Can I cancel reservation and reserve later

MizLee

A bit of background, we are in the process of purchasing a new build property with a developer as FTB. We have reserved this property but we are looking for them to put some add-on. We are in negotiations but they have called our bluff to say they can't meet our demands and we are free to cancel our reservation (full refund).
The reason for my thread, my partner is of the opinion that we should call their bluff and they should cancel. He says if they do actually go ahead and cancel, we will can re-list the next day.
I on the other hand think this is a simplistic approach and may not be as easy. We have AIP from a lender and a mortgage application in progress.
My question is, does anyone know what our options are? Is what my partner has proposed feasible or realistic?
We really do like the property and I do not want to lose it?
Your advise is appreciated.

AdrianC

How much demand is there for this development?

SmashedAvacado

What do you mean by re-list? Are you cancelling a purchase or a sale?

MizLee

The property is off plan, so we have only paid for reservation.
Apologies for my choice of word, re-list is the wrong term. What I meant was 'reserve the property later' if it's still available, that is.

MizLee

Quite a sought after development.

SmashedAvacado

Yes, you can do that.

They will be keen to get a sale, and they might struggle to otherwise get this done quickly. Have you got something to offer them, like an ability to complete quickly (assuming the property is finished). They will have annual targets to meet, (if they are a large company you can look up their financial year and it may be 31 dec) - they might consider that a sale to you is better than an uncertain january.

AnotherJoe

On the face of it this would seem to be a good strategy. If you do rebuy then you'd still be buying the same plot at the same basic price so I can't see you'd need to tell your lender.
There's always a chance of course that they might have another buyer lined up, do you know how the plots are selling? There even a chance they might not accept your new bid or give you the current freebies they have.
I'd suggest a middle ground, I'd visit and say you are going to take them up on their offer for a full deposit refund and are they sure before you do that. If they say yes they are sure, ask for five minutes to call the other half, and then retract (since it seems very unlikely they would let you take the refund and then concede later)
Of course if you aren't set on this house / plot you can pull out and look elsewhere but given your husbands strategy it seems that you are?

AdrianC

MizLee wrote: »

Quite a sought after development.

Then why on earth would the developer accept your new reservation over somebody else, let alone give you a better deal? You've already mucked them about once...

HampshireH

Agree with AdrianC. You could be seen as a problem if you pursue that route. They may feel you would repeat the behaviour and mess them around again.

Soph890

Hi MizLee

We did this and ended up getting a better deal!

We pulled out and for refund then a week later decided to go for it and reserve it again. The second time we got a much better deal as it was nearer target month for salesperson.

Hope that helps

X

whatdoyouthink...

What were the add-ons you wanted from them? They may well be calling your bluff but if they're offering you a refund to pull out of the purchase, is what you're trying to get out of them 'over the top'?