Last minute glitch

Money_Saver

I am in a chain of 4. The house I am buying is empty and the people that are buying my property are selling their flat to a first time buyer. The first time buyer has queried the survey on the flat that they are buying and have requested a reduction on the price of the flat due to roof repairs. My buyers who are selling to the first time buyer have signed the contract with me but neither of us have exchanged yet. The first time buyer hasnt exchanged either and I havent exchanged with the property that I am buying from.

We are all due to complete next week but the first time buyer on the flat is holding things up. I have spoken to both estate agents in the chain and the estate agent who is dealing with the first time buyer and my buyer has advised me that my buyer cannot lower the price of their property becuase they are financially fully committed.

As per the estate agent they are going to the bank to re-finance their mortgage.

If they the buyer of my property is unsucessful in obtaining further funds, what is likely to happen next?

Thanks

MS

Doozergirl

You could try to establish the amount and then find the money between you all. You drop a bit, your venodr drops a bit etc.

Or you can keep your fingers crossed that they work it out between them.

If it isn't too much, I'd sacrifice a bit of money just to get it pushed through

Zammo

Sounds to me like the first time buyer is getting cold feet due to the housing market tanking. I wonder how many chains are currently collapsing due to the people on the bottom rung protecting themselves against major financial losses?

guppy

I agree with Zammo. A FTB would be mad to enter the market now.

Gillibobs

Zammo wrote: »

Sounds to me like the first time buyer is getting cold feet due to the housing market tanking. I wonder how many chains are currently collapsing due to the people on the bottom rung protecting themselves against major financial losses?

A hell of a lot it seems :mad: We had a first time buyer pull out on us due to this, and even from this forum you can see there are a lot of people doing the same.

I agree with Zammo. A FTB would be mad to enter the market now

Fair enough the market isn't great right now but my gripe is that they go ahead anyway and then "suddenly" decide it's not the right time. Surely they should be deciding this BEFORE going in and offering on houses. There are plenty of ways and means to equip yourself with all the facts and forecasts (such as this site for one)and making a decision before diving in head first, then pulling out and giving other people lots of stress and heartache in the process.

Romani_Ite_Domum

Ad Dozergirl says, you need to find out how much.
Have you been in contact with your sellers EA? They may well be prepared to drop a little to complete the sale. Especially of it's empty.

Doozergirl

Romani_Ite_Domum wrote: »

Ad Dozergirl says, you need to find out how much.
Have you been in contact with your sellers EA? They may well be prepared to drop a little to complete the sale. Especially of it's empty.

Yes. The EAs can drop a bit of their fees too.