Alarm bells? offer rejected..

Craig_Donny

Hey guys,
I put an offer on a property last Thursday, which I have just had a call now to say its been rejected, but not because its too low.


The offer got rejected as I am paying for it with a remortgage from my own property, she believes this will take about 6 weeks to complete and doesn't want to wait in case I pull out.
I said to the estate agent surely any purchase can take about 4 weeks.
To which she said well on cash purchases surveys etc don't have to be done. This makes me wonder, as surley people would get surveys done on the property anyway, regardless of cash or mortgage purchase.
I ask as I could borrow the money from a family member and pay them back when mine is remortgaged. Just wondering if this would make anyone elses alarm bells ringing?


Cheers


Craig

themull1

Seems very strange, anyone, whether a cash buyer or otherwise can pull out. Is there something to hide with the survey maybe? I would always get a survey regardless of how i was paying.

Thrugelmir

Sometimes there's no rational explanation for the manner in which people think. You can understand the explanation. Though unless there's already an extremely interested party who's going to proceed without due diligence, then it's not going to happen. Any reason why the property could be unmortgageable?

Craig_Donny

Its 37500. So no BTL will give a mortgage for that, unsure on residential.
But of course I would get surveys done, but just seems pointless to start remortgage and the legal costs, if I believe they are hiding something. Just wondered other peoples opinions or experiences.

MisterB1959

you can do your own survey ! look at the properties around it, any problems. cracks in external brick or signs of repair, take binoculars and check the roof, chimney are all flashings in lead or cement (prone to leaks if they are cement) any damp inside, electrics up to date, windows doors all fit without being forced. any misshaped doors or windows that may have been altered to fit due to building movement, any movement in floors, are they level, cracks in ceilings, any signs of water damage, look in the loft - any damaged timbers, signs of damp


if you cant make simple decisions on what you can see, then perhaps its best not to purchase anything without the protection of a building society and their protections

stator

Give them a call in 2 weeks and see how many buyers they have lined up

AnnieO1234

I would say they're probably well aware either the structural condition of the building is iffy or that standard searches will throw something up. Steer clear unless you are reasonably confident of the building and know the locality well, or indeed can afford to take the risk. Xx