Which situations are the quickest for finalizing purchase?

robnet77

Hello,

if I needed to buy a house and complete the full purchase process as fast as possible, which types of properties would you recommend I should bid on?

I am already set with mortgage approval, choice of solicitor and surveyor, life insurance, so I am just referring to the seller's situation.

So far, this is what I have encountered:

1) seller is moving to another property: positive equity

2) seller is moving to another property: negative equity

3) seller is moving to another property: negative equity (bank repossession, tenants in place)

4) seller recently died

5) seller is a cash buyer (no tenants)

6) any fast scenario you might think of, please mention it

I seem to understand that these scenarios take quite a long time:
#1 because seller might take a few months to finalize their purchase (even more so #2)
#3 because tenants might stay for a few months and bank may require time to agree on sale
#4 apparently has a lot of bureaucracy behind it

Thanks



Thanks

makeorbrake

Whats the rush? You're going to have to live with this buying decision for the rest of your days. Make sure all other factors are right - speed of the process should be further down the list of priorities...

whippet

there are far more variables that will affect the timeframe

- Competence of your / their solicitor
- Speed at which your / their solicitor works
- results of land registry searches
- wording of contracts / getting clarifications / inserting - removing clauses
- Vendors actual desired timeframe to vacate the property
- Insurance hiccups
- Potential for unforeseen issues with Rights of Way, Liens, Planning compliance.
- Vendor pulling out at last minute for any number of reasons
- Speed at which the EA facilitates viewings, passed on offers, responds, persuades the vendor to keep it on the market


In other words there is no way to possibly know when it might happen.

I spend 12 months from making my offer to actually getting the keys, the reasons,

- Vendors took it off the market
- put it back on the market
- EA tried to pull a fast one and have a friend put in offer at 11th hour
- Vendors were just completing a divorce and on party just wanted to act the maggot and frustrate the whole process
- Issues with easements and potential rights of way across the land
- Planning querys with the original planning
- Solicitors going on holidays / not getting stuff done when they should
- Land registry searches taking weeks as staff were on holidays
- One party of the vendors attempting to get an injunction against us moving in (despite us having the keys and monies being transferred)

Just pick a house you want to buy and offer what you are prepared to pay and let the solicitors worry about the rest - but aim for completion in about 4 months.

robnet77

makeorbrake wrote: »

Whats the rush? You're going to have to live with this buying decision for the rest of your days. Make sure all other factors are right - speed of the process should be further down the list of priorities...

long story short:

- for personal reasons I need to finalize the purchase of a property soon
- I am already sale agreed with a property of type #4 which is being delayed further and further, with no guarantee of a timeframe
- I am now looking to buy another house (fast scenario) while on sale agreed with the first one, hoping they will issue contracts soon
- the seller who is faster to issue contracts will be the one I choose
- of course I am going to choose a property for a similar price/conditions, so they would be equivalent

I really need an advice on this, thanks.

robnet77

whippet wrote: »

there are far more variables that will affect the timeframe



- Competence of your / their solicitor

- Speed at which your / their solicitor works

- results of land registry searches

- wording of contracts / getting clarifications / inserting - removing clauses

- Vendors actual desired timeframe to vacate the property

- Insurance hiccups

- Potential for unforeseen issues with Rights of Way, Liens, Planning compliance.

- Vendor pulling out at last minute for any number of reasons

- Speed at which the EA facilitates viewings, passed on offers, responds, persuades the vendor to keep it on the market





In other words there is no way to possibly know when it might happen.



I spend 12 months from making my offer to actually getting the keys, the reasons,



- Vendors took it off the market

- put it back on the market

- EA tried to pull a fast one and have a friend put in offer at 11th hour

- Vendors were just completing a divorce and on party just wanted to act the maggot and frustrate the whole process

- Issues with easements and potential rights of way across the land

- Planning querys with the original planning

- Solicitors going on holidays / not getting stuff done when they should

- Land registry searches taking weeks as staff were on holidays

- One party of the vendors attempting to get an injunction against us moving in (despite us having the keys and monies being transferred)



Just pick a house you want to buy and offer what you are prepared to pay and let the solicitors worry about the rest - but aim for completion in about 4 months.

thanks for the advice, do you think it is a good idea to bid on another property in the meantime?

alibab

I suppose look at houses that are empty not rented where the seller is ready to go .

I sold mine was moving to rented and went sale agreed to out the door in nearly a month to the day . The buyer wanted in ASAP as was coming to Christmas. It was commented by all that this was considered very unusual and not the norm etc so depends how much time you have buy I would look at empty houses with no one living there

robnet77

alibab wrote: »

I suppose look at houses that are empty not rented where the seller is ready to go .

I sold mine was moving to rented and went sale agreed to out the door in nearly a month to the day . The buyer wanted in ASAP as was coming to Christmas. It was commented by all that this was considered very unusual and not the norm etc so depends how much time you have buy I would look at empty houses with no one living there

thanks

L1011

Recently died can equal huge probate delays. Negative equity means delays also. Repro with sitting tenants won't be easy. Avoid those three if time is that critical, but remember that they could easily be cheaper for those reasons.