You've Probably heard it all (?)

Vincent.waldorf

deleted after a telling off by some more senior members!

DVardysShadow

vincent.waldorf wrote: »

The Dilemma

The seller said that they will sell to me for a quick sale(they genuinely believe that the house is worth a lot more). They will not takeit off the market until I have a mortgage from the bank. I have instructed mybank (Spanish Bank) to being my application. Based on the below transcript (pleasesee second post) can you tell if I am being played around? She said that shewants a “quick sale” and indicated that it should take 6-8 weeks. I just wantedpeople’s thoughts on the situation and I have obviously missed a lot of info. Feelfree to ask anything relevant.

I have to say, buying a property is the hardest thing that Ihave ever done in!! it is mentally draining!!

Rgds,

Vincent

Delete your second post, it contains addresses. And I am not flogging through it to make head or tail of it. Just summarize and people might give and opinion.

mildred1978

Not sure why you think we need all that detail. What is your actual question?

The seller will only sell for £225k if you can do it within 6-8 weeks. If the bank value it at less than £225k what will you do? Why on earth are you discussing everything with the seller and not the EA?

Burridge60

Vincent. You need someone to hold your hand.

The English house buying system means that you have to expend some cash on your mortgage and your solicitor before you can get to a point where the house is legally yours.

Up to that point you are at the mercy of a higher offer being made and them moving onto another buyer for some extra cash, unless you are quick. The Sellers have to spend some cash on legal matters as well and you could pull out anytime up to exchange of contracts.

If you have applied to the Spanish Bank did they not give you their house buying made simple guides. They are on their website. Look for Step-by-step First Time Buyer guides.

I would put your offer in writing to the EAs and state the conditions that you believe the sellers have agreed to. You could try the "Location Location" approach and ask them to take it off the market but it seems they have already told you what you have to do to do that.

Vincent.waldorf

Seller contacted me first and the Ea isn't too bright. I'm a detail person. Thought people may want to build a picture in their head. I am asking whether I am likely to get gazumped because the window is quite wide for someo e to step in, but I think that they will have the 6-8 week processes too.

Vincent.waldorf

Burridge60 wrote: »

Vincent. You need someone to hold your hand.

The English house buying system means that you have to expend some cash on your mortgage and your solicitor before you can get to a point where the house is legally yours.

Up to that point you are at the mercy of a higher offer being made and them moving onto another buyer for some extra cash, unless you are quick. The Sellers have to spend some cash on legal matters as well and you could pull out anytime up to exchange of contracts.

If you have applied to the Spanish Bank did they not give you their house buying made simple guides. They are on their website. Look for Step-by-step First Time Buyer guides.

I would put your offer in writing to the EAs and state the conditions that you believe the sellers have agreed to. You could try the "Location Location" approach and ask them to take it off the market but it seems they have already told you what you have to do to do that.

Thanks for the reply, you are right I do need my hand held. Sorry guys, seems I have somewhat caused offence with my lack of knowledge ... And super long post

Why would an offer in writing to the EA be useful? The seller said she would inform the Ea tomorrow.

mildred1978

vincent.waldorf wrote: »

Seller contacted me first and the Ea isn't too bright. I'm a detail person. Thought people may want to build a picture in their head. I am asking whether I am likely to get gazumped because the window is quite wide for someo e to step in, but I think that they will have the 6-8 week processes too.

No, none of us care about the single parent daughter or any of the other guff in your ramblings.

Yes, you could be gazumped. Yes, the bank may value it below £225k. Yes, it's possible that you'll end up with the house.

This is how house buying goes. There is loads of info on here and elsewhere on the web. Would suggest you get reading. You're at the easy stage at the moment!!

phill99

What's all this about then?

Burridge60

No Offence but the EAs (however cringing they make you feel) are there to do a job and most do it well.

Whether you deal direct and slog it out with the Seller or not they are still gonna get paid for you doing their job!. A letter from the Mortgage Company confirming that your application has been received and approved and the contact of the Surveyor to carry out their valuation tells a lot more about your offer to buy the house than emails exchanged with the Seller.

Did I detect they are pointing you to a solicitor that previously acted for another buyer? Dont forget the other survey options and be mindful that if self built and plots have been divided you need an eagle eyed lawyer to check the papers are correct as well as the planning etc

There is another thread here where someone is selling a house where the garage on the deeds is the wrong way round! Now that's something you don't hear every day!

Vincent.waldorf

Burridge60 wrote: »

No Offence but the EAs (however cringing they make you feel) are there to do a job and most do it well.

Whether you deal direct and slog it out with the Seller or not they are still gonna get paid for you doing their job!. A letter from the Mortgage Company confirming that your application has been received and approved and the contact of the Surveyor to carry out their valuation tells a lot more about your offer to buy the house than emails exchanged with the Seller.

Did I detect they are pointing you to a solicitor that previously acted for another buyer? Dont forget the other survey options and be mindful that if self built and plots have been divided you need an eagle eyed lawyer to check the papers are correct as well as the planning etc

There is another thread here where someone is selling a house where the garage on the deeds is the wrong way round! Now that's something you don't hear every day!

Yes, they suggested i use the same solicitor as they have done all the searches etc. So i guess my next step is to apply for the mortgage and let the bank arrange for a surveyor to value the house? (surveyor is from the banks panel and included in the service.)

Vincent.waldorf

Hi all,

By way of an update, I have submitted the mortgage application and the Bank’s surveyor is currently liaising with the estate agent to value the property.

I am in the limbo waiting stage for the report to be produced. I was contacted by the previous solicitor (I did ask them for a quote to do the work) and I asked if I could use the searched they had with the previous buyer who pulled out and she said yes and that the other buyer would have to agree to sell them (no reason for not to) I offered to pay 50% for the cost of the searches. I wondered if I should have my own searches done or it would be possible to use the work from another solicitor.

I also asked why the previous seller pulled out and she said that at the 11th hour, she found out that it was the owner of the land who built the house and she said that it was down to personal preference etc. my question is: is there a problem with owners building their own homes? (these guys are property developers I was told). They built it for their daughter to live in and is decorated to quite a high quality as well.