A Couple Of Tedious Problems
Since I last posted here I've had to contend with a couple of irritating little things that often crop up as a Property Investor.
The first was that in order to get the mortgage for my Mum I needed to get through a problem with an existing lender. It was quite simple, I just needed a letter from them, and it was something that they were prepared to do. However, do you think I could get the damm thing. First they didn't respond even thought they said they would. When I contacted them after returning from holiday they found the notes on the file, I'm glad they did as I forgot to take the name of the Muppet I spoke to, and he had subsequently gone on holiday.
The problem I find is that when someone says there's going to be no problem I do not act as diligently as I should and take their full contact details. Instead I make the amateurish mistake of believing them. I have to re-learn this lesson every couple of months as my faith in human kinds ability to deliver on what comes out of their mouth is obviously far too great.
Anyway after roughly 10 emails and half a dozen phone calls I got the letter last week and the case has been submitted to the lender. So I should have the offer next week then I know this will be in the bag.
The next irritation came from the Vendor; unfortunately they had lost their purchase. This could be somewhat more catastrophic to my plans to say the least. So I was being told this by the other partner in the Estate Agents as the usual guy I deal with was away.
This is a very nervous time for a vendor, and the agent told me that he couldn't even contact the vendor and let them know as they were on holiday. So I knew the first time that they would hear this news was when they returned and were under the usual post holiday pressure. I also knew that they were expecting an exchange when they returned so their life was going straight in the toilet.
So I played my strongest card, in fact the only one I really could play at the time, as I was not in a position to offer an exchange because of the mortgage problems anyway. My strongest card was what a nice and helpful guy I am and how they could not want a better purchaser. I knew that if I did it in the right way then this new agent would say it to them in such a way that they wouldn't for a second want to consider the thought of losing me as a purchaser. Which would automatically mean that they would definitely not think have we sold this too cheap. So I mustn't come across too keen.
I said, how unfortunate for them, look if there’s anything I can do to help then I will do. As you know I'm buying the property for my mother so if she has to wait for a while then I'm happy to wait. We can do an exchange with a delayed completion, or we can complete and they can rent it off me for a reduced rent for say six months. I am happy to help them through this as if they have sold their property then they will be in a much stronger position as a buyer.
After the vendor returned, they did not waste a minute wanting to take me up on the offer and want a quick exchange with a 3 month completion.
It's not ideal from my point of view as now I'll actually have to tie a deposit up for 3 months (something I don't like doing) and I've got to find some way to keep my Mum at bay without her getting too annoyed at me for being so slow at finding her a home.
Still if I want the prize then I'll have to put up with that.
To get more information Visit:UK Property investment Book
Hopefully that clears this issue up.
Best Wishes
Andy
The first was that in order to get the mortgage for my Mum I needed to get through a problem with an existing lender. It was quite simple, I just needed a letter from them, and it was something that they were prepared to do. However, do you think I could get the damm thing. First they didn't respond even thought they said they would. When I contacted them after returning from holiday they found the notes on the file, I'm glad they did as I forgot to take the name of the Muppet I spoke to, and he had subsequently gone on holiday.
The problem I find is that when someone says there's going to be no problem I do not act as diligently as I should and take their full contact details. Instead I make the amateurish mistake of believing them. I have to re-learn this lesson every couple of months as my faith in human kinds ability to deliver on what comes out of their mouth is obviously far too great.
Anyway after roughly 10 emails and half a dozen phone calls I got the letter last week and the case has been submitted to the lender. So I should have the offer next week then I know this will be in the bag.
The next irritation came from the Vendor; unfortunately they had lost their purchase. This could be somewhat more catastrophic to my plans to say the least. So I was being told this by the other partner in the Estate Agents as the usual guy I deal with was away.
This is a very nervous time for a vendor, and the agent told me that he couldn't even contact the vendor and let them know as they were on holiday. So I knew the first time that they would hear this news was when they returned and were under the usual post holiday pressure. I also knew that they were expecting an exchange when they returned so their life was going straight in the toilet.
So I played my strongest card, in fact the only one I really could play at the time, as I was not in a position to offer an exchange because of the mortgage problems anyway. My strongest card was what a nice and helpful guy I am and how they could not want a better purchaser. I knew that if I did it in the right way then this new agent would say it to them in such a way that they wouldn't for a second want to consider the thought of losing me as a purchaser. Which would automatically mean that they would definitely not think have we sold this too cheap. So I mustn't come across too keen.
I said, how unfortunate for them, look if there’s anything I can do to help then I will do. As you know I'm buying the property for my mother so if she has to wait for a while then I'm happy to wait. We can do an exchange with a delayed completion, or we can complete and they can rent it off me for a reduced rent for say six months. I am happy to help them through this as if they have sold their property then they will be in a much stronger position as a buyer.
After the vendor returned, they did not waste a minute wanting to take me up on the offer and want a quick exchange with a 3 month completion.
It's not ideal from my point of view as now I'll actually have to tie a deposit up for 3 months (something I don't like doing) and I've got to find some way to keep my Mum at bay without her getting too annoyed at me for being so slow at finding her a home.
Still if I want the prize then I'll have to put up with that.
To get more information Visit:UK Property investment Book
Hopefully that clears this issue up.
Best Wishes
Andy
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