How quickly....

jojo9239

So we accepted an offer on our house on Friday from a BTL investor I quickly got a solicitor and rang my estate agent today to tell them. They said oh she hasn't given us her solicitor details yet is this a bad sign ? I know it's only Monday but I'm worried she will pull out as we have found a house we like and had an offer accepted on that also at what point may she lower the price as I'm expecting for her to renegotiate being a BTL person

HappyMJ

jojo9239 wrote: »

So we accepted an offer on our house on Friday from a BTL investor I quickly got a solicitor and rang my estate agent today to tell them. They said oh she hasn't given us her solicitor details yet is this a bad sign ? I know it's only Monday but I'm worried she will pull out as we have found a house we like and had an offer accepted on that also at what point may she lower the price as I'm expecting for her to renegotiate being a BTL person

Not a bad sign give it a few more days.

As you feel the offer will be renegotiated then don't take the property off the market until your solicitor has a deposit and a firm completion date.

I wouldn't renegotiate. They've made the offer they should stick by it. If you do not renegotiate they have to pull out costing them money. They would really only have grounds to renegotiate if a survey finds something neither of you knew about when you put it on the market and had not been disclosed previously. They have no grounds due renegotiate due to prevailing market conditions even though they can. If they tried it with me I'd just thanks but no thanks and wait for another buyer. If they sense you have an urgent need to sell they may try and offer less. You've got to have the nerves to say no.

jojo9239

Thanks I'm just really nervous maybe cause it's moved so quickly just seems a little too perfect atm

ellie27

HappyMJ wrote: »

....If you do not renegotiate they have to pull out costing them money.

They only made lthe offer on friday so it is unlikely they will have spent a penny so can pull out at any time.

The buyer can try to renegotiate all they want but it is up to you whether you are happy to go along with it or not. Since you have found a place and made an offer on that then do not completely rule out saying no to any attempts at negotiation.

jojo9239

We have wiggle room so I'm not opposed to it just have to wait and see thank you

G_M

If the offer was accepted on Friday, I'd've expected that by today your solicitor should have received the draft contract and 10% deposit.

Clearly a bad start. Anticipate the buyer making their first price reduction on Wednesday, followed by a further drop after survey (end of the week?).

jojo9239

G_M wrote: »

If the offer was accepted on Friday, I'd've expected that by today your solicitor should have received the draft contract and 10% deposit.

Clearly a bad start. Anticipate the buyer making their first price reduction on Wednesday, followed by a further drop after survey (end of the week?).

Bad start really!? That's all a bit presumptuous

Davesnave

jojo9239 wrote: »

Bad start really!? That's all a bit presumptuous

No.

It's your OP presuming so much that has caused GM to default into ironic mode.

Pity you missed it, but with all these Brexit threads, there's bound to be another along soon.

MJ12

Accepting offer is only the beginning of the process. Contracts and deposits come much later. In England anyway, not sure about London.

Now your buyer has to instruct their solicitor/conveyancer to carry out searches, probably even if they are cash buyers. This is when your buyer would theoretically have to spend their first pennies on the purchase. The searches usually takes 2-3 weeks.

If your buyer is a cash buyer then I guess they can move faster, but otherwise they will have to sort out the mortgage, choosing a survey option, etc.

When the search results come back, their solicitor will comb through them and write a report for the buyer and possibly include a contract for them to sign.

On that contract is the amount of deposit your solicitor demands. You will get your deposit when you exchange contracts.

If this is for BTL, some banks get very anal about valuation and could take some time going back and forth with the EA on potential rental income. I know Halifax did.

I wouldn't get too hung up on the lack of deposit just yet.


PS. G_M you funny

david1951

Are you buying a place as well?

p00hsticks

david1951 wrote: »

Are you buying a place as well?

OP says in their original post....

jojo9239 wrote: »

we have found a house we like and had an offer accepted on that