Colli Real Estate

My offer has been accepted vendor said on condition that contracts are exchanged within 6 weeks. Read on?

Hi has just been accepted on a property two bed terrace for £ 91,500 offers over £ 99,950. Seller said on the condition that contracts are exchanged within 6 weeks. I'm not chained and neither are they. I faxed my promise to mortgage real estate agents and also details of my fax Prosecutor appointed. I paid my assessment fees and surveyors fees today to the bank. The offer was accepted this morning. The assessor and the surveyor will contact the estate agent with a date to go look at the property. Do you think it could take more than six weeks to change the contracts whereas I started the ball today or is it dependent on the lawyer vendors pull their finger. Seller also says that their will be no negotiations if we are not satisfied with the report. The Seller has inherited this property. What do you think of this?

The thing you must remember here is that you are not legally obliged to buy property until contracts have been exchanged. Therefore, if the report comes with many problems, and the seller is unwilling to compromise on price, then you have the right to withdraw from the property. The average duration of an offer to purchase completion normally takes between 6 to 8 weeks, so until everything goes well and there is no problem with any reports or research, then 6 weeks seems rather reasonable but you have no control over that. my first property took 7 months to propose to term due to the loan company Mortgage lost my papers twice! Good Luck and hope everything goes well for you.

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