Seller won't take the property off the market

sk123_3

kingstreet wrote: »

Until the vendor's solicitor sends a draft contract to your solicitor, the searches can't be done.

1st Property Lawyers, who I am engaging as solicitor, say that they can start search "even before contract documents are received from sellers lawyer, results of your survey or mortgage offer". They claim to start search process immediately after receiving the starter payment. All they need is "plan of the property from the sellers lawyer". I suspect in my case seller's lawyer won't even be bothered to do anything until the mortgage offer is in place.

kingstreet wrote: »

Has the agent issued a Memorandum of Sale to the four parties yet? If not, there's no way that draft contract is going out, as the vendor's solicitor won't know who to send it to...

"Memorandum of Sale to the four parties" - what is is this? Estate Agent does know the details of my solicitor.

kingstreet

The plan comes with the draft contract, so no draft contract, no plan.

The Memorandum Of Sale is the pro-forma showing the details of the property, the agreed purchase price, the vendor and their solicitor and the purchaser and their solicitor.

It is sent to all four parties, so each knows the other. The vendor's solicitor then knows to whom it should send the draft contract.

As you have no idea what it is, but have furnished the EA with your solicitor's details it's fairly clear to see the vendor is planning to do absolutely nothing until you have a mortgage offer in your hand, so the MOS can't be issued yet.

westernpromise

sk123 wrote: »

Short of asking me to withdraw the offer, what advise would you give me to force the vendor to take the property off the market and to avoid getting gazumped?

If he's still trying to sell it, then you could play him at his own game by continuing to look at other properties that you may buy instead of his. He's not off the market therefore neither need you be.

Let the agent know how well it's been going.

Justcoll

westernpromise wrote: »

If he's still trying to sell it, then you could play him at his own game by continuing to look at other properties that you may buy instead of his. He's not off the market therefore neither need you be.

Let the agent know how well it's been going.

I agree with this - and not just to 'play him at his own game'.
In your situation, it's all too easy to become almost obsessed with the property especially as you feel you have no control over it.

Looking at other properties will take some of that pressure off and you might even find something you like better! How many other properties have you visited?

csgohan4

personally I would walk away from this one, if he isn't bothered to sell to you why should you?


Let us know how it goes.


Sometimes being too greedy can bite back.

TranceNRG

If the OP has arranged the survey then he/she probably paid for it so it's difficult to walk away now.

greenface

I took a house off the market to a buyer that promised they had everything in place without proof , Lost another buyer because of this . cost me lots in money and time while I waited for their lies and ccjs to come to light . I would have everything in place in capitol letters ready to advance before I offered anything

Justcoll

TranceNRG wrote: »

If the OP has arranged the survey then he/she probably paid for it so it's difficult to walk away now.

Difficult, yes, but a survey works out as a small percentage of the cost of the house and if that house isn't right then I'd cut my losses and walk away.

I sometimes think that house buying is like a new relationship. You can fall in love with a property they way you do with a person. You invest feelings and time in a relationship the way you do money and time in the process of buying a house.

In a relationship you have plenty of time to explore all sorts of things about the other person before you commit to marriage. Not so with a house! The first viewing is normally about twenty minutes and most of us don't have the time or opportunity to examine the finer details and it is all too easy to fall in love with the 'facade'. If you go for a second viewing you're probably already hooked. Add to that mix the fact that there is fierce competition at the moment, then that very competition makes it seem even more attractive. No wonder estate agents employ tactics such as open house viewings and telling you that there is 'a lot of interest' when it might be you are the only interested party. I think it is always a good thing to take a friend with you to a viewing as they can stand back and point out things you might have missed.

Remember this is probably the most expensive purchase you will ever make. Moving is hellish expensive when you add in commissions, stamp duty, removal costs and solicitor's fees. It is also unbelievably stressful so try and take a step back and make sure your head agrees with your heart.

sk123_3

Quick update from me. I am the original poster in this thread.

I have successfully obtained the mortgage offer. As suspected, when I forwarded the mortgage offer letter from my bank to the seller/vendor, he told me that that he has received another higher offer in the meantime. So he is now asking me to match the "new" offer.

He basically suggested that instead of me going back to my lender to renew the mortgage offer for higher value (which could mean more time wasted), I could just pay the "additional" amount to the Estate Agent as deposit which will be settled after the contract is exchanged. This suggested arrangement appears very dubious to me.

What is the risk involved in the above suggested mechanism?

Although he is asking me to pay up additional £2,500 only, I am toying with:

Option (1): Not bite the new demand. Who knows what next he is going to demand? But even if I decide to cancel my offer, I will ensure that that I keep him interested till the very end and waste his time until the so-called new offer is withdrawn so that I pay him back in the same coin.

Option (2): Decide to suppress my indignation and pay the additional £2.5k. In which case what is the best (safest, easiest and quickest) mechanism to settle this additional payment? Vendor's own suggestion seems dodgy and I could be set up for potentially more abuse.

Any thoughts?

---

What can I ask the vendor to demonstrate to me that the new offer is not a bogus ruse?

Marktheshark

A lot of "first time" buyers have problems with what "FOR SALE" means.
Those who have sold a few soon learn, you keep the sign in the window until someone puts some money down.
It is normally referred to as "the deposit"