PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Should we put our house back on the market?
Halle71
Posts: 514 Forumite
We accepted an asking price offer on our house six weeks ago and our buyers have been communicative, friendly and eager to move quickly.
However, in the last 10 days they have been grumpy with the EA and cancelled their building survey twice. I suspect they are having difficulties with their mortgage - they are applying for a massive £540k mortgage on a £650k house and, while they both have good jobs in the city, that's big by anyone's standards. If you stress test at 7%, monthly repayments are a staggering £3800!
We know we can sell again in a couple of days (this time it took 24 hours to get the asking price and details weren't even online) but we are only selling because we want one house and we will stay put if we lose it. I am worried that, even with a new buyer, the delays being encountered with the MMR will dand us the house. It's a vacant property so there is no motivation for our vendor not to put it back on at a higher price. So we want our buyers but need to be thinking about a plan B.
We hope to have more info tomorrow from the EA who has been trying to contact their mortgage broker, but we are thinking about going back on the market so we can line some viewings up for the end of the week/weekend if it falls through.
Is this ok to do? I guess I just want it online to create interest and we wouldn't do any viewings unless it has definitely fallen through. Or should we plan an open day in two weekends time? They are very popular (for the vendor) in our area of SW London where the market is a bit crazy.
The whole system sucks - you can't be sure you have a sale/purchase until a week before you move. :mad:
However, in the last 10 days they have been grumpy with the EA and cancelled their building survey twice. I suspect they are having difficulties with their mortgage - they are applying for a massive £540k mortgage on a £650k house and, while they both have good jobs in the city, that's big by anyone's standards. If you stress test at 7%, monthly repayments are a staggering £3800!
We know we can sell again in a couple of days (this time it took 24 hours to get the asking price and details weren't even online) but we are only selling because we want one house and we will stay put if we lose it. I am worried that, even with a new buyer, the delays being encountered with the MMR will dand us the house. It's a vacant property so there is no motivation for our vendor not to put it back on at a higher price. So we want our buyers but need to be thinking about a plan B.
We hope to have more info tomorrow from the EA who has been trying to contact their mortgage broker, but we are thinking about going back on the market so we can line some viewings up for the end of the week/weekend if it falls through.
Is this ok to do? I guess I just want it online to create interest and we wouldn't do any viewings unless it has definitely fallen through. Or should we plan an open day in two weekends time? They are very popular (for the vendor) in our area of SW London where the market is a bit crazy.
The whole system sucks - you can't be sure you have a sale/purchase until a week before you move. :mad:
0
Comments
-
I think you should just make your position clear with the buyer. Dont just put it back up. Tell them you need to see some kind of progress by X and if you don't and they don't give you a reason for this you will put it back up.0
-
I think you should just make your position clear with the buyer. Dont just put it back up. Tell them you need to see some kind of progress by X and if you don't and they don't give you a reason for this you will put it back up.
Thanks, yes, this is what I am going to discuss with the EA.
Fortunately both houses are on with the same agent so they are very motivated to make it work!0
This discussion has been closed.
Categories
- All Categories
- 347K Banking & Borrowing
- 251.5K Reduce Debt & Boost Income
- 451.7K Spending & Discounts
- 239.3K Work, Benefits & Business
- 615K Mortgages, Homes & Bills
- 175K Life & Family
- 252.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards