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When to ask for purchase position
halia
Posts: 450 Forumite
I have a possible buyer lined up for my house, there are a whole heap of issues we have to sort out and tbh they are being a bit bloody awkward but thats a long story. For now my question is this.....
Its a private sale so no EA involved although we will both use local solicitors for the conveyancing. We've done 2 viewings, I've accepted offer and we're negotiating over survey results.
When they viewed they implied that they were cash buyers but it is possible that they mean 'cash' as in they are extending the mortgage on their existing house (this is a second house for them).
Now it makes a bit of difference to me whether what their purchasing position is, if they are REAL cash buyers (ie they have the purchase price in full in a bank account ready to transfer) thats maybe worth a bit of the price, if they need a mortgage I have no idea if they will be able to get a mortgage for the amount they need. For all I know they may have a mortgage of £200k already and be really struggling to raise the loan/mortgage/cash to buy a second house. On the other hand they may have paid of their mortgage completly and have the cash in savings!
When we started negotiating over the survey I asked them to confirm what their purchasing position was, I've asked (very politly) twice now and they havn't responded at all. I've given quite a bit of ground on price cos of the current market (12% below asking price) and feel that they really need to answer this for me.
Now I know EA will ask for bank details or other proof of financial position, can I do this in any way? Actually I'd just like them to answer in writing what their position is and then ask my solicitor to double check it once we've agreed final price.
help?
Its a private sale so no EA involved although we will both use local solicitors for the conveyancing. We've done 2 viewings, I've accepted offer and we're negotiating over survey results.
When they viewed they implied that they were cash buyers but it is possible that they mean 'cash' as in they are extending the mortgage on their existing house (this is a second house for them).
Now it makes a bit of difference to me whether what their purchasing position is, if they are REAL cash buyers (ie they have the purchase price in full in a bank account ready to transfer) thats maybe worth a bit of the price, if they need a mortgage I have no idea if they will be able to get a mortgage for the amount they need. For all I know they may have a mortgage of £200k already and be really struggling to raise the loan/mortgage/cash to buy a second house. On the other hand they may have paid of their mortgage completly and have the cash in savings!
When we started negotiating over the survey I asked them to confirm what their purchasing position was, I've asked (very politly) twice now and they havn't responded at all. I've given quite a bit of ground on price cos of the current market (12% below asking price) and feel that they really need to answer this for me.
Now I know EA will ask for bank details or other proof of financial position, can I do this in any way? Actually I'd just like them to answer in writing what their position is and then ask my solicitor to double check it once we've agreed final price.
help?
DEBT: £500 credit card £800 Bank overdraft
£14 Weekly food budget
£14 Weekly food budget
0
Comments
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You can ask your solicitor to speak to their solicitor to confirm the buyers position. Their solicitor should know if they are financing the purchase with a mortgage and if the sale of a property is involved.0
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