Vendor wants to go back to market

bobula

so i put an offer in that was accepted a week past monday

we applied for a mortgage as soon as the offer was accepted

supplied all the paperwork

chased them up

have been told middle of next week from lender

vendors said that if we dont have the qualified offer to them by end of business today then the propertys going back to market.

Seem a bit meh - unless im walking round with 200grand in my back pocket how am i supposed to get a formal mortgage offer an quicker ?

irishcol

bobula wrote: »

so i put an offer in that was accepted a week past monday

we applied for a mortgage as soon as the offer was accepted

supplied all the paperwork

chased them up

have been told middle of next week from lender

vendors said that if we dont have the qualified offer to them by end of business today then the propertys going back to market.

Seem a bit meh - unless im walking round with 200grand in my back pocket how am i supposed to get a formal mortgage offer an quicker ?

How confident are you that they will find another buyer? How long was it on the market before you offered and agreed?

If it was a while, then I'd be tempted to let them do whatever they want, then when they don't find another buyer, you can reduce your price. Sod them, they sound like they're going to be a nightmare to deal with!

Alternatively, if you actually like and really really want the house, then you need to phone the estate agent and tell him to have a word with his client. Provided the EA is confident that your mortgage is going through, he won't want to have to market it again (he has already done the "hard work" by getting you to offer an acceptable amount) and should be persuading his client not to do anything silly.

zzzLazyDaisy

Most sellers will, in any case, continue to market the property until the survey has been carried out and the buyer has a mortgage offer in place and is in a position to proceed.

sockpuppet

Some lenders (though not all) give you the option to print off a 'Mortgage Certificate' after the AIP has been accepted - I know you are past this stage now and have gone on to the full application - but can your broker (if you have one) or the lender themselves give you a copy of this, if they do them?
Maybe your vendor will accept this pending the Offer??

bobula

Was on market for 3 days .... Fairly sure they may get another offer quite easy

My solicitor says its because they are elderly and getting jumpy

Just giving me the rage thats all .... I dont see how i could have done anything any quicker !

irishcol

zzzLazyDaisy wrote: »

Most sellers will, in any case, continue to market the property until the survey has been carried out and the buyer has a mortgage offer in place and is in a position to proceed.

If my seller did that, I'd tell them where to go.

Once my offer is accepted, the house should be indicated as (sold, subject to contract) SSTC and no more viewings should be carried out.

If I found out that more viewings had been carried out, I'd definitely withdraw.

In fact, on each house that I have bought (or been involved in helpign someone else to buy), I have ensured that a friend phones the EA a couple of days later to ask about viewing it. In every case, the answer was that it was unavailable for viewing.

Similarly, I've had viewings cancelled because the vendor has accepted an offer between me arranging the viewing and it actually taking place. Which is fair enough.

tc9604

You gain nothing by rushing, you can leave your offer on the table (or even reduce it if they are going to mess you around).

Sellers tend to attract the best offers in the first few days of a property being marketed, I'm sure they know that interest will die down and are using this to try and force the sale.

irishcol wrote: »

If my seller did that, I'd tell them where to go.

Once my offer is accepted, the house should be indicated as (sold, subject to contract) SSTC and no more viewings should be carried out.

If I found out that more viewings had been carried out, I'd definitely withdraw.

In fact, on each house that I have bought (or been involved in helpign someone else to buy), I have ensured that a friend phones the EA a couple of days later to ask about viewing it. In every case, the answer was that it was unavailable for viewing.

Similarly, I've had viewings cancelled because the vendor has accepted an offer between me arranging the viewing and it actually taking place. Which is fair enough.

JQ.

irishcol wrote: »

If my seller did that, I'd tell them where to go.

Once my offer is accepted, the house should be indicated as (sold, subject to contract) SSTC and no more viewings should be carried out.

But's it's not, is it. It's currently sold subject to Survey, subject to mortgage, and subject to contract. For buyers in the current market plenty of people are struggling to get past the first 2 hurdles.

2 weeks and the property has not been surveyed yet. I suspect the vendors are putting a warning shot across the bows of the buyer to make sure they don't drag their feet throughout the whole process.

bobula

Fyi we are in scotland

So no survey to be done just a transcript of the homebuyers report

C_Mababejive

Dont buckle..keep cool and carry on. If they wish to re-market,let them. I doubt their EA will be very happy.

DVardysShadow

C_Mababejive wrote: »

Dont buckle..keep cool and carry on. If they wish to re-market,let them. I doubt their EA will be very happy.

Yes, agree with this. I think I would feel free to carry on looking and put other offers in. Possibly, I would book in some viewings of other properties with the same agent if this place did go back on the market