for sale sign?!

selbailey

heya, so long story cut short.. Me and my partner put in an offer on a house.. It was accepted and the for sale sign was changed to sold.. I did think it happened a bit quick! Anyway, we then got declined by the mortgage company.. As my partner is part time self employed they would only accept 50 percent of the business as it wasnt in the same line of work as his permanent job. Anyway, we went on to try with nationwide.. Its been over a wk with no reply.. Is this normal? Also, in the mean time we hav passd the house and the sign is bk to for sale!? Does this mean they are pulling out? Surley the estate agent would have contacted us? A bit strange?

jackomdj

I guess they are continuing to market it. Until you can find a mortgage you are not in a position to buy it & they probably don't want to sit around waiting for you to buy if you can't....having said that I think it is a bit rude for the estate agents not to have contacted you. I would be calling them but also seeing an independant advisor to try to find someone who would be willing to give you a mortgage.

Senior_Paper_Monitor

Who handled the two mortage applications ? You, the Estate Agent's mortage advisor or a separate broker ?

selbailey

its through an independant mortgage broker.. The estate agents havnt actualy contacted us atal so how would they even know we are struggling?

Thrugelmir

selbailey wrote: »

its through an independant mortgage broker.. The estate agents havnt actualy contacted us atal so how would they even know we are struggling?

And I guess neither have you informed them .

In which case the vendors are sensible to seek other offers.

Best to establish at least an AIP before making offers.

selbailey

we did! We were accepted in principle then a wk later declined!

Freddie_Snowbits

If you are not in a position within 2 days to put your deposit down on my pad, I would be unable to remember you.

Get a Mortgage in Principle first

selbailey

as stated above, we hav the mortgage in principle. Also we hav a 30k deposit. Unfortunately a mortgage in principle doesnt seem to mean so much! We are waitin to hear bk from nationwide however they are taking ages! If they have pulled out then gd luk to them, its already been on the market 18months, however if that is the case then realy we should have been contactd or we could be sat here with a mortgage. Solicitors fees and no house!

Premier_2

The 'sold' sign would have on it 'subject to contract'

As you are not in a position to proceed to contract (you don't have the funds to pay, and you were rejected for the mortgage) then the buyer has opted to put the property back on the open market.

If you do ever succeed in getting a mortgage approved and so are in a position to proceed to contract, then contact the vendor/agent again and if they accept, ask then to remove the property from the market and change the board back to sold (stc)

Admitedly it is odd you have not been advised of this decision. Perhaps you should try contacting the vendor/agent yourself and checking. Sometimes the person putting up the boards can make a mistake.

liubeliu

When we were selling last year the agents only put a SSTC sign once a confirmed mortgage offer had been made. Our EA advised this was due to the number of mortgage rejections that were occuring and therefore only when the purchaser was fully proceedable would they put SSTC sign up.