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Contract Race
Options
Habib2342
Posts: 167 Forumite
Hi again,
I just found out today that the property we made an offer has had another offer made by an undisclosed party for the same price. The estate agent has now advised that a contract race is taking place ( i.e whatever party can get their surveying and financing sorted out quicker will get the property ).
I had booked my own surveyor to inspect the property tomorrow but have cancelled it because we have not yet had a mortgage offer or valuation done, the former will be done on Thursday and the latter next week.
We can't go to another lender as Natwest are the only lender that will underwrite the transaction with a charge against the deposit. So it seems to me our hands our tied until the bank processes all the paperwork.
I cancelled the surveryor tomorrow beause I didn't want to spend money on a survery and then lose out on the property because the other side has got their act together quicker than us.
I'm not sure whether the estate agent is telling fibs to ascertain wheher we are timewasters or genuine buyers. We are the latter and my contact at the bank has advised them it will take time to process the paperwork and get their surveyors out. However I'm sensing games are being played behind the scenes. I could be completely wrong....
thoughts ?
I just found out today that the property we made an offer has had another offer made by an undisclosed party for the same price. The estate agent has now advised that a contract race is taking place ( i.e whatever party can get their surveying and financing sorted out quicker will get the property ).
I had booked my own surveyor to inspect the property tomorrow but have cancelled it because we have not yet had a mortgage offer or valuation done, the former will be done on Thursday and the latter next week.
We can't go to another lender as Natwest are the only lender that will underwrite the transaction with a charge against the deposit. So it seems to me our hands our tied until the bank processes all the paperwork.
I cancelled the surveryor tomorrow beause I didn't want to spend money on a survery and then lose out on the property because the other side has got their act together quicker than us.
I'm not sure whether the estate agent is telling fibs to ascertain wheher we are timewasters or genuine buyers. We are the latter and my contact at the bank has advised them it will take time to process the paperwork and get their surveyors out. However I'm sensing games are being played behind the scenes. I could be completely wrong....
thoughts ?
0
Comments
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1) they are playing games. If you pull out saying you're not interested in a contract race, their attitude will change
2) they are not playing games. You enter the contract race, knowing that being at a disadvantage, you have a 33% chance of winning and a 66% chance of wasting your money
3) they are not playing games. You pull out of the contract race, because of 2) above, save your money, and find another property.
Pick your option........0 -
well, there's nothing we can do, its all in the hands of the bank, if we get it, we get it, if not we move on....0
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If this happened to me, I'd withdraw from the sale. I'd probably send a letter to the vendors explaining why I'm not interested (just in case the EA was lying)"Real knowledge is to know the extent of one's ignorance" - Confucius0
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