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

mbugsy18

powerful_Rogue said:

mbugsy18 said:

powerful_Rogue said:

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.

Hi, i have also just lost my buyer and was considering this option or a bridging loan. Did you actually have to rent out the house? How did you get a monthly rental quote for the mortgage application?
I have another buy to let but the rent is very low mainly because the tenant has been there for over 20 years so if I go the mortgage route I will have 3 mortgages. Not sure what that will do to my credit score. 

When we got quotes from the EA, they also said the rental potential. Also looking online at what similar properties gain in rent. Our mortgage broker said that although it's a LTB, circumstances do change and you may wish to sell. The mortgage company seem happy with this as they gain from the ERC.

Speak to a Mortgage Broker, best thing we ever did.

Does it affect the stamp duty on the property you buy?

NameUnavailable

It really annoys me when agents don't put details of the lease, service charge and ground rent on their listings.

These are crucial pieces of information and affect the value of a property as well as key in deciding if it's worth looking at or not (for me). Even worse is when you phone them and they say they haven't had the information from the vendors! Surely they can't give a proper market valuation without them.

Imagine looking for a used car but not being told the mileage or service history or whether or not it has an MOT!

Crashy_Time

The agents just want to pull in as many enquiries in the first instance so that they look like they are earning their commission.

Niv

I would get rid of the 'offers in excess of' nonsense for two reasons 1, its a lie (you have already said you would be more than happy to accept less for a quick sale) and 2, it puts people off (and you want a quick sale...)

Crashy_Time

Good advice.

NameUnavailable

Niv said:

I would get rid of the 'offers in excess of' nonsense for two reasons 1, its a lie (you have already said you would be more than happy to accept less for a quick sale) and 2, it puts people off (and you want a quick sale...)

Agree with this. As a buyer does that mean you offer £1 over or £10,000? It's a puzzle and buying something shouldn't be like a quiz or lucky dip. Also there may be a great buyer who would love to buy the property but there absolute top budget is the base figure and many will feel like they can't offer unless it's in excess of that amount, when in fact you'd bite their hands off!

State a price knowing that you will most likely get offers below it but then negotiate upwards.

Crashy_Time

NameUnavailable said:

Niv said:

I would get rid of the 'offers in excess of' nonsense for two reasons 1, its a lie (you have already said you would be more than happy to accept less for a quick sale) and 2, it puts people off (and you want a quick sale...)

Agree with this. As a buyer does that mean you offer £1 over or £10,000? It's a puzzle and buying something shouldn't be like a quiz or lucky dip. Also there may be a great buyer who would love to buy the property but there absolute top budget is the base figure and many will feel like they can't offer unless it's in excess of that amount, when in fact you'd bite their hands off!

State a price knowing that you will most likely get offers below it but then negotiate upwards.

It implies they are expecting (or pretending to be expecting) a "bidding war", which of course is just pure fantasy in today`s economic climate, offer what you want, preferably a good bit under asking.

ccfc1972

How does it work with webuyanyhouse.com work? Do you still have to go through months of solictors gubbins? Or do you get the money quickly?

Crashy_Time

ccfc1972 said:

How does it work with webuyanyhouse.com work? Do you still have to go through months of solictors gubbins? Or do you get the money quickly?

They still have to find you a buyer, or maybe they buy them cheap and try to sell at a profit? Best bet is to reduce the asking price until there is strong interest at your door and clicks online, listening to a bunch of strangers on a forum saying to hold out for X amount will only take you so far.

ccfc1972

Yeah was just wondering. Won't be an option for us, if our buyers miss their mortgage offer deadline it will be all over for our purchase as well by the looks of it. Can't believe we've ended up in this position right before Christmas, when the process was started in July 🙄