Is my estate agent fobbing me off?

roobee13

Hi all,

Hopefully I'm posting in the right place, wasn't sure whether to put it on the mortgage board.

Four weeks ago today I accepted an offer on the empty house I own with my ex from a buyer that was ideal for our sitaution (no chain, keen to move, etc etc).

I've been ringing the estate agent every week for a progress update and until yesterday, not much had happened. They've previously told me that the buyers mortgage company were waiting on the survey and that surveyors are in high demand at the moment. This I can accept, but still not sure if it's true!

However yesterday they told me that the buyer may have to pull out as her mortgage company have gone back on their offer. Apparently she has a deposit of £107000 and had a mortgage in principle for the remaining £50k ish, but they've now rescinded their offer. Unless she's on a really low income, I'm amazed she can't get a mortgage for that amount. Am I being really naive??

The estate agent has put the house straight back on the market in case she does pull out but I'm concerned I'm being spun a line here. What do other people think? Even if they are having me on, it doesn't seem like there's much I can do

Any tips, advice, fellow ranters would be much appreciated! Thanks

Foxy-Stoat_3

Did you agree to take it off the market after your offer was accepted?

If no then give them their notice and use another Estate Agent.

Kynthia

When you are selling there is usually very little news the first few weeks after an offer is accepted. This is the time the buyer has to instruct a solicitor, confirm the purchase price to their broker, find the best mortgage offer as it might have changed from the AIP if they had one, get all the paperwork to them, have credit checks done and apply for a surveyor yo come out, have an underwriter confirm the mortgage offer, etc. So you are waiting around for all of this to happen. Many offers fall through at this stage as the buyer doesn't get their mortgage for some reason. The other most common time for buyers to pull out is when they get the survey and it scares them off or the property is valued lower than the offer.

Many sellers keep their properties on the market until the survey is booked so they don't miss other interested parties, partly incase they aren't serious buyers and partly incase they can't get a mortgage.

roobee13

Hi Foxy-Stoat, yes I agreed to it being taken off the market as the buyer had everything in place (solicitor, AIP, deposit). I can see now that I was being very optimistic!

Hi Kynthia, yes, I was expecting a slow start. I'm just gutted as I thought with a deposit of that size her mortgage wouldn't be an issue. Lesson learnt.

Thanks for the replies, wish me luck finding a new buyer!!

kingstreet

The EA only gets paid on completion of a sale, so you can usually trust self-interest will impact on their desire to find buyers and get the sale completed.

roobee13

Thanks for everyones replies.

Latest update - market seems to have calmed down since I accepted the offer. had a viewing last week and they've offered a bit under the asking price (whereas original buyer offered full asking price). I'm weighing up the finances now as this buyer wants to buy it and rent out, so there's also no chain, which is ideal for me.

I'll try and make a decision tonight, the onyl thing I do know is even if I do accept the offer, it's staying on the market just in case!!