Annoyed-but not sure if this is normal!

hannahsmummy1

Hi All

A little moan if I may!! Im a little annoyed at the situation we find ourselves in- cut a long story short we accepted an offer on our house end of jan- we put in an offer on a repo beginning of feb- all was well- everyone agreeable to 28 days etc. Fast forward to last week where we were getting questions from our buyers solicitors about paperwork we had submitted more than 3 weeks ago- we then find out that they do not have their mortgage offer in place and in fact the valuation people are coming round tomorow morning- we have been led a merry dance- being told that everything was fine when it wasnt. We are fully expecting to be gazumped on our repo house (which we thought would have happened sooner!)

Is this normal?- I thought that a valuation got done at the same time that they had their survey done (the survey happened at the end of jan by one of their fathers)

Anyways thanks for reading my little moan

joerugby

Sounds fairly normal to me.

I've never known a sale to proceed as quickly as originally hoped. Valuers, lenders and particularly solicitors need time to do a proper job and usually take it!

Richard_Webster

Is this normal?- I thought that a valuation got done at the same time that they had their survey done (the survey happened at the end of jan by one of their fathers)

Think about it - even if father was a qualified surveyor would the mortgage lender trust his valuation? It would scarcely be independent one would it? So I find it difficult to understand how you thought that the father of one of the buyers going round had anything to do with a valuation for a mortgage lender.

hannahsmummy1

I was just making sure that it wasnt just me who thought it weird! Our buyers have been in and out a few times with various different people (all when we have been at work and accompanied with EA too) so I assumed (obviously wrongly) that a valuation had at some point been done- especially as we had been told up until Wednesday last week that all was fine and that they their mortage sorted out. I guess that up until now we have been spoilt with wherever we have bought/sold we have never had this much messing! Be glad when its all over:rotfl:

JQ.

Definitely not normal. I would get the valuation done before instructing solicitors. I would be having very serious words with my buyers. However, you might want to get your EA to accidentally mention to them that they have another buyer absolutely desperate to view your house, as it's perfect for them, but so far you've refused. Might dissuade them from gazundering, just in case that might be at the back of their mind.

Jenniefour

Looks perfectly normal to me so I would be wary of jumping to conclusions that you're being messed around here. Mortgages are being scrutinised and sometimes audited as well. So survey for valuation might be one of the last things to happen - why would a buyer get the valuation done before mortgage has been properly processed, it's a money loser if application is then rejected. So less likely to be your buyers and much more likely to be the system. And, as Richard Webster said, no mortgage company is going to accept/ask a related party - father - to do a valuation. Unheard of. No lender would allow that.

Your buyers have shown goodwill by getting their survey done, albeit by one of the fathers, nothing untoward in the timescales so I wouldn't be getting too worried. You're only 7 weeks into a process that takes around four months - if it's quicker (given a mortgage is needed) then that's a big bonus. And I would advise against firing any warning shots over the bows at your vendors - not wise in the circumstances and might put your sale in jeopardy - why do that when you want it all to go smoothly - as, indeed, it has been doing. And to cheer you up a bit - if the valuation is the last part of the process as concerns the mortgage, providing the solicitors have now got all their ducks in a row, then exchange could be happening within days. I once sold where the exchange took place three days after valuation.

Richard_Webster

Definitely not normal. I would get the valuation done before instructing solicitors. I would be having very serious words with my buyers. However, you might want to get your EA to accidentally mention to them that they have another buyer absolutely desperate to view your house, as it's perfect for them, but so far you've refused. Might dissuade them from gazundering, just in case that might be at the back of their mind.

If you wait for the mortgage valuation before instructing solicitors unless there is some very obvious question about the acceptability of the property,e.g. non-trad construction, you are going to wind the sellers up because there will be a further delay while your solicitor does searches and asks any additional points that arise out of the paperwork submitted.