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Had an offer on house - was this the right thing to do?
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Thing is, assuming you need the funds from your house sale to buy the one you!!!8217;ve offered on, if your buyers isn!!!8217;t proceedable then your not either.
Either your buyer is going to need his parents to lend him the entire funds for the house (as a mortgage lender is unlikely to lend if he is also loaning off his parents), gift him enough deposit for the short fall in the amount of mortgage he requires or waits until his pay rise to get an AIP and prove he has enough deposit.
You can only really offer on this house, informing that you are not yet proceedable and your house is still on the market, although you have accepted an offer. Your sellers may also choose to keep marketing their house.0 -
Keep this person's offer on the back burner and remarket the property.
Our first offer (at full asking) was from someone unproceedable who had 'fallen in love' with the house.
They even brought the family along and had a 2nd viewing. We kept it on the market as they were not in a position to go ahead.
Now, 5 months down the line, they remain unproceedable and our house has long since sold to someone else who was proceedable, and who are moving in soon!0 -
redrabbit29 wrote: »
The buyer then said he may be able to borrow money from his parents, and they are all coming round today to look at the house and possibly agree to lend him the money.
This might be a red herring.
The 'borrowing from parents' thing could just be buying him some more time, and regardless of this he still doesn't have a mortgage in principle... (I'm assuming if he is waiting for a pay rise they would not be paying the entire amount, just a deposit so he can get a mortgage on his current salary.)
Keep it on the market until you have seen a mortgage agreement.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
No harm in accepting his offer but refusing to take it off the market and still accepting viewings in the mean time. I think that's fair. Certainly don't instruct any solicitors for searches etc. on new house until you've a proceedable buyer.0
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