Hi
I am selling a property and buying another. The property for sale was sold "subject to finance" by a certain date. Before the date I was advised by the real estate company, that finances had been approved. I then purchased anothe property "subject to sale" of this property and "subject to finances". Finances were approved for me. All going well and just waiting for settlement, weeks go by and then one week before settlement the purchaser of our property contacts the real estate agency and says that his finances have not been approved, he is looking to get finances elsewhere but is left with two possibilties: getting finances and delaying setllement, or withdrawing from the contract. The property we purchased is due to settle the same day, but can not settle until the one we're selling settles. What's your thoughts?1. If the buyer has exchanged you can take your 5 or 10% and put it back on the market
2. Stick with this buyer and serve a notice to complete ( your solicitor will do this for you) and charge penalty interest.
Whatever you do- get your solicitor to seek an extension on your purchase immediately- buy yourself as much time as possible.
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