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Hi

This is my first post, but I've been reading stuff on here for ages, and would really appreciate some advice or opinions!

Our house has been on the market for 2 months and we just got an offer (only had 5 viewers). We had already reduced the price by 10k, they offered a further 15k less again. Reluctantly, we have accepted it, as we have already found a house we want (after months of searching), and don't want to lose it. We won't have any spare cash at this price, just enough to cover all the normal fees/stamp duty etc.

Our buyer hasn't had the survey done yet, although I'm told the mortgage application has been sent off. (Apparently, she has a large deposit & mortgage agreed in principle).

It was last Friday that we received and accepted her offer, but for some reason, the estate agent said they would keep the house on the market until things had progressed further. They said it was normal practice (?). Just 3 days later, on Monday, we had another viewing, and we couldn't believe it when he offered the full asking price!

Now we're in a dilemma, not least because we don't want to let our first buyer down, and gazumping just isn't the done thing. But the extra 15k would enable us to do what needs doing in the new house. Some have said we'd be mad not to accept the higher offer, others have said it sounds too good to be true, my parents are taking the moral highground...........

The EA said he had only just met the 2nd buyer, and although had verified his financials, wasn't sure he was as committed as the first buyer. So, he suggested asking the 2nd buyer for a deposit to show how serious he was - buyer refused, saying I either accepted the offer or didn't!

Just don't know what to do! Any advice or suggestions?

Apologies for the leeengthy post!

Hi

I would speak to your solicitor for advice, I sold 2 years ago and was messed around terribly...I accepted an offer from a Bangladeshi family which was £10k less than my reduced price, then ages passed and I heard from the agent that there was a problem getting the mortgage for that amount, but that they were asking round the family....the next thing I was told that they could only get a mortgage for £20k less than the first offer as it was based on rental from a london property. When it came time to paying a deposit they could not as the were 'porting a mortgage' from one property to another and wanted to do simultaneous exchange and completion on the same day..like you I had no ther viewers, it had been on the market for over 1 year and no sign of ithe market improving. I was advised to say to the agent as I had taken a loss what was he going to do about his costs...after much moaning he reduced his fee and I told him to make the buyer aware that I had the property ready for rental with another agent should the sale not go through at the agreed price. It did after a nail biting wait. Two years on I am glad I sold and I am now looking to buy again.

I think if the buyer was genuine a token deposit drawn up with solicitors should'nt be a problem, also if you take a loss pass it on to the next property..times are hard.

Good luck!

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Well, as far as I know, the first buyer's house is not being sold through the same agent. However, the mortgage IS being arranged through them, for which they get some sort of commission - hadn't thought about that side of things, conflict of interest etc........

Also, I'm trying very hard to believe in what the EA has told me about the commitment of the first buyer; apparently the mortgage stuff went off a week ago, but no survey has been done on our house yet, whilst we sorted our mortgage out just last Friday and the survey's being done tomorrow. Don't know what the delay is for my buyer... unless the EA's just telling me untruths, and no paperwork has been done at all, sigh..dry.gif

(poppyoscoe, it's not so much that I have more faith in the honesty and integrity of a saleperson, more that I try very, very hard to have faith in them!)

We have just finished the mortgage process. It took us 12 working days to get the mortgage approved from when all the stuff went off, and then a further week to arrange the survey. This was with a very straight forward mortgage application with all the correct paperwork submitted with the application. So, I wouldn't worry too much yet.

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  • 1 month later...

.............well, just thought I'd post an update to my original post.

My original buyer's survey STILL hasn't been done, now it feels like I have been!

It's 7 weeks since we accepted the offer and I find it incredible that the survey still hasn't been done. Every time I speak to the EA they tell me it'll be any day now - but it seems an excessive amount of time, has anyone else had such a delay? The EAs assure me the buyer's still interested etc., but as I mentioned previously, I don't feel they've been very honest with me. Depending on whom I talk to, one said my buyer paid for the survey straight away, another said only a couple of weeks ago! My solicitor rang the buyer's solicitor to find out more and was told the buyer had only just instructed them. This was less than 2 weeks ago!

Ironically, it was the person who made the second & higher offer whom I doubted was serious.....

I'd be interested to know some thoughts on this, or some sage advice to calm me down!

PS My EA said the buyer arranged her finances through them for Nationwide; EA said Nationwide's rates are so low that they are inundated with work! It was the first time I laughed in ages - where are all these buyers then? I don't see many STCs around......

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PS My EA said the buyer arranged her finances through them for Nationwide; EA said Nationwide's rates are so low that they are inundated with work! It was the first time I laughed in ages - where are all these buyers then? I don't see many STCs around......

Duplicate post.

Edited by rex
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PS My EA said the buyer arranged her finances through them for Nationwide; EA said Nationwide's rates are so low that they are inundated with work! It was the first time I laughed in ages - where are all these buyers then? I don't see many STCs around......

speaking as a buyer who has just exchanged, our mortgage provider, Yorkshire BS was also inundated with work because of their rates. Although we live / are buying in the south west, they told me that they have so many mortgage applications churning through their system in the south of england, they had to refer me up to a mortgage adviser in Tenby (Yorkshire) to deal with my application. So that's who I've been dealing with over the last 6 weeks whilst getting the mortgage approved. The Tenby mortgage adviser told me that they are not busy in the North of England; its the South where they are groaning under the strain of applications. So I think there is a ground swell in certain areas of people getting mortgages approved (perhaps in principle); its another question as to whether they are actually putting offers in on houses yet.

But we did of course. And, yes, I re-negotiated price after getting the survey done because the surveyor's formal advice was that we had offered too much money for the house. We took another 25k off price. Did I feel bad? Not really. When we sold our buyers did the same thing to us. Its business, not a popularity contest. I'd have gone with your higher offer - more room to re-negotiate later if needs be.

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  • 429 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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