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Why are they delaying their answer!

24

Comments

  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 1 March 2016 at 10:30AM
    littlejo26 wrote: »
    Considering the houses here are going like gold dust....

    Are they? Surely if they were, you'd have been prepared to wait until March 15th on the probate house?

    Oh, but I forgot, you were "not loving it."

    Just an outsider's perspective without reading the other thread.

    It may be that the vendor/agent wants to seek alternative offers, or it could be that they are waiting to see whether you change your mind again, or a dozen other things.

    There is no way for people here to know, and I'm not being judgemental, as I pulled-out of a too-hasty purchase myself after a week's research.
  • The house came on the market at the weekend and received an offer of full asking price Saturday morning.

    The vendors are thinking they underpriced it and wondering how much more they can get. If they weren't thinking this, they would be fools.

    Incidentally I don't know how you can say it was overpriced but you offered full asking; that makes no sense. By making that offer you made it not overpriced .
  • Brock_and_Roll
    Brock_and_Roll Posts: 1,207 Forumite
    Part of the Furniture 1,000 Posts
    Personally, as its a probate case I would be bet that the delays are entirely down to the associated bureaucracy rather than avarice.
  • Personally, as its a probate case I would be bet that the delays are entirely down to the associated bureaucracy rather than avarice.

    It isn't a probate case.
  • onlyroz
    onlyroz Posts: 17,661 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    If the vendors got a full asking price offer within a day of it going on the market you can hardly blame them for waiting to see if there are others willing to pay more.
  • fezster
    fezster Posts: 485 Forumite
    Part of the Furniture 100 Posts Name Dropper
    May have been worth making a full asking price offer on condition that the house is immediately taken off the market.

    However, when vendors are in a strong position (rising market), there's little you can do other than just be patient and hope your offer is accepted. You could try to set time ultimatums, but you may just end up annoying them and pushing them further away from accepting your offer.
  • LittleDrum
    LittleDrum Posts: 96 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    It's all OK!! They have accepted :)

    I was just looking for reasons why they could be taking their time over a decision from rational people!! I got my answers - thank you!

    Now I have a new dilemma!! Maybe not a dilemma but a risk..

    We need to complete on ours by 31st March.. so the risk is that we will complete but rent back our house from our buyer for 1 month and hope, our purchase is ready!! Our buyer has said that he will put off his potential renters...

    Im worried that we complete on my house but then our purchase falls through - it's a 3 person chain (once we have completed) Im prepared to take the risk though as I love this house. Maybe Ill ask for renting it for 6 weeks rather than 1 month... We are going away on Holiday at the end of May so need to have moved by then! STRESSED!! hahaha
  • AnnieO1234
    AnnieO1234 Posts: 1,722 Forumite
    I'm sorry LittleJo but I think you're going to be disappointed. Even before seeing your last post I was about to say you need to cool your heels, that you're expecting everything to go faster than it reasonably can. The fact that you're now trying to push for a 30 day turn around only makes that worse.

    Are your vendor's aware that you have a 30 day completion in mind? Have they even found somewhere to buy? Are they willing (or you willing) to pay for expedited searches on their future purchase in order to meet your deadline?

    You are aware that your purchaser will need you to vacate the property you are currently in even if you then return to rent it? There is little chance (even as a landlord with appropriate mortgage) that the property won't need vacant possession at completion.

    The most important thing that you must ensure is that everyone, every purchaser, every vendor, every solicitor, every estate agent, and every mortgage company is fully cognizant that this is a 30 day turn around. You must ensure to tell your solicitor your plans to rent your current home if required.

    A word of warning though, if the market is as buoyant as you say it is, your vendors just might get too p'd off with someone pushing at them and rushing them to complete and may walk away themselves. Be cautious in your approach and don't get so rattled and worked up if things are seeming slow to you (you obviously do from this post)

    I wish you the best of luck. xxx
  • LittleDrum
    LittleDrum Posts: 96 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    AnnieO1234 wrote: »
    I'm sorry LittleJo but I think you're going to be disappointed. Even before seeing your last post I was about to say you need to cool your heels, that you're expecting everything to go faster than it reasonably can. The fact that you're now trying to push for a 30 day turn around only makes that worse.

    Are your vendor's aware that you have a 30 day completion in mind? Have they even found somewhere to buy? Are they willing (or you willing) to pay for expedited searches on their future purchase in order to meet your deadline?

    You are aware that your purchaser will need you to vacate the property you are currently in even if you then return to rent it? There is little chance (even as a landlord with appropriate mortgage) that the property won't need vacant possession at completion.

    The most important thing that you must ensure is that everyone, every purchaser, every vendor, every solicitor, every estate agent, and every mortgage company is fully cognizant that this is a 30 day turn around. You must ensure to tell your solicitor your plans to rent your current home if required.

    A word of warning though, if the market is as buoyant as you say it is, your vendors just might get too p'd off with someone pushing at them and rushing them to complete and may walk away themselves. Be cautious in your approach and don't get so rattled and worked up if things are seeming slow to you (you obviously do from this post)

    I wish you the best of luck. xxx

    Our buyer has agreed we can rent it back to him, why would we need to vacate the property? My solicitor and his solicitor will draw up a contract for this. It was my solicitor's idea in the first place to do this. In which case it gives us 2 months which is a very tight deadline indeed. perhaps I can ask for a 2 month rental period which gives us more time.
  • AnnieO1234
    AnnieO1234 Posts: 1,722 Forumite
    Here's one scenario for you - I'm not saying this is what will happen but it's got the potential to happen:

    Let's say legal completion has taken place. Under normal circumstances anything that remains in the property technically becomes the property of the purchaser. However in this case you're in the property as tenants. Will the now landlord come and do a check in inventory? Whether they do or don't isn't particularly relevant, how do either of you prove what the property was like at the commencement of the tenancy? You could trash the place as the tenant but claim that it was like that prior to completion. Equally your landlord could say that matters that were originally there prior to completion (decorating issues that sort of thing) were caused during your tenancy. Suddenly you or your landlord has a big expensive bill that could have been avoided by going about things correctly and having a third party tenancy iyswim.

    The lines would be too blurred for many to stomach, and it's all well and good saying your solicitor suggested it that doesn't mean that your potential landlord/purchaser will go ahead with it when they actually take some legal advice. It has so many potential problems and pitfalls. The usual advice is to complete with vacant possession (move all your stuff out for a day) and then move in completely afresh with check in, deposit etc. The other issue from your purchaser's point of view is that you could technically remain for 6 months and there's nothing he could do about it, you would be protected for that period.

    Given those potential issues the potential landlord might say I'll rent it back to you at double or triple the market rent, that would at least hopefully put you off staying for longer than is absolutely necessary, but then of course you would be stuck paying outrageous sums of money until your other purchase completes. It's rarely a good idea to have a split completion, even less so if there are messy things like this rent "our" house back from the purchaser. What would you do if your purchase fell through?

    xxx
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