Viewings and Offers

FTB_Dan

I may have missed it but how do we know buyer 2 has a mortgage and not a cash buyer?

Slinky

mayling03 said:

Slinky said:

mayling03 said:

Slinky said:

We sold ours to somebody who kept their existing house for a BTL and took out a mortgage on ours, so there were 2 mortgages involved. Fortunately for them we weren't in a huge hurry to move due to holidays, but it got a bit tense when exchange kept being put back because of the need to co-ordinate their solicitors receiving both lots of money.  Agreed sale in early April, completed mid July, with exchange the week before.

In theory, it should be pretty simple. 

When you say two lots of money, I'm guessing, releasing equity on their existing house which they would turn into BTL and then new residential mortgage from the bank. 

Yes I'm assuming they took a mortgage out on our house, although they never had a physical survey of it.

No physical survey, was it covid times? 

No, this was pre-covid. We were pretty surprised, although the chap was a scaffolder so presumably thought he had enough knowledge of buildings to be happy with what he saw.  We were also very upfront with the lack of boiler Corgi certificate, and the perhaps scary 'buildover agreement' for the sewer near our extension.

ironlady2022

Update- the 2 offers came in today as promised at £295k each. Both are in same position as Buyer 2, where they will rent out their current residence.

The EA is doing some digging to see if any of these is just a case of changing to a consent to let, whereby bank just increases rates and allows to rent out. Or if either of them require a buy to let mortgage, to release equity to purchase my house. 

ironlady2022

Update: went to best and final.

£290k became £295k and£295k became £297k.

So I've chosen the £297k.

I also got an update to say that the one at £295k who did not increase offer, made out he did not get told until late and he's since offered £310k. He complained he didn't know how much to offer over the £290k.

Anyway I've told the EA, I'm sticking to my Buyer as I'm happy with offer and he's not played any games.

The one that's come in at £310k has really put me off and EA said they would likely ask for discount if there's a down valuation.

Even I don't think my house is worth £310k.