Do I pull the plug on a sale now or wait it out?

Lovem

Sorted thanks all x

MisterP123

Have you accepted an offer? If not, have you had much interest?

If you have a buyer then it's up to them if they risk spending money on searches etc. before they have a mortgage offer.

If the surveyor under values the property then there's a few outcomes;

1. Buyer stumps up the difference
2. Vendor drops selling price
3. Neither agree to an outcome and the sale falls through.

Trouble with you pulling out if a lower value is offered is, you'll likely get a similar problem with future buyers.

Lovem

MisterP123 wrote: »

Have you accepted an offer? If not, have you had much interest?

If you have a buyer then it's up to them if they risk spending money on searches etc. before they have a mortgage offer.

If the surveyor under values the property then there's a few outcomes;

1. Buyer stumps up the difference
2. Vendor drops selling price
3. Neither agree to an outcome and the sale falls through.

Trouble with you pulling out if a lower value is offered is, you'll likely get a similar problem with future buyers.

Yes, we had an offer accepted. Four buyers bidding on it and it was listed within £5,000 of three separate estate agents.

MisterP123

Lovem wrote: »

Yes, we had an offer accepted. Four buyers bidding on it and it was listed within £5,000 of three separate estate agents.

Then don't worry.

How long ago was the offer? Do you know if the buyer has a formal mortgage offer yet? If they get that for the agreed sale price then it's not a problem and the main hurdle has been cleared.

Like I said, it's the buyers choice if they wish to instruct solicitors and start searches before the mortgage offer. Plenty do it (I just have) but I was fully aware of the potential costs should everything go pair shaped.

always_sunny

Why do you want to pull the plug on the sale?

Lovem

MisterP123 wrote: »

Then don't worry.

How long ago was the offer? Do you know if the buyer has a formal mortgage offer yet? If they get that for the agreed sale price then it's not a problem and the main hurdle has been cleared.

Like I said, it's the buyers choice if they wish to instruct solicitors and start searches before the mortgage offer. Plenty do it (I just have) but I was fully aware of the potential costs should everything go pair shaped.

Only last week offer was accepted. No, they have put in their full application monday. So valuation will be in due course.

Since a neighbour has hers lower only last month. I can see it going pear shaped already.

Lovem

always_sunny wrote: »

Why do you want to pull the plug on the sale?

Neighbour got almost £30,000 lower RICS valuation on her identical property last month. So, based on that ours won't value not even to our listing price.

MisterP123

If the surveyor comes back with a 30k reduction and you won't sell for that, and the buyer won't/can't stump up the difference then it's time to call it a day. Don't do anything rash at the moment.

always_sunny

Lovem wrote: »

Neighbour got almost £30,000 lower RICS valuation on her identical property last month. So, based on that ours won't value not even to our listing price.

Unless you live in identical places (inside too) it's not necessarily true, RICS valuations often tend to be lower than the mortgage valuations. If you worry so much now you will end up with white hair by the time you exchange and complete! :eek:

paddycharlie

But what reason is there to pull out? If the valuation comes back lower then negotiate with buyer if you wish. A lower valuation may not be as much as £30,000 or it may even come in at the asking price so pulling out might be an expensive mistake

kilby_007

Can you afford to sell 30K below and will you still be able to afford to buy wherever you're moving to? Either way, just go with it but be prepared to drop the price or walk away if the worst case scenario occurs.