Buyer pulled out 1 day before proposed exchange date: should I go with 'We Buy Any Home.com'?

Sunshine_of_your_Dyf

Thrugelmir said:

Have you actually spoken to your mortgage lender about obtaining an increased mortgage offer of £22k?  

I have spoken to my mortgage advisor who has sent this off to TSB for them to send over the amended over by next Friday, or thereabouts. He believes that this increased mortgage offer shouldn't be an issue, given our salaries. This will enable us to possibly take a lower offer on the flat from a cash buyer or first time buyer or something, (maybe around £115,000 instead of £130,000), and still afford our new home, because of this mortgage increase. 

I'm thinking this We Buy Any Home thing might not be all it's cracked up to be haha, so we're hoping that a buyer comes along and takes the flat, even at a lower offer because we still afford this with our new mortgage increase.

moneysavinghero

Sunshine_of_your_Dyf said:

moneysavinghero said:

The £108,000 might be a 'lure you in' price. Don't bank on actually getting that price.

Listen to your parents.

They have in their agreement contract that if they offer you less than £108,000 after they come round and view your property, then you are under no obligation to take this and will incur no penalty: is this to be believed? I asked as to whether this £108,000 would be a firm offer after they come over and value the property, and they said it would be and would not change down the line.

It's tough, because when you see the TrustPilot reviews, you see mainly 5 star experiences (although I do appreciate that a lot of these will be fake). I want to avoid falling into a trap, but then again I do want to salvage something from this chain.

Yes you can walk away without penalty if they offer you less. They bank on you being desperate enough to accept the lower offer.

It's not a firm offer - they will change it - they will say something cropped up in the valuation that means they have to offer less.

steampowered

How long would it take you to save £22,000?

How long would it take you to pay off an additional £22,000 on the mortgage, plus the interest on it?

Personally I would not sell at a £22k discount. I would find another buyer.

hazyjo

If you're willing to throw that money away, why don't you look at properties for that much more? See if you can find another 'dream home'?

As above, there really is rarely just one. And there's no guarantee you'll even lose this one!

Wouldn't touch a quick buy place with a bargepole in these circumstances. You're thinking with your hearts, not with your heads.

MFWannabe

Why not just advertise flat at a reduced price of £125,000 for quick sale? If you’re willing to take that much less than you should get a buyer. 
How quickly do properties sell in your area? 

SpiderLegs

Sunshine_of_your_Dyf said:

moneysavinghero said:

The £108,000 might be a 'lure you in' price. Don't bank on actually getting that price.

Listen to your parents.

They have in their agreement contract that if they offer you less than £108,000 after they come round and view your property, then you are under no obligation to take this and will incur no penalty:

Why would this need to be added to their contract?
it goes without being said that if they want change the contract you are under no obligation.
Please don’t be mugged off by marketing nonsense like that.

powerful_Rogue

Have you considered remortgaging to a 'Let to Buy' mortgage?

We did this via a broker when we saw the house we really liked and wanted to get an offer in asap. The LTB released enough money for the 20% deposit. We have since gone SSTC on our house, which will then clear the LTB mortgage. There will however be a £2000 early repayment charge, but a small price to pay to get the house we really wanted.

Mickey666

It can be difficult to avoid, but being desperate and emotional when buying/selling a home can be very expensive indeed.
It’s what these ‘buy quick’ companies rely on.

Crashy_Time

Sunshine_of_your_Dyf said:

silvercar said:

there may there may be other reasons why the buyer has pulled out, just because they say there is a service charge issue, doesn’t mean that is the reason.
put it on the market at a realistic price and wait.

Thanks for your comment - I did think that perhaps the service charge reason might not be 100% the reason, but then why wait until days before the exchange to announce this if it wasn't something major such as a financial qualm? I think it's despicable so late in the day to do something like that.

We're thinking of lowering the asking price to attract a wider range of people, possibly cash buyers, in order to get things moving at a quicker rate. Again, not sure if this is something worth doing, but as you can understand, we're so desperate to keep this chain alive

Best move IMO.

Sunshine_of_your_Dyf

MFWannabe said:

Why not just advertise flat at a reduced price of £125,000 for quick sale? If you’re willing to take that much less than you should get a buyer. 
How quickly do properties sell in your area? 

That's what I think we're going to do today. Advertise the properties for O.I.E.O £120,000 to start with, and see if that has any impact on viewing bookings, because I think we would accept £120,000 if that offer was made soon.

Property is in the city, excellent location, with beautiful, historic grounds, free parking, etc, and I'd even chuck in a free dishwasher and fridge! I'd like to think it would sell quickly, but it can't come quickly enough at the moment haha!

If any of you guys fancy a punt?....