On Sat, 23 Oct 2004 12:11:05 +0100, chris French
wrote:

In message , MM
writes
On Wed, 20 Oct 2004 00:48:54 +0100, Richard Faulkner
wrote:

He's not a cash buyer as he has a house which is selling to provide the
money for the next one.

But I have already explained that I am prepared, if need be, to move
into rented accommodation for a short period, thus making me a cash
buyer when the sale of my property has been completed.

Yes, that's fine, but you aren't a cash buyer yet, which is what matters
to the vendor of any house you make an offer on now. You've still to
complete the sale of your house, your buyers still need to arrange their
mortgage, plenty to still go wrong.....

In general, an agent will prefer a buyer needing a mortgage over a buyer
needing to sell a house, but not needing a mortgage.

How about a buyer (still) needing a mortgage AND needing to sell a
house? As do most buyers.

AFAIC they are really in pretty much the same position as the house
selling/no mortgage buyer. It's the selling of the house that takes the
time, getting a mortgage doesn't tend to hold up most sales (note
*most*, there are of course plenty of exceptions)

I take it Richard was just really talking about comparing potential cash
buyers (as you are) with someone who just needs a mortgage. I concur,
unless someone is being stupid in their expectations (and there are nop
'issues' with the house as regards the mortgage company) then getting a
mortgage is no great shakes.

Also, I have been told by at least three vendors that they are less
interested in FTBs who believe they will get up to 80% of the purchase
price,

80%? can there be many FTB who can afford less than 95% nowadays.

when it is patently obvious that their optimism is getting in
the way of reality. At least it looks less likely now that the
interest rate is going to be raised again this year.

Of course you need to judge the buyer on there circumstances. But a FTB
should know pretty quickly if they can get a mortgage (in principle
anyway) - a buyer with house is probably part of a chain with all the
problem that can cause no matter how 'god' your buyer.

I bought my next house yesterday. That is, we haggled, they accepted.
Solicitors have been instructed.

Hope all goes well.

We wait. Meanwhile, my 370 mile trek
around Britain over the past few days has done the clutch in

Bummer.

We are going to have to put our house on the market soon (get imminent
baby out of the way first...). Not looking forward to it.

Oh, babies aren't that bad once you get to know them!

The awful thing about moving is that one is SO in the lap of the gods
where so many people and organisations become involved over which one
has little or no control. This sale and purchase of mine is still a
relatively simple one, comprising these elements: A, B, C, and D. FTB
A buys B's house, B buys my house C, I buy new house D. That's it! Yet
already there is my solicitor, my buyer's solicitor, their buyer's
solicitor, and my vendor's solicitor. Then there are three different
estate agencies involved, plus removal companies, storage warehouses
and so on. There are countless things to change, notify or cancel and
everything has to happen by noon on completion date, with certain
things, like reading the meters, inevitably having to take place at
the last minute. Plus, one has to clean the house and leave it
presentable, then drive 120 miles to the new house before the estate
agent holding the key to the new property has gone home.

This whole system is the craziest imaginable, totally bizarre. There
must be a better way. Maybe the HIPs will be a step forward.

MM