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you'd think third time round, house buying would finally h, obviously we got it wrong
wateva
Posts: 47 Forumite
Hi All,
After losing out on two previous purchases, all for reasons that were not our fault, we have finally found a house that we consider as a future dream home. Our asking price offer was accepted on 18th April. The property we are buying, is being sold as it is owned by three sibling's who plan to split the money amongst them. Only one of the siblings live in the property. Thing is we have sold our house to ftb's since March and are almost near exchange and completion.
However, our onwards purchase has come to a halt as the vendor cannot seem to find somewhere to buy.
Our mortgage is only valid for three months and expires in August. I relayed this point to the estate agent stating that I am slightly concerned it is almost coming to two months since offer was accepted and we are no closer to moving things along and with the issue of mortgage expiring it only adds to our worry. Estate agent said she understands our concerns and they will see if the vendor is willing to move in with family or seek alternative accommodation as finding the right house can take time.
Well I rang the estate agent for feedback who did speak to the vendor and she states vendor is not prepared to move to alternative accommodation and she understands our circumstances surrounding the mortgage expiry but she also goes on to say should we wish to pull out she would understand that too. She would relist the property again. I'm absolutely livid as we have spent so much in getting two additional structural report's just to satisfy the lender to borrow the funds to us and then I hear this. I do empathise with her situation but you would think after almost two months of searching you would at least consider other options although I know she's not obliged to do this.
I have been told by the estate agent to just wait it out until the vendor finds somewhere. I'm so furious with the way the buying/selling system operates in England as we have lost out on alot of money in our previous purchases and now this sale is beginning to look sour too.
Please share your pearls of wisdom to help me keep my sanity intact
After losing out on two previous purchases, all for reasons that were not our fault, we have finally found a house that we consider as a future dream home. Our asking price offer was accepted on 18th April. The property we are buying, is being sold as it is owned by three sibling's who plan to split the money amongst them. Only one of the siblings live in the property. Thing is we have sold our house to ftb's since March and are almost near exchange and completion.
However, our onwards purchase has come to a halt as the vendor cannot seem to find somewhere to buy.
Our mortgage is only valid for three months and expires in August. I relayed this point to the estate agent stating that I am slightly concerned it is almost coming to two months since offer was accepted and we are no closer to moving things along and with the issue of mortgage expiring it only adds to our worry. Estate agent said she understands our concerns and they will see if the vendor is willing to move in with family or seek alternative accommodation as finding the right house can take time.
Well I rang the estate agent for feedback who did speak to the vendor and she states vendor is not prepared to move to alternative accommodation and she understands our circumstances surrounding the mortgage expiry but she also goes on to say should we wish to pull out she would understand that too. She would relist the property again. I'm absolutely livid as we have spent so much in getting two additional structural report's just to satisfy the lender to borrow the funds to us and then I hear this. I do empathise with her situation but you would think after almost two months of searching you would at least consider other options although I know she's not obliged to do this.
I have been told by the estate agent to just wait it out until the vendor finds somewhere. I'm so furious with the way the buying/selling system operates in England as we have lost out on alot of money in our previous purchases and now this sale is beginning to look sour too.
Please share your pearls of wisdom to help me keep my sanity intact
0
Comments
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Excuse typo errors in title, I am using my phone to submit thread and cannot find the edit title icon0
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Dont suppose you have any contact details for the other 2 siblings?
Maybe one or both of them are anxious to get their hands on the money - and might put pressure on this one?0 -
Unfortunately multiple owners tend to mean multiple problems.
I'd start looking at other properties.0 -
Sorry, cannot help, but 100% agree that the system of house buying and selling needs reform.
We recently had several buyers pull out and this cost us 2 properties we were buying.
In total spent 3k plus on fees for nothing....0 -
moneyistooshorttomention wrote: »Dont suppose you have any contact details for the other 2 siblings?
Maybe one or both of them are anxious to get their hands on the money - and might put pressure on this one?
No unfortunately I don't have their details but have been told by the EA that the siblings are also helping the vendor to look. I feel though it's a case of "how long is a piece of string" with how long it looks we may have to wait0 -
Problem is the one sibling who lives there is having to move out of (for example) £300k house, in order to receive £100k. That sibling is probably out looking at (still for example) £170k houses, asking themselves, is it worth spending £70k to live in an inferior property?
Putting yourself in that sibling's shoes, why would you (the sibling) want the sale to go through?0 -
I understand your concerns. If you REALLY want this house then could you help the seller? Talk to them direct and find out more about the situation. Perhaps the estate agency could assist the seller in finding a place (might be particularly helpful if it's a larger agency) and you could offer a small reward upon them being successful.
Otherwise it may be best to start looking for another house asap.0 -
I understand your concerns. If you REALLY want this house then could you help the seller? Talk to them direct and find out more about the situation. Perhaps the estate agency could assist the seller in finding a place (might be particularly helpful if it's a larger agency) and you could offer a small reward upon them being successful.
Otherwise it may be best to start looking for another house asap.
The EA did state they would help the vendor with the search but once they were informed she is looking at houses near her sibling's which is in another town, they were unable to help her because they have no knowledge of the area. I have also tried the approach of talking to the vendor directly when making the offer originally but was told by EA to avoid contacting her directly as she previously removed the listing of the house with another EA as she was put off with people trying to make direct contact with her.0 -
Start looking again. Maybe you'll find somewhere better for you, maybe you won't and being thought of as the buyer will work out OK. In the meantime tell your solicitor not to do any more work on this purchase0
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There are still 2 months till the deal finishes. This may give them enough time to find something, they will probably start looking a bit harder now you've mentioned it. They are just saying they understand if you can't wait as a knee-jerk reaction but once they've thought it through they will get themselves into gear. Or the other siblings will. Is the EA in touch with all 3 of them? If so I expect they will not want the sale to stall, esp as there seems to be a little downturn in the market recently.0
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