Buying a property...seller wants to complete early...!
Discussion
As someone mentioned above, reduce your offer by a grand or five and then tell 'em you're prepared to complete. YOU'RE the buyer, if they don't sell to you in the timeframe that has already been agreed, who the hell else is going to swoop in and save them by their "deadline"? NOBODY, that's who! If they genuinely need it completed early, then THEY'RE going to have to pay to make it happen. If they don't, the sale will go ahead as originally agreed.
Think about it; they're demanding you complete early, why? They obviously have something to lose. If they didn't, they wouldn't be putting pressure on YOU. YOU are the one in control here. Stand firm OP!
Think about it; they're demanding you complete early, why? They obviously have something to lose. If they didn't, they wouldn't be putting pressure on YOU. YOU are the one in control here. Stand firm OP!
fordmon said:
Any thoughts?
How much are we talking about you being short without me reading back through the thread?How about you suggest to the agent that this is an everyone loses situation if this falls over and perhaps he should talk with his boss about what they the agents can do...
As an aside I assume that you have spoken to your LL about this? They might be willing to let you out early if they have someone lined up.
Sorry if already covers, not time to read back through.
fordmon said:
I got an update from my solicitor yesterday and apparently they been made aware of the mortgage offer expiring may be a week ago and the actual expiring date is 1st.october and not 19th sep as said seller's estate agent.
I made it clear to my solicitor that i cannot afford to pay for two properties and if seller's are willing to pay my rent then I can move.
Seller's agent called me today asking me if i am willing to move by end of this month and i did tell him that i cannot afford to move as i will have to pay for two properties. He started insisting, saying i will lose the property and the property prices are going up and i will lose everything i spent so far. he then said if sellers can contribute something then am i willing to move.
i agreed that if seller is willing to pay then i can move. He said he will speak to sellers and call me back. He called me back in like 10 mins an said that seller is not prepared to pay as they have already reduced the property price. ( we offered more but the bank valuation came back 3000 less so they agreed to take less).
Then he kept insisting that the i will lose property and all the money spent so far. I did say that if i lose then the sellers will lose too ....
But he kept on insisting saying they don't have to move but would like to move so they wont be homeless as me (i told him i will keep living in the tenancy...)
He said i can think through the night and will call me tomorrow to find out......
I am not sure should i give in ..take it on the chin and move on (which means no money for white goods in the house) and will have to borrow some from friends...
Any thoughts?
Which is more; the additional months rent or the amount you've spent up to now and would have to spend when you find a replacement property?I made it clear to my solicitor that i cannot afford to pay for two properties and if seller's are willing to pay my rent then I can move.
Seller's agent called me today asking me if i am willing to move by end of this month and i did tell him that i cannot afford to move as i will have to pay for two properties. He started insisting, saying i will lose the property and the property prices are going up and i will lose everything i spent so far. he then said if sellers can contribute something then am i willing to move.
i agreed that if seller is willing to pay then i can move. He said he will speak to sellers and call me back. He called me back in like 10 mins an said that seller is not prepared to pay as they have already reduced the property price. ( we offered more but the bank valuation came back 3000 less so they agreed to take less).
Then he kept insisting that the i will lose property and all the money spent so far. I did say that if i lose then the sellers will lose too ....
But he kept on insisting saying they don't have to move but would like to move so they wont be homeless as me (i told him i will keep living in the tenancy...)
He said i can think through the night and will call me tomorrow to find out......
I am not sure should i give in ..take it on the chin and move on (which means no money for white goods in the house) and will have to borrow some from friends...
Any thoughts?
Sarnie said:
Which is more; the additional months rent or the amount you've spent up to now and would have to spend when you find a replacement property?
Understand the calculation you are thinking of but in that scenario the OP has time to replenish his funds from earnings. True if he can borrow the money from friends then that might be the answer if cheaper but personally I'd play the agent first and if it doesn't work and is about to fail then he can come up with the loan from Uncle Bulgaria.Sarnie said:
Nope, we don't do that at all, which is why I asked the OP the questions as it seemed odd that the mortgage advisor was giving information out about enquiries still being outstanding etc.
After the Offer is issued, thats largely our work done then. We then just let things take their course, us phoning multiple times isn't going to get anything completed any quicker!
We'd probably only call the Solicitor if the Offer expiry date was coming up or we'd not heard from the client for a few weeks, which happens.
Any chance you can let Sequence (amongst others) know this After the Offer is issued, thats largely our work done then. We then just let things take their course, us phoning multiple times isn't going to get anything completed any quicker!
We'd probably only call the Solicitor if the Offer expiry date was coming up or we'd not heard from the client for a few weeks, which happens.
Rude-boy said:
Understand the calculation you are thinking of but in that scenario the OP has time to replenish his funds from earnings. True if he can borrow the money from friends then that might be the answer if cheaper but personally I'd play the agent first and if it doesn't work and is about to fail then he can come up with the loan from Uncle Bulgaria.
He can replenish funds of course, but it's still money to be paid.My immediate knee-jerk response is to tell the vendor and Estate Agent to stick it, but I'm not the one who will be out of pocket and have to start house hunting again...
It sounds like the Estate Agent is trying to exploit the OP's lack of knowledge & experience putting the hard word on him.......
If the mortgage offer expires in 2 weeks time and you only need to give 4 weeks notice then your overall loss is two weeks rent. How much are we talking about here?
Suggest immediate exchange with 30th September completion and either hold out for the other 2 weeks rent for the vendor or chalk it up to experience. I suspect the vendor has a lot more to lose than you; also as suggested talk to your landlord - they may have someone itching to move in by the end of the month.
Suggest immediate exchange with 30th September completion and either hold out for the other 2 weeks rent for the vendor or chalk it up to experience. I suspect the vendor has a lot more to lose than you; also as suggested talk to your landlord - they may have someone itching to move in by the end of the month.
This might have moved on but don't let the sellers agent bully you. They only have the seller in mind.
Have they also sorted out the answers to the outstanding questions? Your solicitor will advise you.
You just need to know your position which sounds like a notice period after exchange so you can serve notice, and any reduction in that period will cost proportionate to your rent. It's not hard to them to understand and a lot more convenient than a chain of buyers/sellers to align.
What's so hard for the seller asking to extend their mortgage offer?
Have they also sorted out the answers to the outstanding questions? Your solicitor will advise you.
You just need to know your position which sounds like a notice period after exchange so you can serve notice, and any reduction in that period will cost proportionate to your rent. It's not hard to them to understand and a lot more convenient than a chain of buyers/sellers to align.
What's so hard for the seller asking to extend their mortgage offer?
1ians said:
Recently I saw something similar and unfortunately the seller pulled out as the buyer wasn't willing to give in either. Whilst it makes no sense you have to decide how much you want the house and what your attitude towards risk is.
There are some strange people out there!
doesnt this give the buyer compensation ?There are some strange people out there!
fesuvious said:
Often it is thr employee in the EA's office that messes things up. Just like in this instance (this thread)
As a rule - Indy agent, knows the score, knows the ropes, knows when to push and when to back the hell off.
'Chain' agent (Countrywide, Sequence, etc) - One or two in the office with a clue but the rest are just pushing commission. It is all about the commission. The stories you hear from them are sometimes so laughable that it makes you cry. Only this morning I have had an agent tell me something as gospel, just as I am looking at a letter from the other solicitors that says totally the opposite...
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