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House Purchase 3 Weeks

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.

Reply to
Janet Stone
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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.

Rob Graham

Reply to
Rob graham

In message , Janet Stone writes

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?

Reply to
Richard Faulkner

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.

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.

Reply to
Gareth

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

Reply to
Robert

Never enter into a contract under this kind of pressure, if what they say is true it can only end in disaster.

Reply to
Stickems.

Don't do it. House purchase is way too important to be pressurised in this way.

Irma

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Reply to
Irma Troll

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.

Reply to
D

I have decided to walk away. There will be other houses.

Reply to
Janet Stone

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