new development

medical

house buying from new developer has been going on for a while.

developer has given me an ultimatum to exchange contracts , but i am not able to do so since my buyer who are first time buyers are still sorting out paperwork and survey on my property
my buyer is slow with everything and paid for survey 2wks ago, but survey not done yet.

1)what can i do to speed things up for my buyers?

2) what can i say to convince my developers to give me a few more weeks as i really want that house, searches all done, mortgage offer all ready , all contracts ready

pls help as i am really worried about loosing this property.
thank you
medical

kamaran

Write to the developer and include the correspondance you have from the buyer to backup your letter. Also start pushing your buyer for dates and keep the developer in the loop - it shows them your not messing around.

Did you see 'Property Ladder' on Channel 4 this week? There were 2 guys buying a new build who were top of chain. Their developer threatened them over 3 times they would pull out if they didnt exchange but never did (although was close to doing so the last time).

Good luck

medical

my husband saw that and reassured me with this
but i just wanted to be sure that i was not leaving any stone un turned
thank you
medical

kamaran

No worries,

To help with your buyers, push your estate agent hard and get them to pass this pressure onto the buyers. All it usually takes is a few phone calls to mortgage company etc to kickstart things.

Your estate agent is working for you afterall, make them earn that commission!

Pegleg2001

Usual pressure tactics by the developer. Been through it. They want your money in their bank account.

Make concilliatary noises to the developer and let matters take their course.

The developer will not want to lose you as a buyer in this dodgy market. You are in full control. If your FTBs gazunder you, then ask the developer to take a similar percentage drop.

meanmachine_2

I'd hesitate about sending these hardball tactics down the chain to the FTBer. They're not a forced buyer - you're close to being a forced seller.

Remember, an FTBer can walk away. It sounds like no one else in this scenario can afford to.

New developments aren't exactly flying off the shelves these days and might explain why the builder is so keen to have your cash!

If I was the FTBer I would want to know what position you're in, but I *might* also use this info to knock money off the price. So tread carefully.

kamaran

Good point meanmachine, however even a FTB should be able to acknowledge that you are keen to move on.

If they are anything like I was, they will be delaying on purpose to save money for Stamp duty, furnishings etc.

A tactful phone call wont hurt in my opinion. Worse case scenario is they could be delaying whilst they look at other properties - at least if you know whats going on sooner rather than later your in a strong position.

zag2me

Dont feel presured by developers, they would be absoltuley crazy to drop your offer over it taking too long in this market.

t_i_g_e_rr

Have you seen all the offers new-build developers are rolling out? 12-months ago these were rare and isolated, but now they are frequent and sometimes doubled up. Not only are you getting stamp duty paid, but also 5% deposit paid, 5% reduction to spend on optional extra's, 20% 'equity share' (i.e. you only buy 80%), move in for £99, free carpets, Part Exchange, etc. If you ask the sales advisor questions like, how long was this property on the market, how many plots are selling each week, etc, they might be a bit quieter. Frankly, it isn't that much fun for the new-build developers right now. Everyone is trying to close out sales (not that they haven't always done this). And every sales adviser, whatever they tell you, hates to have a cancellation on his or her record. Try asking for a 6% reduction if you agree to move quickly, you never know, it could work to your advantage.

terrierlady

i would imagine that when you reserved the property the sales negotiator asked for the chain details so she/he will be doing weekly updates with your estate agent and their stage of purchase etc would be updated weekly to satisfy the sales manager, yes you will get SOME leeway as long as you keep talking to the sales advisor and keep everyone up to date, make your purchaser aware that you are expecting a survey ask them when its going to be etc, keep talking to each party and the exchange will happen , the move is stressful for everyone, sales negotiators included!!!