Who gets the final say in the chain?

Running_Horse

helping_hubby wrote: »

Is it the people at the top of the chain?

Our situation sounds almost identical to yours. In answer to your question, it is the people who tell most lies, refuse to return documents, and demand everyone's sympathy because only their feelings matter. The current system actively punishes those who act promptly with honesty and integrity.

helping_hubby

Well that's it. Today we pulled out. I feel really crap and like I've just wasted the last 6 months of my life.

The people at the top have been rejected for their mortgage and our seller is talking about getting their house revalued.

olive84

Oh No! I really feel for you. Was it not worth giving it till the 8th like you said? What a nightmare, nothing more to say really.

helping_hubby

No, our sellers are pulling out. And they've basically said they are going to put their house back on the market cos it will have more than likely increased in value. We got it at a bargain and we'd get gazumpted. There's no way we can even afford to offer more to keep it, which is what I expect our sellers were fishing for.

I just can't bare the thought of having to start over

olive84

I know how you feel. Flats exactly the same as ours are now on the market for £10,000 more than we have ours for. And HSBC have stopped doing our 100% mortgage. So if ours fell through now we wouldn't be able to buy anywhere. If you don't feel up to looking again just have a break from it for a while. But whatever people say about a crash at the moment prices are still rising so it might be better to start looking now. It might be worth only looking for chain free properties. Or buying at an auction. My friend did that and she'd completed in 3 weeks.

silvercar

We lost a house because the top of the chain kept delaying and our buyers got a higher offer - even though they had supposedly not been marketing the property after accepting our offer. People lower down the chain were really stuck, they had exchanged on their sale so that they didn't lose their buyer and had nowhere to go. They had to commit to renting for 6 months and so we lost our buyer too.

We found another house and another buyer and just didn't believe the sellers when they claimed to be going into renting. It turned out they were telling the truth and we exchanged quite quickly. The only snag came along when the FTBs in the chain couldn't get their mortgage. we were so desparate for it all to hold together, that we bought out the bottom of the chain as a BTL at the same time as buying our dream house!

Stick in there, it will work out.

helping_hubby

I've spent my lunchtime online looking at all the housing sites and there's zilch out there. Not even 1 house to spark enough interest to have a nosey. In the area we were buying before there aren't any houses in our price bracket. I fear we've been priced out of the market now. We're too fussy to settle for second best, a flat or a maisonette. I'd rather rent. it's extremely frustrating. All the types of houses that need refurbing are overs over £180k. There's just nothing out there for us at the moment. We've registered our interest with other estate agents again and are getting the same response as before - basically that'll we'll be lucky to find anything we want in our price range. However we found that house before, so there must be something else out there, even if it does take a year.

mr_tickle_2

Well I'm in a chain for the first time (had offer accepted and accepted an offer on mine 2 days ago). Our sellers have no property to buy yet... Reading this thread has filled me with dread about what to expect! :eek: