one from a 1st time buyer, with an uncertain mortgage offer.

basically £74,000 next week, is worth more than £75,000 in 4 months time.

Caleb11

thanks that makes sence

Caleb11

Offer accepted!!!!!! After waiting all weekend they finally got back and we've got it! I cannot express how excited I am!

pokey128

lovely news! good luck with everything