Chain, chain

padyjoe

I have an apartment with a sale agreed on. I've been waiting since November to get it going. Not a hope, the vendor won't sell before they've got the another property they're bidding on or whatever they're doing.
Life is not treating me too well these days. I badly want to get out of renting, my deposit sitting there, others using my money, acquaintance went to same estate, got a vendor who wanted t
o sell, done and dusted in 3 months.
My mind is saying, I should pull out or if I could, I lower my offer every week. But everyone knows the current market situation.
I've saved hard over long years, could buy this apartment with cash but it's not happening. Better off upping my game, get mortgage added and look for a house.
It's frustrating, no matter how hard you try, you're alwas at someone else's mercy.
So I've started looking again.
Meant to ask you, are there any option to speed this up?
I have to change my approach, not meant to have too much good faith and meant to be smarter.
Thanks for your thoughts!

Alkers

Agreed it is tough going but there is nothing to be gained in pulling out at this stage. I suggest you remain sale agreed but start looking at and (if you like them) bidding on other properties. We had a similar situation where we were sale agreed on a property but there was an issue with the deeds. After about two months of patiently waiting and listening to excuse after excuse, we went looking again and eventually we pulled out of the first sale only when we were signing contracts on a different property. Good luck

EmoCourt

Depends on how much you want that apartment. Is it worth the possibility of the sale stretching out for months and months with no idea when contracts will be signed by the owner? Your mortgage approval may lapse if the owner doesn't get in gear, and six months isn't a long time. It has taken me three months to get to the point of drawing down funds from the Lender, and that is without any big delays. With the upwards trend in prices, the vendor may decide in six months that he wants more for his place and put it back on the market.

Has the vendor indicated that they have gone sale agreed on the place they want to move to? If not, walk away.

spaceHopper

Always ask what are the sellers circumstances and how quickly can or will they want to close. Sounds like you haven't signed contracts I'd keep that iron in the fire and see what else is out there even with the same EA. After all they are holding your deposit.

padyjoe

Thanks again! I've no idea what's the vendor is up to, could be a bidding phase or whatever, I don't really know. My solicitor has started working on it but she has clearly expressed the vendor won't move until something has happened, so I know f3ck all. :-(

EmoCourt

padyjoe wrote: »

Thanks again! I've no idea what's the vendor is up to, could be a bidding phase or whatever, I don't really know. My solicitor has started working on it but she has clearly expressed the vendor won't move until something has happened, so I know f3ck all. :-(

Walk away and keep looking. You'll feel better knowing you have taught the vendor a lesson, and you'll have saved yourself months of stress.

Vendor shouldn't be going Sale agreed with no plans to sign contracts, while you have had to pay a deposit on the place.