Who is lying??

newbie_emma

We're at the point of signing of with solicitor to then exchange contracts on a repossession (it's been a roller coaster!!) but we couldn't get keys to the property (hubby wanted a nosey around again) because apparently the vendor is carrying out a re-valuation. What is this?? A bad sign? I emailed our in house broker and he said it's not a revaluation just an inspection because they're obligated to inspect it, being a repossession. Does this sound right to anyone? Thank you!

PS - we're at the solicitors tomorrow to sign off the contract for it to be exchanged, once this is done is the vendor locked in?

foxy-stoat

Vendor is never locked in until the sale completes. If they pull out after exchange of contracts then it will get very expensive for them!

The vendor is the seller, yes ? Why would they want a re-valuation? Sounds off to me.

getmore4less

Was/is it vacant?

newbie_emma

yes the vendor is the seller, a commercial bank as it's a repossession. Yes the property is empty but I don't understand why it needs inspections etc, there's nothing in there that can be taken, even the fitted wardrobes are gone!

Goldiegirl

newbie_emma wrote: »

. Yes the property is empty but I don't understand why it needs inspections etc, there's nothing in there that can be taken, even the fitted wardrobes are gone!

Perhaps they just need to confirm this before they commit themselves to the sale

PixelPound

Repossessions are promoted right up until contracts are exchanged, so if anyone asks for a viewing, they may oblige. If they get another offer, you will know as they will give you a chance to up yours.

Thrugelmir

newbie_emma wrote: »

PS - we're at the solicitors tomorrow to sign off the contract for it to be exchanged, once this is done is the vendor locked in?

The vendor won't enter another contract.

Until then you are in a contract race.

newbie_emma

thanks everyone!

just returned from solicitors and signed everything we need to, although they said they are waiting on the last few property checks from the local council to come through before they can exchange - and that they might as well wait as the vendor will want to exchange and complete at pretty much the same time/close together. This doesn't make any sense to me, it might as well be a foreign language!:(

maninthestreet

Sounds like the vendor would lie exchange of contracts and contract completion to occur on the same day

PixelPound

Exchange is committed to buy - large penalties for either side to pull out. Complete is paying the buyer for the house

newbie_emma

that was my understanding - but we were wanting to exchange as quickly as possible to lock the vendor in, as we aware that we can be gazumped etc at any point up until then. It's looking like we won't exchange until next week, which will be our 28 day deadline next Saturday so fingers crossed it all goes well! We are transferring our deposit over to the solicitor tomorrow so it's ready to be sent to the vendor, I hope everything goes to plan I'm getting so many grey hairs!