How long should we wait for buyers

minikem

Hello everyone. This is my first post on here as I would welcome other opinions on my situation.

We accepted an offer on our house in the middle of February from a couple in rented accommodation with large deposit and mortgage agreed in principal. We accepted their offer on the basis that they would be prepared to move quickly and complete by the end of March which they happily agreed to. Our EA told us they were using a lender who saved the mortgage valuation until last thing in the process so not to worry if a valuation didn't happen in the first week.

A couple of days later they asked to bring a builder friend round to look at insulation in the loft. Fine, done. 2 weeks later they asked for a private survey to be done (not mortgage related). Fine, done, no issues raised.

2nd week of March I phoned our EA and said "excuse me, still no mortgage valuation." They said hmm, yes, we will chase. Turns out they had decided to shop around more for mortgages and had seen that First Direct were offering a much better rate so were in the process of applying with them. Should hear about the valuation within a week. Heard nothing.

A week later, chased again, should here that week, a week later still nothing. Went to the EA last Saturday, they chased the buyer again. He said FD are very busy due to the rate they are offering but he will keep chasing.

Last Tues the EA spoke to him again. He said First Direct had told him they would instruct a survey within 48 hours. Spoke to EA Thursday (and yesterday and today!). Still nothing and buyer now refuses to chase First Direct as he said they are getting fed up with him chasing.

On Wednesday it will be 7 weeks since we accepted the offer. I am thinking about giving them an ultimatum but don't know if this is the best way to go. We don't really want to provoke them into walking away but seriously how long to we sit here waiting. We put a mortgage application in on a Friday (already had an agreement in principal) and received the offer the following Friday so I really cannot understand what is going on.

Would really appreciate some advice as when you are in the middle of it, it is very difficult to think clearly and I'm starting to wonder whether this is all worth it, especially as this is our 2nd buyer - the first one lied on her mortgage application so couldn't proceed.

PottyHouse_2

Not good news I think - we have been in similar circumstances a few times - surveys should normally be done in the first 2 - 3 weeks of accepting an offer if your Buyer is serious ??

Just think of all those potential viewings and other possible offers you have missed out in the last 7 weeks ......

I know what I would do if it were me ..... house straight back on the market and whoever comes back to you in the best possible position you accept that offer - but try and make sure your EA keeps your property on the market until you have a survey at least.

I can see this is your 2nd Buyer and it is a real pain and you are probably clinging to the hope that this sale is going to happen ...... I am on my 5th offer in just over a year and I believe this scenario happens all the time.

Good luck !!

DVardysShadow

Get the Agent to tell them that you will still sell to them if they get themselves sorted out, but as the end of March has come and gone and their mortgage is not sorted out, you are going to put it back on the market. And make sure that your Agent does put it back on.

There is no need for an ultimatum as such, but you do need to protect your position and not let the selling season slip away while these people get their act together.

ClootiesMum

Put the house back on the market asap - our "buyers" had several excuses but it turned out they didn't have the deposit.

Luckily we sold once the house was back on the market but we did stipulate that the house would remain on the market and open to viewers and offers until the missives were signed. This seemed to work.

Best of luck

CM

PottyHouse_2

P.S your EA sounds like a waste of space - they are acting for you aren't they - shouldn't be defending the actions or non action of your Buyer - they should be trying to sell your property !!!!

dianah

i'm a buyer not a seller so i don't really know much, but from my perspective - being fed up with chasing your mortgage lender sounds odd. very odd in fact.

you're saying they're renting, could it be that they needed to pay an extra month rent because of trying to get a different mortgage (although i agree - took me a day to get mortgage agreed in principle - so it should not take weeks and weeks) and now they don't want to pay rent + mortgage payment for the same period of time?

even if it is this and they still intend to buy your house - it's sleazy.

i'd chase. i'd tell them that you agreed the sale based on the speed of the whole process. given that it's been seven weeks, you'd like them to inform you when the valuation survey is going to be done and give them a time frame.

i wouldn't start with an ultimatum but i'd definitely let them know i'm impatient.

Eric1

ClootiesMum wrote: »

Put the house back on the market asap - our "buyers" had several excuses but it turned out they didn't have the deposit.

they were apparently hoping to win a lottery but why did you accept their offer without a mortgage AIP?

recently saw a house back on the market after 9 months "under offer" because the "buyer" had had offers accepted on two different houses at once, keeping both options

new_home_owner_3

It can take a few weeks to sort a mortgage i went through the co op and it took ages in the end we got gazzumped, i think it was four weeks beofre we got the aip.

I dont blame them changing mortgages for a better deal, at the end of the day we all want to save money, i had my house on the market for two years, 7 weeks is nothing.

The thing is with any of the deals that outstand from the rest everyone wants them, and theres always a backlog ive just had to wait nearly 3 months to get my zero santander card.

We bought in November and it was with no chain and it took 9 weeks, i think you need to be a little more patient.

dianah

new_home_owner wrote: »

i think it was four weeks beofre we got the aip.
.

wow. i think i'd lose all my hair and nails.

i got the aip before looking at houses or putting an offer in - i wanted to know what sort of money i'll have available. i went through a financial advisor, a company guys at work recommended. i went there on a tuesday, brought all the docs on wednesday afternoon, got the decision on friday 8.30 am (was supposed to be thursday afternoon but the bank's computer system crashed)

if they're doing it themselves it might take longer... one of the girls at work went to the bank she banked with to ask for a mortgage, they said no, she then went to the financial advisor i used and they got her a mortgage - from, yes you guessed it, her own bank that refused her mortgage.

We bought in November and it was with no chain and it took 9 weeks, i think you need to be a little more patient.

i think patience is one thing... when you're not being informed about what's going on and when the next step's happening and when your buyer is 'fed up of chasing the mortgage lender', you might get worried whether this is going to happen at all...

new_home_owner_3

The mortgage we took out last time was with the bank of scotland and we couldnt even arrange it through a branch they told us if we went in we would have to do the mortgage over the phone, the only thing the branch did was copy our documents to validate who we was and what we earned.

Having a aip is really nothing, i got one emailed me from the post office instantly, but a aip does not really mean anything until you have the funds released but you will soon realise this.

new_home_owner_3

dianah wrote: »

wow. i think i'd lose all my hair and nails.

i got the aip before looking at houses or putting an offer in - i wanted to know what sort of money i'll have available. i went through a financial advisor, a company guys at work recommended. i went there on a tuesday, brought all the docs on wednesday afternoon, got the decision on friday 8.30 am (was supposed to be thursday afternoon but the bank's computer system crashed)

if they're doing it themselves it might take longer... one of the girls at work went to the bank she banked with to ask for a mortgage, they said no, she then went to the financial advisor i used and they got her a mortgage - from, yes you guessed it, her own bank that refused her mortgage.



i think patience is one thing... when you're not being informed about what's going on and when the next step's happening and when your buyer is 'fed up of chasing the mortgage lender', you might get worried whether this is going to happen at all...

You had a offer accepted last thursday, i think you might be in for a bit of a shock, depending on who you have your mortgage through i read from your other post your expecting the valuation to be done next week, the valuation is one of the last things they do, i hope it all goes through in a few weeks but i doubt it will.

good luck anyway