Contacting vendor a good idea?/few FTB questions

Lionel_Thinkbag

Had an offer (full asking price) accepted on the 3rd Dec. We're FTB and having a bit of back and forth between our broker and the mortgage lender - or at least we've had to send out some additional documents - I don't know if this is par for the course or what so trying not to panic too much.

EA said they would stop actively marketing the property and have sent me a memorandum of sale saying as much, however property is still on rightmove and EA's own website. Not sure how to feel about this, the property isn't exactly anyones idea of a dream house (needs a fair bit of work) we've offered the full asking price so we can't imagine a property developer asking for more or indeed anyone else, but at the same time anything can happen. Don't want to be too pushy about it and upset the EA. Plus don't want to speak to EA more than neccessary as they keep trying to get us to see their financial advisor despite us already having an application processing through our broker.

Also I know its only been two weeks but I can't help worry about the Vendor. As far as she knows she's accepted an offer and thats all thats happened. If I was her I'd want to have a better idea of how things were going. I have the address and was wondering if it would be a good idea to write to her with my email and mobile number in case she wants to be updated? obviously this would be strictly optional and anything serious would be done through solicitors but I wonder if this would be overstepping the mark?

Also, how long on average after agreeing to lend do mortgage providers send their valuers out? We are going to get our own full survey done but wanted to wait until we know for sure before spending all that money. Or is their no harm in going ahead anyway? I think it would at least show the vendor a sign of serious progress.

Any thoughts or advice on the above would be appreciated. Trying not to go crazy here

pinkteapot

I wouldn't get in touch with the vendor. You're far better off just dealing with the EA, your solicitor and your mortgage broker/company. The EA is being paid good money to act as a go-between between you and the vendor. Ask them for updates on what's happening with your vendor's related purchase, etc.

Ask the EA why the house hasn't been removed from Rightmove, and try to insist that it gets marked as Sold STC.

I would say, it's not actually been two weeks - only ten days.

Your broker should be able to reassure you on whether there's any problem with the lender, but I doubt it.

Our broker sent our application in and over the next week we had to send other docs. Once they were happy that had all the documentation they needed it went to their underwriters, who approved us subject to valuation survey. The valuation was done two days later, and the mortgage offer received by phone the day after the valuation and in writing a few days after that. So the whole thing end to end was about 2.5 weeks. How quickly the valuation survey can be done does depend on how busy surveyors in the area are, and how quickly the vendor is available for the surveyor to be able to get in.

You said that the seller doesn't know what's happening with their purchase. Do you mean that their offer has been accepted but that the people in that house still need to find something? If so, you don't yet have a complete chain. The chain is only complete when it ends with someone who's going into rented, or an empty house is being sold. Personally I wouldn't spend any more money until the chain is complete - there's no point as no-one can move until it is!

cattie

No, don't give your details to vendor or think about making contact. All contact from now on should be through your respective solicitors, with the ea acting as go between.

As you haven't actually had a survey done yet, the ea won't actually fully consider the property sold until you get this back & are happy to go ahead with the purchase.

Different lenders take different amounts of time to arrange for valuations. Some do it very quickly, others are quite slow & the same can be said of the valuer notifying the lender of his findings. As we're coming up to the Christmas period & the big shut down, this is likely to hold up the buying process for you somewhat.

Buying is a stressful business, but try to relax, you've offered full asking price & only a very greedy & unprincipled seller would accept an offer & then decide to try for more money elsewhere. Thankfully these are few & far between, most vendors are honest people with decent principles & wouldn't do to others that which they wouldn't like to be done to them.

Just be firm with the ea about their financial advisor, they seek to gain commission from you going via them, so you just need to ensure that no thank you means no thank you.

Good luck with it all anyway.

Lionel_Thinkbag

Thanks guys. I feel a little less panicky now.

I should have clarified, our seller said she was going to rent, but that was just what she said when I asked during the viewing, so I don't know how solid that was. We're renting anyway and if needed we can move in with my parents if theres any delay.

pinkteapot

You should know exactly what's happening with the chain. Call the EA and ask. Ask them if your vendor is still going into rented? If so, all steam ahead! If you're fairly confident that your mortgage will be approved there's no harm in arranging for your own survey to be done.

PasturesNew

Agents leave properties that have been sold on their website and in their windows often to lure others in .... when people enquire they can then create an air of urgency by saying "That's been sold.... we've others, what are you looking for".

They'd not be looking to take bookings for viewings etc... it's just a net to catch people and get them on their books.

AdrianC

PasturesNew wrote: »

Agents leave properties that have been sold on their website and in their windows often to lure others in .... when people enquire they can then create an air of urgency by saying "That's been sold.... we've others, what are you looking for".

They'd not be looking to take bookings for viewings etc... it's just a net to catch people and get them on their books.

^ This, in spades. If you're worried that they're still marketing it, get a friend to ring the EA and ask about it.