Vendor relisted property

9ice

Hello all feeling abit angry here:eek:

Exactly 4 weeks ago my offer was accepted on a property via my solicitor and after this I proceeded to apply for full mortgage application with Natwest . Having gone through a lot of stress from faxing documentations, going to the branch to submit payslips that I have earlier submitted, valuation etc, Natwest has advised that they are in the final pre offer checks stage and an offer is imminent at the latest end of this week.
I rang my solicitor this afternoon to intimate him of the latest development and my solicitor told me the vendor just sent an email via his EA threatening to relist the property in the market as the process is taking too long ( after the acceptance of the offer, my solicitor did advise the next stage is to get the loan papers and he won't advise any black and white contract until then)
I Just checked website now and realised the property has been relisted :mad: apparently mortgage application within 4 weeks timeline is still reasonable and I consider this as a pure case of bullying from the EA and the vendor.
Has anyone gone through similar situation before? Say the mortgage offers did come through presumably by the end of the week do I still stand a chance?
I will appreciate any contributions on what options are available to me at this stage.
Thanks

witchy1066

sorry to hear, seems a bit harsh to me ,
most applications are taking between 3 and 4 weeks , then the survey has to be done ,
we were told anything between 10 and 12 weeks (no chains)

so far we are in the 5th week and as far as I know still no survey but the fees were taken out of my account last Thursday

hope my vender is more patient than yours

ring the EA ,surely they must realise its out of your hands , you are waiting just the same as your vender,


all the best

BobQ

It may be the seller is in a hurry. Not a lot you can do, but clearly the vendor wants to keep the pressure on you to move quickly.

Unless a cash buyer appears, its unlikely that any further offer will be completed any quicker than yours so there is no point worrying. If the vendor is trying to up the price that is another matter.

Of course you could call their bluff and say that while you are one week away from exchange you object to being pressured like this so wish to reduce your offer unless they take it off the market.

9ice

Thanks all am kind of gutted at the minute. Having gone through the forum I noticed most applications are in the average of 5- 6 weeks, so mine is not an exception.
Am kind of amazed such heartless human being and douchebags still exist

amnblog

Do you know your vendors situation? Perhaps they have a new job to take up this month and cannot wait any longer. It may be that the EA over promised then on time scales.

Perhaps their vendor has put them under pressure.

This situation is not always due to someone deliberately being heartless or greedy.

Unfortunately, the law in England and Wales allows it to happen many times every day.

All you can do is get yourself in a position to exchange contracts, and then perhaps you will decide to play hardball.

kingstreet

Has your vendor's solicitor asked your solicitor to return the contract?

If not, the sale is still proceeding.

TheFactory

There is no chance the vendor can complete quicker than you as you are already half way there!

Pure bullying in my opinion.

9ice

Thanks all, I quite agree its just a case of bullying.
Just another update, Natwest has now confirmed offer will be issued at the latest Friday/Monday next week. I am just wondering what could happen if I request Natwest for an amended offer I.e there are 2 other properties within the same vicinity but with a difference of 5k more .As an option B if am to make an offer on one of the properties and my offer is accepted this will mean asking more than what I requested earlier
Do I go through same credit check process again?
Has anybody done this before to advise on the possible implications?
Thanks all

ValHaller

9ice wrote: »

Thanks all, I quite agree its just a case of bullying.
Just another update, Natwest has now confirmed offer will be issued at the latest Friday/Monday next week. I am just wondering what could happen if I request Natwest for an amended offer I.e there are 2 other properties within the same vicinity but with a difference of 5k more .As an option B if am to make an offer on one of the properties and my offer is accepted this will mean asking more than what I requested earlier
Do I go through same credit check process again?
Has anybody done this before to advise on the possible implications?
Thanks all

Essentially, you would be back at Acceptance in Principle if you asked for more, because you would not do a survey until you had an offer accepted. In your position, I would be sounding out NatWest informally to see where your limit is - as I suspect you have gone straight to a specific application on this property without actually finding out how much the bank think you are good for.

9ice

Yes, that's my concern, because I have read so many stories online where computer would have said yes originally and then said no later on.Although nothing has changed since my last application but I just can't tell with credit checking