How many people pulling out?

kjpc83

My Oh andmyself have had an offer accepted on a house we are keen to buy the house and had an OiP from hbos. We Had our offer accepted on the 27/06 the seller wanted the missives signed by 16/07. Unfortunately our offer of mortgage has not yet arrived and the seller is threatening to withdraw fron the sale unless we sign soon. Her house was on the market for 3 months before our offer was accepted therefore cant understand why she has given us such a tight deadline. Any ideas as to her rational for this?
Ps we live in Scotland.

poppy10_2

40% of house sales are collapsing before completion - either because the buyer is getting cold feet, or the mortgage company withdraws their offer.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/24/bcnhouse124.xml

richiebradford

kjpc83 wrote: »

My Oh andmyself have had an offer accepted on a house we are keen to buy the house and had an OiP from hbos. We Had our offer accepted on the 27/06 the seller wanted the missives signed by 16/07. Unfortunately our offer of mortgage has not yet arrived and the seller is threatening to withdraw fron the sale unless we sign soon. Her house was on the market for 3 months before our offer was accepted therefore cant understand why she has given us such a tight deadline. Any ideas as to her rational for this?
Ps we live in Scotland.

If they have been on the market for 3 months then maybe they are getting pressured to sign the missives on their new property. Three weeks to sign missives is a bit unreasonable though.

IveSeenTheLight

neverdespairgirl wrote: »

"How many people pulling out?"

Not enough. I gather the birth rate is rising.

LOL :rotfl: ,

Not me either. I didn't pull out

Thanks for making me smile

baby_boomer

We pulled out in 2004.

The subsequent buyers paid 100% of the asking price and sold 11 months later at a 16% profit.

How times change .

geoffky

Some Of Those Buyers Last Year Will Be In The Pooh Pooh Very Shortly....negative Equity Is Not Your Friend Its Your Worst Nightmare......because The Unexpected Always Happens At The Worst Time...redundancy Knocked On My Door In The Last Crash And Took Me Ten Years To Clear Up The Mess...

jpno12

If you've bought pre-2003, been sensible over the last few years, and not over-committed on easy credit, now is a great time to buy.

There are some real bargains out there for First Time Buyers and for those looking to trade up.

Recent events have been a welcome price correction, and whilst no-one can claim to know the future (see the constantly revised forecasts from analysts & banks already this year!), I think talk of a 'crash' is over-egging it.

Despite all the talk of price falls, the average uk house price has still come down in value by a lower amount than it would have cost someone to rent for the last 12 months waiting for the market to crash.

Websites that measure reductions in asking price make me laugh - even a quick check of rightmove and nethouseprices show that the properties are significantly over-valued from the start.

As long as you are on a level footing financially, this could be the time to bag a bargain.

IveSeenTheLight

jpno12 wrote: »

Despite all the talk of price falls, the average uk house price has still come down in value by a lower amount than it would have cost someone to rent for the last 12 months waiting for the market to crash.

While I can agree with much of your post, the above is slightly incorrect.
You need to consider the mortgage interest as you are paying this without seeing it again similar to rent

If you are renting less than the mortgage interest would be and prices are dropping then you are better off renting

IveSeenTheLight

geoffky wrote: »

Some Of Those Buyers Last Year Will Be In The Pooh Pooh Very Shortly....negative Equity Is Not Your Friend Its Your Worst Nightmare......because The Unexpected Always Happens At The Worst Time...redundancy Knocked On My Door In The Last Crash And Took Me Ten Years To Clear Up The Mess...

Negative equity only has an impact if you have to sell or re-mortgage.
There are reports out there of interest rates lowering for long term fixed rate.
This is good to ensure that you know that your mortgage rate will not change over that period

http://firstrung.co.uk/articles.asp?pageid=NEWS&cat=21

wymondham

IveSeenTheLight wrote: »

Negative equity only has an impact if you have to sell or re-mortgage.
There are reports out there of interest rates lowering for long term fixed rate.
This is good to ensure that you know that your mortgage rate will not change over that period

http://firstrung.co.uk/articles.asp?pageid=NEWS&cat=21

Whilst true, I think too many people are glossing over it and dismissing negative equity as something that wont effect them as they don't plan to move for X years. Personal circumstances change, and sometimes very rapidly and unexpectantly!

It should be everyones intention to avoid negative equity risk if possible as if you cannot sell your house when you have to it can cause real problems and can be financially crippling - often at the point when you are most vulnerable....