Cash buyer. Survey done. What next?

choccy1972

Hi. I'm just posting to get some advice on the process please?

Cash offer accepted on my house mid September. Survey done end October and chased for a couple of updates with EA to see if purchaser is still going ahead? Buyer confirming they're proceeding and enquiries have now gone to my solicitor. Is this the normal process? Also after this could the buyer still drop their offer? I thought that after survey, this would be the time they would revise their offer.

I'll be moving into rented as I have debts/mortgage arrears, but at the moment I feel like I can't really look for anywhere as I don't know how much money I'm going to have to play with.

I feel a bit confused by the process and also quite anxious to move due to my debts/arrears continuing to increase.

Any help would be appreciated. Thanks!

Sandtree

Cash buyer process doesnt automatically change the process materially at all, just removes the risk of a mortgage not being approved for a sufficient amount etc and potentially can mean things are quicker.

Until the exchange has happened a buyer can always decrease or withdraw their offer. The survey alone wont always be the last point where things may change... until ink is on the contract its still at risk. They may want to ask questions that are raised by the survey, it may all be a bit of a game and they’ll reduce their offer 5 minutes before they are due to sign or it could all go through without problems

Scotbot

Searches still need to be done. Cash buyers will still do the same due diligence as other buyers

AlexMac

Don't panic; based on our experience of almost a dozen purchases/sales over many years, your experience sounds normal.  On average, out transactions have taken at least three months, so hopefully "It'll all be over by Christmas!" 

Yes, there is the problem that any sale can fall through right up to the moment of "exchange" (the point at which the sale becomes legally binding; usually a week or two before "completion"), but that is ust the UK system, and doesn't often happen in my experience.  No buyer has ever dumped me, and I have only ever once walked away from a purchase after my offer was accepted and after I'd briefed a solicitor  (I did that because there was a leak, water damage and the seller - who had already been incredibly unhelpful and difficult - refused to either fix it, cover the cost or drop the price.  And that meant that I'd incurred  wasted legal, search and survey fees).

And unless the buyer's survey revealed expensive problems, why should they ask you do drop the price?  

So keep asking the estate agent to chase or update you (that's what they're for) and keep everything crossed!

Doozergirl

Have you looked at debt counselling with Step Change or the likes?  

You'd be giving up some serious security.  Please be certain that you absolutely HAVE to sell the house before you do - that probably means taking advice rather than thinking you have all the answers yourself.  With a bit of help, you should be able to structure your debts so that the mortgage gets paid first and the debts are paid based on what you can actually afford.  

Could you take a lodger, perhaps, until things improve.  

I notice that you haven't been active on the Debt Free Wannabe board.  Please go and have a chat there before you make a decision you might regret.  It's worth a shot. 

https://forums.moneysavingexpert.com/categories/debt-free-wannabe

choccy1972

Doozergirl said:

Have you looked at debt counselling with Step Change or the likes?  

You'd be giving up some serious security.  Please be certain that you absolutely HAVE to sell the house before you do - that probably means taking advice rather than thinking you have all the answers yourself.  With a bit of help, you should be able to structure your debts so that the mortgage gets paid first and the debts are paid based on what you can actually afford.  

Could you take a lodger, perhaps, until things improve.  

I notice that you haven't been active on the Debt Free Wannabe board.  Please go and have a chat there before you make a decision you might regret.  It's worth a shot. 

https://forums.moneysavingexpert.com/categories/debt-free-wannabe

Thanks for your reply and advice.

It's a bit of a long term thing. Unemployed due to mental health and unable to afford my mortgage/priority bills, so heading for repossession.

House sale will clear my debts and hopefully leave me with some money to start fresh.

Thanks again! 🙂

Suseka97

I have to agree with Doozergirl - that if your reason for selling is just about your debts and mortgage arrears, you really should speak to one of the debt charities before you finally commit.  Selling your home just to resolve your debt situation is a bit extreme and there are so many other options available depending on your individual circumstances.  The DFW board is a great resource - but also speaking with a debt adviser is highly recommended.

choccy1972

AlexMac said:

Don't panic; based on our experience of almost a dozen purchases/sales over many years, your experience sounds normal.  On average, out transactions have taken at least three months, so hopefully "It'll all be over by Christmas!" 

Yes, there is the problem that any sale can fall through right up to the moment of "exchange" (the point at which the sale becomes legally binding; usually a week or two before "completion"), but that is ust the UK system, and doesn't often happen in my experience.  No buyer has ever dumped me, and I have only ever once walked away from a purchase after my offer was accepted and after I'd briefed a solicitor  (I did that because there was a leak, water damage and the seller - who had already been incredibly unhelpful and difficult - refused to either fix it, cover the cost or drop the price.  And that meant that I'd incurred  wasted legal, search and survey fees).

And unless the buyer's survey revealed expensive problems, why should they ask you do drop the price?  

So keep asking the estate agent to chase or update you (that's what they're for) and keep everything crossed!

Thanks for breaking it down for me. I understand with the current situation things are taking more time.

EA hasn't come back to say survey found anything big. I was worrying about that, as the house is old and I've not been able to afford to keep up with maintenance of it.

It's good to understand how it all works.

Thank you!

Doozergirl

choccy1972 said:

Doozergirl said:

Have you looked at debt counselling with Step Change or the likes?  

You'd be giving up some serious security.  Please be certain that you absolutely HAVE to sell the house before you do - that probably means taking advice rather than thinking you have all the answers yourself.  With a bit of help, you should be able to structure your debts so that the mortgage gets paid first and the debts are paid based on what you can actually afford.  

Could you take a lodger, perhaps, until things improve.  

I notice that you haven't been active on the Debt Free Wannabe board.  Please go and have a chat there before you make a decision you might regret.  It's worth a shot. 

https://forums.moneysavingexpert.com/categories/debt-free-wannabe

Thanks for your reply and advice.

It's a bit of a long term thing. Unemployed due to mental health and unable to afford my mortgage/priority bills, so heading for repossession.

House sale will clear my debts and hopefully leave me with some money to start fresh.

Thanks again! 🙂

I understand the motivation, but you didn't answer my question. 😉

Have you sought the free, proper, qualified advice that is available for your predicament?   If you have not then I URGE you to.  You have nothing to lose by doing it.  

And if you read DFW, you'll see that many people have dramatic improvements in their mental health as debt also has a massive impact on it.  

choccy1972

😃 Yes I have. Was considered no longer viable for DMP with Stepchange, as been out of work for over 2 years and they discontinued my token management plan. I had to re-set up with help from Citizens Advice.

I will take a look at the board though. Thank you.

youth_leader

I'm a cash buyer choccy1972, and I had my full structural survey last Tuesday.  The surveyor emailed me to say no problems, so I emailed my EA to say I was happy to proceed without further investigation ie no price negotiations.  I have no intention of gazundering at exchange.  I asked my solicitor for an update and he said he's waiting for the contracts and to ask my EA to chase - they've emailed this morning to say they are contacting the vendor's solicitor as well as the vendor.  It's been six weeks since my offer was accepted. I've also bought a book on house buying from Amazon as I'm in the dark about the purchase process, it is sometimes available at the library, 'House Buying for Dummies'.

 I am sorry you are in debt, I spent twelve years digging myself out of it, and still remember the taste of my curry powder and water 'soup',  wishing you the best of luck.