Will it sound desperate if I drop the agreed price?

dotdash79

Don't drop the price at that will cause the mortgage offer to have to be re-issued which takes time, unless they are cash buyers.

Windsorcastle

easilydistracted wrote: »

By dropping the price you're not guaranteeing that the mortgage will go through: the banks seem to want to see as standard certain certificates/ guarantees and usually an independent structural engineers report which buyer will need to arrange. So I would maybe say that you are happy to discuss a revised offer due to the history, but I wouldn't go reducing yourself by a set amount. Personally as a buyer, that would seem a little desperate and perhaps spook me that you were trying to rush the deal through without checks, but this might just be my personal opinion. This will also not necessarily get you exchanged any quicker as there is possibly more checks to do. I guess it depends on what the buyers are like, their lender and the LTV.

Thanks Easily. The buyer has managed to arrange their buildings insurance now through my insurer, who also happen to be their lender. The solicitor has today asked the lender if they are happy to proceed, but I'm really hoping this will be OK since their insurance arm has already agreed to insure. Any idea whether that sounds right?? The buyer seems happy with whatever premium they were quoted because they haven't come back to the EA about it other than to say it's sorted and they're happy...

Windsorcastle

Mickygg wrote: »

Not sure I would offer to reduce, as it does show you are desperate and the buyer might come back saying they want more off!I know desperation does creep in when you just want it to go through. If I was thinking of offering an incentive (which I wouldn't) I wouldn't say £2k that's way too much, a sweetener of £500 or so would be just as effective IMO.

Thanks Micky, it's useful to get other thoughts on the situation.

Windsorcastle

jetsetwilly wrote: »

As a buyer I would be worried that you were in a hurry to stop me finding out more about the depth of this problem. I would prob walk away. Hold your nerve..

Thanks jetset. I am really trying to hold my nerve but my nerves are practically shredded at this stage!

Windsorcastle

mail2z wrote: »

If I were you I would not drop price but any other incentive like furnitures, curtains, white goods etc that you know will interest them is absolutely fine.

Thanks Mail. I have already thrown in all the white goods, blinds and curtains in the sale, as well as garden tools, lawn mower etc. I think I've been fairly generous already, so you're probably right about not reducing the price as well.

Windsorcastle

dotdash79 wrote: »

Don't drop the price at that will cause the mortgage offer to have to be re-issued which takes time, unless they are cash buyers.

Thanks dotdash! I had no idea that was the case, thank goodness you told me! That is the last thing I want at this stage and it hadn't even occurred to me.

easilydistracted

Windsorcastle wrote: »

Thanks Easily. The buyer has managed to arrange their buildings insurance now through my insurer, who also happen to be their lender. The solicitor has today asked the lender if they are happy to proceed, but I'm really hoping this will be OK since their insurance arm has already agreed to insure. Any idea whether that sounds right?? The buyer seems happy with whatever premium they were quoted because they haven't come back to the EA about it other than to say it's sorted and they're happy...

Hopefully your sorted by now but I'd say it would depend on how bad the subsidence was and the lenders policies. Very likely they'd want to see completion certificate for the work at the very least. If it's over 10 years ago lenders are generally less worried. If a structural engineers report is needed and independent firm can do it for a couple of hundred and often relatively quickly. Good luck!

Windsorcastle

easilydistracted wrote: »

Hopefully your sorted by now but I'd say it would depend on how bad the subsidence was and the lenders policies. Very likely they'd want to see completion certificate for the work at the very least. If it's over 10 years ago lenders are generally less worried. If a structural engineers report is needed and independent firm can do it for a couple of hundred and often relatively quickly. Good luck!

Thanks Easily,

Still not sorted unfortunately! The buyer and EA spent all day yesterday trying to contact buyer's solicitor and he didn't return any calls or emails. Diabolical. The work was only carried out 12 months ago but I do have all the necessary certification for it, so I'm hoping that will suffice for the lender.

I was wondering why the solicitor even had to go back to the lender about it at this stage, after insurance had been arranged and their mortgage valuation raised no problems whatsoever, but I suppose he has a duty to the lender as well as the buyer. Either that or he's just being really pig-headed!

easilydistracted

I think the solicitor does have an obligation to the lender, as well as the buyer being required to disclose too probably. If you know the lender then I would see if they have a policy online re substinence. The stuff with Halifax seems to relate specifically to underpinning.

Windsorcastle

easilydistracted wrote: »

I think the solicitor does have an obligation to the lender, as well as the buyer being required to disclose too probably. If you know the lender then I would see if they have a policy online re substinence. The stuff with Halifax seems to relate specifically to underpinning.

I know the lender is Lloyds so I will try and have a look. Thanks for the heads up.