Pistols at Dawn

holatara

My OH and I are currently in a race to get our mortgage accepted before another couple in a last bid to get our dream home. Here's what happened...

5 weeks ago we found our dream home. Asking price was £190k. We negotiated down to £175k if we completed within 4-6 weeks. No problem. Or so we thought...

Nationwide turned down our first mortgage application because of a 5 1/2 year old default in my credit history. Then Natwest turned down my OH single application due to affordability. We let the EA know we were having problems. But when Platform gave us an AIP on the 20th Sept we were happy! As we worked with our mortgage advisor to get the mortgage fully packaged, we tried to contact the EA to give him the heads up. Not available. Didn't call us back.

Then on Friday 24th, we were shocked to read a letter from the EA saying we'd lost the house to another couple who were 'financially ready' and he'd be in touch if things went wrong with them! Nooooo!

Surprise surprise he still wouldn't pick the phone up to us so we spoke to the director and explained the situation. Turned out the other couple only had an AIP and the vendor just want to get it sold asap (they have already moved out). We get a free survey with this mortgage so decided to go for it in the hope we could get to the completion stage first and could revert it back to us.

Our survey was done on Weds and we've been guaranteed we will get our official offer on Monday. Spoke to the EA who said they will not contact the vendor until the offer is complete. The other couple got their survey done yesterday but have no offer yet.

Question for everyone, does it sound like we have a hope in hell of getting the house? Is it just me or is it dodgy that the EA didn't even call us to ask how far along we were before going with someone else? Any advice is greatly appreciated fellow money savers!

Blacksheep1979

Do you know what the other couple offered?

holatara

Hi BlackSheep,

They've offer £177k, the EA told us it's not about the money to the vendor but the time. So we went back with £180k, that was on Monday but we dont' even know if that offer has been given to the vendor. They are really reluctant to give us any info and we are literally tearing our hair out!! :mad:

neverdespairgirl

Isn't Platform subprime? Horrendous interest rates?

vectistim

Have you spoken to your solicitor?
When the vendor's solicitor has been instructed to deal with another party they often ask for paperwork to be returned by the original buyer's solicitors.

holatara

Hi,

They used to be just subprime, they've got loads of mainstream products now too. We're going for 4.39% 4 year fixed.

holatara

vectistim wrote: »

Have you spoken to your solicitor?
When the vendor's solicitor has been instructed to deal with another party they often ask for paperwork to be returned by the original buyer's solicitors.

Hi,

Spoke to my solicitor, she said her understanding was the ball would swing back into our court if we got our mortgage offered first. She said as soon as I hear to contact her immediately.

We instructed our solictor 4 weeks ago when we got an AIP from Natwest. The EA reckons the new buyers are just as far ahead as us. Can this be true when their solicitor will have to get the deeds etc etc?

Blacksheep1979

The EA has to pass on all offers - something isn't smelling quite right here. Reason I asked about the other offer is I could easily see the EA selling you as a lost cause to the vendor so a chum gets a bargain from a desperate seller.

holatara

Wow I didn't know they had to pass on all offers (FTB - sorry!). You're right - something isn't right, if it was about time not money then why didn't the EA contact us to see how far along we were before taking it away from us? The original EA won't even answer my OH's phone calls now.

I think I'm going to go in there tomorrow and see what is going on, maybe ask if they can ring the vendor whilst I'm there? We've tried so hard to get the mortgage so we can get this house and it all seems like the rug has been pulled from under us.