Hi,
(also posted on the buying and selling forum but thought it might benefit from this one as well)
I am trying to buy a house at the moment but the situation is that the sellers bought the house when the market was very buoyant and the price I am trying to buy it for is a lot less than the valuation and the offers over price (in the region of 15% less than the valuation and 5% less than the offers over price).
The problem I am having is that I assume that they cannot pay off what they owe on the mortgage with our offer so they are having to speak to their lender about selling which is taking a LOT longer than I am comfortable with.
Does anybody out there know what the lenders options are? I am guessing that the sellers are considering our offer and that is why they are speaking to their lender but can their lender turn round and tell them not to sell it? And if they do what happens?
Thanks.
(also posted on the buying and selling forum but thought it might benefit from this one as well)
I am trying to buy a house at the moment but the situation is that the sellers bought the house when the market was very buoyant and the price I am trying to buy it for is a lot less than the valuation and the offers over price (in the region of 15% less than the valuation and 5% less than the offers over price).
The problem I am having is that I assume that they cannot pay off what they owe on the mortgage with our offer so they are having to speak to their lender about selling which is taking a LOT longer than I am comfortable with.
Does anybody out there know what the lenders options are? I am guessing that the sellers are considering our offer and that is why they are speaking to their lender but can their lender turn round and tell them not to sell it? And if they do what happens?
Thanks.