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Offering on a new build
NewbuyerNE
Posts: 107 Forumite
quick question;
Our seller has apparently put an offer in on a new build and if I heard correctly, the EA said they have to wait until its built before the offer is accepted?
Have I heard this correctly?
Our seller has apparently put an offer in on a new build and if I heard correctly, the EA said they have to wait until its built before the offer is accepted?
Have I heard this correctly?
0
Comments
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Nope.
The builder will agree a price and instruct solicitors, expecting exchange of contracts 28 days later.
The property is then built, kitted out to the buyer's spec and when finished, completion is "on notice" usually a week or two later.
Anyone in the chain with a newbuild buyer has to accept exactly the same timescales.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
No that's not correct.
They will accept an offer immediately and actually push for exchange to happen very quickly. What they will obviously have to wait for though is completion.
If it's not going to be ready for a while and they aren't prepared to move into rented accommodation then you may have to wait.0 -
I'm prepared to wait, we're with the in-laws
My question was whether what they were saying was right, which I thought couldn't be the case.
I've seen many a post on here about people buying new builds. Not sure why the EA said the house had to be built before an offer can be accepted. Wonder if he's just stalling for time.0 -
... and both answers said no, it wasn't correct.NewbuyerNE wrote: »My question was whether what they were saying was right, which I thought couldn't be the case
You appear to have been given the answer you wanted and more?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It is possible that they are telling you the truth....whilst the system already mentioned above is by far the most common one, there is at least one housebuilder near us which doesn't sell off-plan. They "register your interest" in a specific plot but the plot isn't released for actual sale until its built (or at least most of the way there). We didn't like any of their houses so we didn't get into the nitty gritty of things like how does it work with options etc.NewbuyerNE wrote: »My question was whether what they were saying was right, which I thought couldn't be the case.
I've seen many a post on here about people buying new builds. Not sure why the EA said the house had to be built before an offer can be accepted. Wonder if he's just stalling for time.0
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