We put an offer on a executor sale house and have now learned that some of the family, whom the house was left to, are now trying to rasie the finance required to buy the house themselves even though the house has been on the mkt for a few months. If the house is withdrawn from the mkt and further down the line the family involved cannot raise the finance, is there any benefit from withdrawing our offer now?? I just heard from a source that if a house will be taken off the mkt that it is always better then to withrdraw any offers made???
I would say that if you withdraw you show you have withdrawn interest. That is risky, if you are still interested.
So possibly what I would do is give them a deadline to make a decision, to focus the mind. If they don’t accept it, then state you will then withdraw. But ask the EA to note your interest if their own financing falls through.
State your previous offer is only valid for this point in time. State if they come back to you in the future, you expect the market conditions may have changed downwards and any subsequent offer will reflect that plus your financing may change. State your approval is not indefinite, highlight anecdotal evidenc that banks are withdrawing and renegotiating offers in principle. This might focus the mind more, especially if they think they won’t get the same money out of you down the line.
Put this in writing so it is on file, and insist it is communicated with the vendor. The last thing you want is for it to go out on the open market again if their financing falls through and they can’t make the purchase without you geting first dibs.
Someone else on the Pin made the point that every offer should have an expiry date. I think that makes a lot of sense. As Strongbow says, add a deadline to the existing offer. Then there’ll come a point in the future after that where you can continue to express interest, even if it is by entering a new lower offer (again with a deadline).
And please don’t ever put an offer in writing without adding the magic words “Subject to contract / contract denied”.
& survey & valuation…
and mortgage approval…
Kind of implicit in valuation but sure, why not… I love caveats…
I was speaking to an estate agent who deals with a lot of Executor Sales.
He said that the family very often decide to club together and buy the property themselves, and invariably it fails.
If it is not the communal financing that does for them it is the inevitable family infighting.
So stay cool, stay with it and tell the agent you are still interested if the family plan falls apart. Which it will.