| House Purchase 3 Weeks [message #396193] |
Do, 08 Juni 2006 21:48 |
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I need some advice.
We have had an offer on a house accepted the trouble is it has to be
complete within 3 weeks or the vendor cannot sell.
Do I go ahead and try, incurring costs or pull out and accept it won't
happen.
There is 3 in the chain. I am a first time buyer, the people whom house I
am buying are moving to a new persimmon house.
I currently have no solicitor or mortgage sorted.
FWIW I do expect a correction in the housing market but I just can't wait
for one, anyway that's for another thread.
I can easily afford this house but do I risk the costs involved if it falls
through.
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| Re: House Purchase 3 Weeks [message #396198 ] |
Do, 08 Juni 2006 22:39 |
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"Janet Stone" <jstone [at] nospam.com> wrote in message
news:W9%hg.312226$tc.298886 [at] fe2.news.blueyonder.co.uk...
>I need some advice.
>
> We have had an offer on a house accepted the trouble is it has to be
> complete within 3 weeks or the vendor cannot sell.
>
> Do I go ahead and try, incurring costs or pull out and accept it won't
> happen.
>
> There is 3 in the chain. I am a first time buyer, the people whom house I
> am buying are moving to a new persimmon house.
>
> I currently have no solicitor or mortgage sorted.
>
> FWIW I do expect a correction in the housing market but I just can't wait
> for one, anyway that's for another thread.
>
> I can easily afford this house but do I risk the costs involved if it
> falls through.
>
The chances of all this going through in 3 weeks are almost negligible. Even
if all your own work could be done in this time (which is unlikely - though
not impossible) you are also relying on others in the chain and these things
can take ages. I don't wish to be pessimistic, but I'm trying to be
realistic.
Rob Graham
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| Re: House Purchase 3 Weeks [message #396211 ] |
Fr, 09 Juni 2006 01:23 |
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In message <W9%hg.312226$tc.298886 [at] fe2.news.blueyonder.co.uk>, Janet
Stone <jstone [at] nospam.com> writes
>We have had an offer on a house accepted the trouble is it has to be
>complete within 3 weeks or the vendor cannot sell.
Why cant the vendor sell if you dont complete in 3 weeks? Is it because
their reservation on the new house ends in 3 weeks.
If I know new house builders, unless the particular site is selling like
hot cakes, they will extend the reservation period, along with any
offers associated with it. Have your sellers told persimmon that they
probably wont be able to buy the house unless the reservation is
extended - if my assumption is correct?
--
Richard Faulkner
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| Re: House Purchase 3 Weeks [message #396217 ] |
Fr, 09 Juni 2006 09:17 |
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Janet Stone wrote:
> I need some advice.
>
> We have had an offer on a house accepted the trouble is it has to be
> complete within 3 weeks or the vendor cannot sell.
So what is the vendor going to do if you haven't completed in three
weeks? pull out and start all over again or just stay where they are?
I wouldn't be surprised if they go through with the sale anyway. They
may have to find another house to move into, which could take a long time.
> Do I go ahead and try, incurring costs or pull out and accept it won't
> happen.
I would be tempted to go back with a slightly lower offer which reflects
the risks, though of course, the time spent negotiating the new offer
will eat into the three weeks.
--
------------------------------------------------------------ -----------
To reply to me directly:
Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris
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| Re: House Purchase 3 Weeks [message #396218 ] |
Fr, 09 Juni 2006 09:51 |
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Janet Stone wrote:
"We have had an offer on a house accepted the trouble is it has to be
complete within 3 weeks or the vendor cannot sell. "
You say "it has to be complete" and people are assuming this means that
the sale has to be completed in that time; this indeed a atall order.
But maybe they mean that exchange of contracts must take place within
three weeks. That is more plausible.
Robert
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| Re: House Purchase 3 Weeks [message #396233 ] |
Fr, 09 Juni 2006 12:46 |
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Never enter into a contract under this kind of pressure, if what they say is
true it can only end in disaster.
"Janet Stone" <jstone [at] nospam.com> wrote in message
news:W9%hg.312226$tc.298886 [at] fe2.news.blueyonder.co.uk...
|I need some advice.
|
| We have had an offer on a house accepted the trouble is it has to be
| complete within 3 weeks or the vendor cannot sell.
|
| Do I go ahead and try, incurring costs or pull out and accept it won't
| happen.
|
| There is 3 in the chain. I am a first time buyer, the people whom house I
| am buying are moving to a new persimmon house.
|
| I currently have no solicitor or mortgage sorted.
|
| FWIW I do expect a correction in the housing market but I just can't wait
| for one, anyway that's for another thread.
|
| I can easily afford this house but do I risk the costs involved if it
falls
| through.
|
|
|
|
|
| Re: House Purchase 3 Weeks [message #396242 ] |
Fr, 09 Juni 2006 15:33 |
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Janet Stone wrote:
> I need some advice.
>
> We have had an offer on a house accepted the trouble is it has to be
> complete within 3 weeks or the vendor cannot sell.
>
> Do I go ahead and try, incurring costs or pull out and accept it won't
> happen.
>
> There is 3 in the chain. I am a first time buyer, the people whom house I
> am buying are moving to a new persimmon house.
>
> I currently have no solicitor or mortgage sorted.
>
> FWIW I do expect a correction in the housing market but I just can't wait
> for one, anyway that's for another thread.
>
> I can easily afford this house but do I risk the costs involved if it falls
> through.
Don't do it. House purchase is way too important to be pressurised in
this way.
Irma
Inviato da X-Privat.Org - Registrazione gratuita http://www.x-privat.org/join.php
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| Re: House Purchase 3 Weeks [message #396256 ] |
Fr, 09 Juni 2006 22:47 |
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Irma Troll wrote:
> Janet Stone wrote:
>> I need some advice.
>>
>> We have had an offer on a house accepted the trouble is it has to be
>> complete within 3 weeks or the vendor cannot sell.
>>
>> Do I go ahead and try, incurring costs or pull out and accept it won't
>> happen.
>>
>> There is 3 in the chain. I am a first time buyer, the people whom
>> house I am buying are moving to a new persimmon house.
>>
>> I currently have no solicitor or mortgage sorted.
>>
>> FWIW I do expect a correction in the housing market but I just can't
>> wait for one, anyway that's for another thread.
>>
>> I can easily afford this house but do I risk the costs involved if it
>> falls through.
What are they going to do if you don't complete in 3 weeks. Do they have
another buyer lined up who can? If not then the deadline is pretty much
meaningless and I guess puts you in a stronger negotiating position if
you can complete in 3 weeks.
D.
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| Re: House Purchase 3 Weeks [message #396257 ] |
Sa, 10 Juni 2006 00:38 |
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>
> The chances of all this going through in 3 weeks are almost negligible.
> Even if all your own work could be done in this time (which is unlikely -
> though not impossible) you are also relying on others in the chain and
> these things can take ages. I don't wish to be pessimistic, but I'm trying
> to be realistic.
>
I have decided to walk away. There will be other houses.
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