Last Minute Buyer Issues

Boatdweller

moneyistooshorttomention wrote: »

I didn't think surveys could be minus a valuation price......:cool:

Building surveys don't come with a valuation figure unless you ask for one.

pixiepeep

Got the PB Post Sales team involved now, so we shouldn't have to deal with him in person any more.

We're thinking of getting our own revaluation done - the property has been on the market since April and the value will have gone up by then, even if it's not a lot it might be enough to straddle the difference of what he's concerned about.

He's just phoned *sigh* asking to pop over today to show his roofer friend the slipped tiles - my son's asleep so I've said no, and really he needs to arrange these things through PB now. Despite that he's ust pulled up outside the house. I don't have an issue with him looking, it's a free world after all. Just glad he didn't knock on the door.

Property was valued at £150,000 to £155,000 in February, was marketed for £160,000 initially. This chap has offered £152500 after some negotiation - he initially offered £145000.

Baring in mind the cost of the repairs to the roof will be around £250, and if he's concerned about the chimney breast, the total removal would be around £2000, less to brace the upstairs chimney more robustly (although there's not anything wrong with it at the moment), but we're incuring an extra £600+ in removal fees and storage in order to move out when he wants.

We're basically thinking of seeing what the revaluation would say, I'm thinking it would be around £153-157 (there's another property for sale on our road without the extended kitchen, downstairs WC or landscaped garden up for offers over £157,500 but that's probably over priced), then asking him to keep to the original offer and exchanging asap, or agreeing to accept a slightly lower price but he'd have to wait until we find another property as we wouldn't be able to afford to move twice and put things into storage.

Hoploz

Certainly no harm in having some other estate agents round.

Do you know what his mortgage valuation came out as? I know you said this survey didn't say a figure, but presumably that was done separately at the beginning and he didn't say it had come up less then?

You are really doing him a favour by selling to him and moving out early. There's no need.

pixiepeep

Hoploz wrote: »

Certainly no harm in having some other estate agents round.

Do you know what his mortgage valuation came out as? I know you said this survey didn't say a figure, but presumably that was done separately at the beginning and he didn't say it had come up less then?

You are really doing him a favour by selling to him and moving out early. There's no need.

He's paying cash - he's a strict Muslim and doesn't agree with paying interest. The only valuations on the property are the ones we had when we were first looking at selling back in Feb.

AdrianC

pixiepeep wrote: »

He's paying cash - he's a strict Muslim and doesn't agree with paying interest.

There are shariah-compliant mortgages available, so that's not really relevant.

pixiepeep

AdrianC wrote: »

There are shariah-compliant mortgages available, so that's not really relevant.

That's as may be, but he's paying cash.

m0bov

I think you going to have to put the property back on the market. I would instruct PB to give him a deadline of end of week to Exchange otherwise it goes back on the market at a revised value.

edinburgher

I am frustrated on your behalf - this chap sounds like a total pain in the backside!

What is your gut telling you? I realise that we have to be cool and calculating when it comes to selling a property, but it's not always easy, is it? When we sold our last place there was one potential buyer who I dreaded seeing. He turned up 3 times (with different contractors) and tried to make a selection of concerned noises as part of an obvious mind game in advance of a crap offer.

On closing day, we received 5 offers and thankfully his was the worst

Hope everything works out for the best, even if the best means not selling to this chap.

pixiepeep

edinburgher wrote: »

I am frustrated on your behalf - this chap sounds like a total pain in the backside!

What is your gut telling you? I realise that we have to be cool and calculating when it comes to selling a property, but it's not always easy, is it? When we sold our last place there was one potential buyer who I dreaded seeing. He turned up 3 times (with different contractors) and tried to make a selection of concerned noises as part of an obvious mind game in advance of a crap offer.

On closing day, we received 5 offers and thankfully his was the worst

Hope everything works out for the best, even if the best means not selling to this chap.

My gut's telling me that if he wont exchange by the end of this week, then we put it back on the market.

Although I dread doing that too! I just want it all to be over.

m0bov

Just tell yourself the price it was accepted at takes into the condition. Why he is being so petty over a loose tile I don;t know. He stands to loose a lot more money than you. I would be tempted to contact PB, get them to tell the buyer, in polite but firm terms, no more visits, no more negotiation and exchange or you remarket. Get PB to get a date out of him. Try and get him to force his hand and put pressure on him. Tell PB if he is not happy then it goes back on the market straight away. You might end up with a better price!