You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
Seemed appropriate to copy the thread title in classic STW fashion.
Offer accepted on a three bed in mid-January. Seller was in a rush to complete as a previous seller pulled out for 'cash flow' issues. Was due to move into a new build around now. No real issues with the process to start with. Surveyor found some issues and ~£6k was taken off the price to cover and agreed with seller. They were fine with this as they were aware of the issues and was still above asking price.
Anyhow, solicitors found an issue with the deeds due to a historical rent charge that the lender wouldn't proceed with due to potential risk to them (Roberts v Lawton). This rent charge was subsequently bought out and atm we're waiting for the Mortgage lender to give final confirmation that all is acceptable. Due to this taking a while the seller has had to take out a bridging loan to move into the newbuild.
Then today, the seller's decided to give us until Wednesday to exchange contracts or they will pull out 'due to concern over the time taken'. We're all literally waiting on a reply from the lender and this can happen, but despite constant pushing by our solicitor it can be up to 7 working days from now (is their policy).
Reading between the lines, the seller's probably seen house prices have risen even more since January and want to recouple some of the costs of the bridging loan etc, and our solicitors suspect they have given an unreasonable deadline to get out of this. In 10 days at the latest they would almost certainly have an exchange of contracts but due to things taking too long they want to re-list!
Apologies, needed to rant mostly but any advice would be much appreciated!
I'd try putting pressure via the agent.
The delays in re listing vs s bridging loan isn't a gamble I'd want.
We sold our house 6 weeks ago, have put offers in over asking price on 4 properties, these have now all gone to "final best bids" - bloody scam, bring in the Scottish law on Conveyancing.
Properties in this area have risen over 10% in 6 weeks based on asking price v selling price. Taken ours off the market until this situation corrects itself, as it will when mortgage companies refuse to finance overvalued houses.
bloody scam, bring in the Scottish law on Conveyancing.
Why. In your situation what difference do you believe that will make ?
We sold our house 6 weeks ago, have put offers in over asking price on 4 properties, these have now all gone to “final best bids”
What's the scam element to this?
Offer accepted on 2 of the properties which in Scotland would be binding.
They are trying their luck and hoping you will jump through hoops. We had the same. And they were just trying to get things moving. Relisting will likely cost them more (even if they sell at a higher value) and will start the buyers process all over. I seriously doubt they are actually happy to go through that again so close to the finishing line.
It worked out well for me when I was selling. Estate agent recommend the best and final bid thing, and once they were all in we sat down and went through them. In the end went for the cash buyer who wasn't the highest, but was most likely to complete.
Don't see the issue myself.
Offer accepted on 2 of the properties which in Scotland would be binding.
Fundimental information which means your first post makes sense otherwise you just look like you don't understand the Scottish system.
Just keeps inflating the market, no win for anyone apart from estate agents (parasites).
I’d try putting pressure via the agent.
LOL! If my experience is anything to go by they are ruddy useless. No wonder people are going to online agents who just whack your house on Rightmove for a few hundred quid. That’s the way I’d go in future.
As soon as the sale is done they wash their hands of it and hand the important stuff over to solicitors.
OP - call their bluff. If they relist they’ll be another 4 months before completion, not weeks. And their bridging loan interest will be ramping up at a rapid rate.
In the end went for the cash buyer who wasn’t the highest, but was most likely to complete.
I obviously see why you did that but when I was recently buying being passed over for cash buyers drove us to distraction. How are you supposed to compete with that as a young family?
Not expecting you to fix the system single-handedly of course, and I have no idea how you’d even start to approach that.
How are you supposed to compete with that as a young family?
Didn't even think of that. The place I sold is not really suitable for families anyway (I'm moving somewhere bigger) but yeah, I can see exactly how this is a problem.
Maybe there's a house price correction due soon given how steeply they're rising.
trail_rat
Free Member
Offer accepted on 2 of the properties which in Scotland would be binding.Fundimental information which means your first post makes sense otherwise you just look like you don’t understand the Scottish system.
Yeah, i never want to go through the Scottish process again, blind bidding is not a good thing, unless you can throw money at it, we spent ages going for houses, bidding and then being blown out the water by someone else, all the time paying for surveys and so on, so reality is you wouldn't have had offers accepted in the Scottish market unless it was fixed price anyway, the standard process is putting your bid in and then waiting for the closing date to find out, we ended up buying a fixed price house about 30 miles away from where we were actually looking, but that was back in 2005/6 when the market was going a bit mental.
As for the market now, i honestly don't understand why we still have so many archaic systems and hoops to jump through, i know it's supporting an industry, but someone has to start modernising this process and removing, or making it easier to remove some of the red tape issues of old.
Round our area we get an estate agent a week asking if we'd like to sell as they have a list of folk wanting to move to the area, there's no real clamour to move though, as the process for moving is so convoluted.
“cyclelife
Free Member
Just keeps inflating the market, no win for anyone apart from estate agents (parasites).
Posted 5 hours ago”
—————————
Not true.
Speaking as an estate agent, it actually takes a hell of a lot more time and effort to manage this huge level of buyer demand and to manage best & final offers (if done correctly) takes a lot more time and effort as well.
The increased demand in the property market leads to multiple offers and (sometimes) greedy sellers are the reason for inflated property prices - not the agents. A house selling for £20k over asking makes very little difference to me.
And I hate having to explain to loads of people every week that their offers were not successful. I feel terrible for them and wish they weren’t having to go through this.
I’m not sure why I am a parasite. I know some agents do naff all and treat the general public badly - but please don’t paint us all with that brush. Every industry has good and bad eggs.
Ps. Contrary to popular belief - we aren’t making any more money in this market. We can only market and sell a house (and earn a fee) once - and there is a stock shortage. So not sure how people think we are benefitting from this.