Deciding whether to proceed
You’ve made an offer on the property you want to buy. The offer was accepted by the seller and time has passed. You naturally assumed that it was virtually in the bag. But suddenly you’ve hit a major problem.
The 2 big decisions you need to make are:-
1/ Whether there’s a way round the problem, and
2/ Whether you still want to proceed.
Much will depend on how easy it would be for you to start over – to find, and then buy, an equivalent property for less money. Your calculations should take into account all the expense and hassle of pulling out.
When you consider the potential loss of your time, the wasted fees and especially the risk of losing the people who are buying your property, the better option is normally to stay the course and stick with the devil you know. After all, there’s no guarantee that your next purchase will go any more smoothly.
If you can get at least some degree of compromise to reflect your concerns, through a partially renegotiated price, it may be better to see things through to the bitter end, albeit through gritted teeth.
What can go wrong?
Over the next few blogs we will be looking at the sort of problems that commonly blow up in buyers’ faces, and outlining ways to solve them.
Each one can be potentially disastrous, but in most cases there are a number of possible solutions if you keep a cool head.
The most common issues we’ll be exploring are:-
The seller pulls out
A break in the chain
Gazumping and gazundering
Mortgage problems
The property is downvalued
Your survey finds significant defects
Buildings insurance problems
Legal problems
Problems with leasehold properties
Our next blog – coming soon …….
Solutions that when things go wrong
Check out our Rightsurvey blog page for more industry tips and secrets written by property professionals to help put you in control.
