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Is this doable? Is it even legal?
Comments
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We recently sold our house, but it fell through after the survey came back as it needed about £7k worth of work doing. We offered a £5k reduction on the house price, but the buyers rejected this, saying that as they had a 90% mortgage, it wouldn't actually be cash in their hands to do the work.
Now, as we're on the brink of losing the house we desperately want to buy, I wondered if there was any circumstance in which we could have them pay the original agreed price for the house, but then we give them £5k cash on completion? is there a way of doing this with or without solicitors? Trying to think of any way possible to get this sale through!
Take it off the market (if necessary), re market with same/other EA at reduced price of 7/5k (as you now know this is necessary) and have buyer resubmit offer at new acceptable or asking price? Why make this so complicated for you all, when an agreed price and normal communication is all that seems to be required.0 -
Why not speak to your buyer to see if they can proceed at the asking price. If there lender doesn't have an issue with the required works and is happy to lend the 90% they require then there is no reason for them not to be able to proceed with the mortgage offer.
You then liaise with your buyer and arrange for the works to be done at your buyers convenience but under your contract.
You pay the contractor. They pay you the original asking price. Win - win and I can't see anything ilegal about the deal.0 -
Why not speak to your buyer to see if they can proceed at the asking price. If there lender doesn't have an issue with the required works and is happy to lend the 90% they require then there is no reason for them not to be able to proceed with the mortgage offer.
You then liaise with your buyer and arrange for the works to be done at your buyers convenience but under your contract.
You pay the contractor. They pay you the original asking price. Win - win and I can't see anything ilegal about the deal.
That would have to be declared to the mortgage lender (and hmrc)0 -
Take it off the market (if necessary), re market with same/other EA at reduced price of 7/5k (as you now know this is necessary) and have buyer resubmit offer at new acceptable or asking price? Why make this so complicated for you all, when an agreed price and normal communication is all that seems to be required.
As I said, we offered them a reduction in the asking price, but because their LTV is so high, us taking £5k or £7k off the house price doesn't give them the cash in hand to do the work.If you have good thoughts, they'll shine out of your face like sunbeams & you'll always look lovely.0 -
Why not speak to your buyer to see if they can proceed at the asking price. If there lender doesn't have an issue with the required works and is happy to lend the 90% they require then there is no reason for them not to be able to proceed with the mortgage offer.
You then liaise with your buyer and arrange for the works to be done at your buyers convenience but under your contract.
You pay the contractor. They pay you the original asking price. Win - win and I can't see anything ilegal about the deal.
But presumably that would need doing before completion? We won't have the physical cash to do the work until completion.If you have good thoughts, they'll shine out of your face like sunbeams & you'll always look lovely.0 -
I'm wondering why, given that their mortgage lender has valued the house at the offered price, you haven't just told these buyers to shove any reduction up their you know whats.
What is this work and who said it needs doing?0 -
^^^^
Meant to post that myself but i was too busy eating my tuna saladNever, under any circumstances, take a sleeping pill and a laxative on the same night.0 -
I'm wondering why, given that their mortgage lender has valued the house at the offered price, you haven't just told these buyers to shove any reduction up their you know whats.
What is this work and who said it needs doing?
Am I missing something? Haven't the buyers walked away rather than asked for a reduction?0 -
Tell the buyers it is buy as seen, get new buyers who are less fussy. Not your problem if they want a jacuzzi up there."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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