Hi,
I'm in the middle of negotiations for a property that is being sold by a divorcing couple. It's been on the market for a few months now, I first put in an offer on the 5th November and I think we have now come to a verbal agreement on price (the wife was holding out for more money). However the agent called yesterday to say that they still have a big loan on the property and the husband would like to add in a clause along the lines of "subject to him getting finance approval within 7 days".
I think it's lose lose for me - I'm in limbo land for that 7 days, as I don't want to get a building/pest inspection done and start ordering council searches if they can pull out of the contract with no penalty.
Has anyone experienced this situation before? I have tried to search but most results are about vendor finance. The vendors have had plenty of time to sort out their finance, it seems a bit odd.
Should i say to the agent "no, I'll withdraw my offer; they have my details and final price and can approach me with an offer when they have sorted out finance". That way I can keep looking and have this as a backup.
Any input welcome!
I'm in the middle of negotiations for a property that is being sold by a divorcing couple. It's been on the market for a few months now, I first put in an offer on the 5th November and I think we have now come to a verbal agreement on price (the wife was holding out for more money). However the agent called yesterday to say that they still have a big loan on the property and the husband would like to add in a clause along the lines of "subject to him getting finance approval within 7 days".
I think it's lose lose for me - I'm in limbo land for that 7 days, as I don't want to get a building/pest inspection done and start ordering council searches if they can pull out of the contract with no penalty.
Has anyone experienced this situation before? I have tried to search but most results are about vendor finance. The vendors have had plenty of time to sort out their finance, it seems a bit odd.
Should i say to the agent "no, I'll withdraw my offer; they have my details and final price and can approach me with an offer when they have sorted out finance". That way I can keep looking and have this as a backup.
Any input welcome!