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Guest uberstuka

Question About Estate Agent Blocking Our Survey.

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Guest uberstuka

In brief: The house in question is being sold by a firm of solicitors. The previous owner died and they have taken over the affairs of the deceased. They want a quick sale, thus have instructed the EA's (or so they say) to prioritise the first buyer who confirms a survey.

We made our offer (asking price) Tuesday of last week which was accepted. However three other offers had been accepted at the asking price, too. Yesterday our surveyor was 2 hours late in making that call, as another buyer got their's in quicker.

We're FTB's, so somewhat naive to the workings of EA's. We were told the buyers who got in first have not sold their property (they have taken out a bridging loan to cover the purchase of the house in question), they are weeks, nay months away from a completetion of the sale. We, on the otherhand, have mortgage accepted, surveyor waiting to go in, a family member as our solicitor and could have this deal wrapped up in two weeks.

In theory we are still the best option for the vendors.

So, is there anything we can do? The EA has told us that even if we want our surveyor to get in there we can't (saying they don't want to be responsible for us wasting our money, even though we have confirmed that we are prepared to accept this risk). We want to do this to be prepared to move in on the sale immediately should the other buyers in question pull out.

Should we try speak to the vendors direct? Expressing our unique FTB status? Make a higher offer?

All comments are much appreciated.

Cheers

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In brief: The house in question is being sold by a firm of solicitors. The previous owner died and they have taken over the affairs of the deceased. They want a quick sale, thus have instructed the EA's (or so they say) to prioritise the first buyer who confirms a survey.

We made our offer (asking price) Tuesday of last week which was accepted. However three other offers had been accepted at the asking price, too. Yesterday our surveyor was 2 hours late in making that call, as another buyer got their's in quicker.

We're FTB's, so somewhat naive to the workings of EA's. We were told the buyers who got in first have not sold their property (they have taken out a bridging loan to cover the purchase of the house in question), they are weeks, nay months away from a completetion of the sale. We, on the otherhand, have mortgage accepted, surveyor waiting to go in, a family member as our solicitor and could have this deal wrapped up in two weeks.

In theory we are still the best option for the vendors.

So, is there anything we can do? The EA has told us that even if we want our surveyor to get in there we can't (saying they don't want to be responsible for us wasting our money, even though we have confirmed that we are prepared to accept this risk). We want to do this to be prepared to move in on the sale immediately should the other buyers in question pull out.

Should we try speak to the vendors direct? Expressing our unique FTB status? Make a higher offer?

All comments are much appreciated.

Cheers

To be honest! If the EA is telling the truth then your only option would either ask the EA to explain that your in a great position, or possibly offer a higher price. The fact that the seller just want rid means the price is not really that relevant imho. Unless you offered a silly amount over :angry:

Alternatively, If you can find out the seller then try and speak to them directly. EA's have been know to get friends to buy properties and then they flip them. Death in Family is perfect ground for this - so beware.

Alternatively, let the others buy it, and when they struggle to sell their house, and the VERY EXPENSIVE interest on their bridging loan begins to bite. Offer to buy theirs at 40% BMV :)

Theres no sentiment in business ;)

I must stress though. You have to be prepared to walk away from a property to get a fair deal. EA's and sellers play on emotions. I would not worry though - there are LOT AND LOTS OF PROPERTIES FOR SALE AND ITS RISING!!!! :) Another WILL come along!

TB

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I have to agree with TB there is always another house, I have fallen in love with so many and fallen out of love with them too (thank goodness whilst renting) I don't think I will ever "love" another house, it's a business transaction these days not a home.

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We were told the buyers who got in first have not sold their property (they have taken out a bridging loan to cover the purchase of the house in question), they are weeks, nay months away from a completetion of the sale.

uberstuka,

If they have bridging finance in place then they are probably in as good a position to proceed as you are and there should be no delay in the completion of the purchase, certainly not months.

Obviously you like the property but the other party is keen enough to risk the expense of bridging finance so may have very deep pockets and you could end up wasting your money or paying over the odds.

It seems as if they are sticking to the rules set out at the start but I suppose that is not what you want to hear.

If you don't know who the solicitors are you may be able to find out by looking at the public notices section in your local paper in case the solicitors have been appointed as trustees rather than acting on behalf of the deceased's relatives.

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  • 302 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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