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Advice please!

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  • Advice please!

    Would be grateful for everyones opinion on this.

    Had an offer accepted on our 2 bed flat (imaculate condition, drive, garden, close to seafront, fitted kitchen, the works) end of June. We don't live in the property but had rented it out for a couple of years after its sale fell through in May 2006 when the property market fell to bits and we needed to move out of the area. Have had a few nightmare tenants but completely refurbished the place.

    We were supposed to exchange and complete in the last few weeks but the buyer stalled with an excuse about maintenance costs (that have gone up slightly in line with local rates). Have since found out that his mortgage offer has fallen through but he has another one. Can't give out too many details in case he uses this forum too but basically he is terrible at returning agent calls, communicating with everyone etc. He is supposed to be going away out of the country at the end of the week but god knows what is going on! In addition to this the 2nd survey for the 2nd mortage offer (which he paid for, so he must be interested right?) has revealed that wall ties need to be done. This is almost a moot point as it will be sorted by the freeholder and myself. Still no response from the buyer... haven't heard from him since a week friday. We are running out of money. Do we put property back on market? Or go back to renting it out for another year? Or hold out for the buyer? I don't know if I am being impatient and unreasonable.

    Last edited by uptotheeyeballs; 06-09-2010, 01:13 PM. Reason: needed to clarify text

  • #2
    Re: Advice please!

    Sorry for your predicament, hope it works out for you one way or another. For what it's worth I would put the property back on the market, you probably shouldn't have taken it off in the first place. Not sure you could rent it out on a contract of any length of time in case the guy does come through.
    Northern Ireland Property

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    • #3
      Re: Advice please!

      Have you tried getting the agent to tell him that if he does not give soem feedback by a certain date that the proeprty will go back on market to try and encourage him to communicate?
      Worldwide Financial Planning is a specialist independent provider of Large mortgages.

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      • #4
        Re: Advice please!

        It is worth putting it on the market if you havent heard anything, there is nothing worse than trying to sell and having no communication from the buyer.

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