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Will my new build give me more time if my sale falls through?
louloumick
Posts: 14 Forumite
Hi there,
Question for anyone with experience of moving into a new build after selling their own property?
We put an offer in on a new build which was accepted. The property is now sold STC. We have had all searches and valuation done and the Mortgage offer has come though!
Upon chasing our buyers (who also had the valuation and searches complete) they have had an issue with their mortgage offer so pulled out of the purchase.
We fear we may lose our new build property as we have to go back on the market and start all over again.
Does anyone have any experience of this? The new build is a small developer (so not a main stream huge development). There are still a couple of properties available and the other houses either side of us are also still listed as sold STC and no one moved in as yet.
We are in a position to offer a cash deposit to ensure we secure the property.
Any advice on how nest to approach this so we dont lose the property?
Appreciated!
We do have a viewing lined up for a weeks time but the potential buyer is on holiday. He is a cash buyer but we are finding that people just want o nosy around your home and not put an offer in.
Question for anyone with experience of moving into a new build after selling their own property?
We put an offer in on a new build which was accepted. The property is now sold STC. We have had all searches and valuation done and the Mortgage offer has come though!
Upon chasing our buyers (who also had the valuation and searches complete) they have had an issue with their mortgage offer so pulled out of the purchase.
We fear we may lose our new build property as we have to go back on the market and start all over again.
Does anyone have any experience of this? The new build is a small developer (so not a main stream huge development). There are still a couple of properties available and the other houses either side of us are also still listed as sold STC and no one moved in as yet.
We are in a position to offer a cash deposit to ensure we secure the property.
Any advice on how nest to approach this so we dont lose the property?
Appreciated!
We do have a viewing lined up for a weeks time but the potential buyer is on holiday. He is a cash buyer but we are finding that people just want o nosy around your home and not put an offer in.
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Comments
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You probably have a window to complete on the new build as the developer would have to start from scratch with a new buyer. However, that will no stop them hounding you to complete. The guys we purchased from were going into a new build and had two sales before us fall through. The developer made all sorts of threats to withdraw and re-market the property but it was just bluster aimed at piling the pressure on.1
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Thanks for your reply. This is what we were thinking!MEM62 said:You probably have a window to complete on the new build as the developer would have to start from scratch with a new buyer. However, that will no stop them hounding you to complete. The guys we purchased from were going into a new build and had two sales before us fall through. The developer made all sorts of threats to withdraw and re-market the property but it was just bluster aimed at piling the pressure on.
If they remarket the property then they will have to wait for the buyer, mortgage approval, searches, valuation etc... we have everything ready to go... We just hope they will give us some grace period to get ours sold to, fingers crossed, the cash buyer who returns from holiday next week! This house buying malarkey is more stressful than anyone every tells you
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How long have the developers given you to exchange contracts?0
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They did not stipulate. The developer are a small developer and the sale is being managed by an EA so standard Memorandum of Sale was issued when the offer was accepted.Hoenir said:How long have the developers given you to exchange contracts?
We have spoken to the EA today and let them know if the change in situation. They are speaking to the developer and will let us know... They did say that because we have the searches complete, valuation complete and Mortgage Deed signed for the property, it may take them longer to go back out to market so will (hopefully) give us a grace period to secure another sale.
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