Buyer taking too long?

hansen_mork

Hi All,


Im new to the forum after a few weeks of lurking.


Im in the process of selling my house to a first time buyer who made an offer of the asking price 3 weeks ago tomorrow.


I put an offer in for a house a week later and had the Mortgage valuation booked by the end of the same week.


However I have yet to hear about my buyers survey. I called the EA on thursday to ask for an update. They have told me that the buyer has been looking for the best possible mortgage and is going in tomorrow to apply.


Is this kind of time frame expected? This is my first time selling so Im a little anxious as everyone I have spoken to seems suprised that the buyer hasn't seemed to have done anything since making the offer.


My solicitor has sent out the contract pack just over a week ago so Im guessing it's probably a little too soon to recieve any queries back.


Thanks in advance!

hansen_mork

Thanks for the quick reply.


My house sold after 2 weeks and there was other interest so I think I will ask the EA to put it back on the market on monday and hope it sells before my seller gets fed up.

Thrugelmir

hansen_mork wrote: »

so I think I will ask the EA to put it back on the market on monday .

Your buyer has an appointment tomorrow. So give them a chance!

If they walk, then you may be shooting yourself in the foot!

hansen_mork

Thrugelmir wrote: »

Your buyer has an appointment tomorrow. So give them a chance!

If they walk, then you may be shooting yourself in the foot!

I suppose I could let the EA know that if I haven't heard about a survey by the end of the week to put it on the market then (that will be a month since accepting the offer), whilst letting the buyer know that if they are serious we won't rule them out if they show some movement.

Okydoky25

My valuation for the property I bought didn't happened for nearly 6 weeks due to delays with Santander. Some lenders do not do the valuation until the mortgage underwriting has been successful. It was however quick after thus and we completed 3 weeks after valuation.

ClareTeaches

Alternative view ...

To be fair, it sounds like they've kept the EA informed, whereas if they were just hanging about and hoping for something better, they'd probably be more vague or evasive. Sounds like it could be a bit of FTBer naivety, not realising vendor expectations of them or how long it could take to get the mortgage sorted and that they really should've thought these things through when they got an AIP. (Assuming they do already have an AIP somewhere?!)

Also, it could be that they were waiting for you to find somewhere before committing any money to the purchase (is, valuation fee on mortgage application) - for all they know, you could've taken months to fond somewhere, while they're sitting there with a mortgage offer expiring.

It's understandable that you're wanting to move things along, but I think it would be fair to see how this buyer's appointment goes on Saturday and, if you are thinking of remarketing, then it might get their !!!! in gear if you gave them some warning! I wouldn't be surprised if they didn't realise you were worried that they'd taken this long to get a valuation booked!

Also, worth bearing in mind that some lenders' valuation teams are quite booked up, apparently.

Anyway, good luck with it, but sounds like a little more patience from you and chasing by the EA wouldn't hurt

hansen_mork

The EA called today . Buyer had initial meeting on saturday to see if lender is willing to lend to him, which they will . Their initial AIP was with a different lender. The next available appointment for the actual application is july 10th, five weeks after making his offer. The buyer claims he is taking time off work to get this resolved.

He has paid his solicitor to start searches as they have recieved the contract pack from our solicitors. The EA seems to think this is a good sign and claims appointments are hard to get at the moment so they wait is feasible.

Surely he would have given up by now if an actual timewaster?

bluej

If they have instructed the solicitors to start the searches before receiving a mortgage offer then they are very unlikely to be time wasters IMO.

Threebabes

6 weeks on wednesday and we are are still waiting to hear if ours have their mortgage. In fairness they only applied for it a fortnight ago due to one hiccup after another.

Our EA put the house back up for sale last week while they sort themselves out.

Annie1960

The usual approach is to wait for the whole chain to be complete, then everyone does surveys/searches etc at the same time.

hansen_mork

Our chain isnt really a chain. When we put an offer in on our house the seller had already bought his house and so has taken out a bridging loan. Our survey is being done today and we have said we can move in with relatives if need be. In fact when we accepted the offer we werent planning on buying.

We requested being put back on the market today and the EA will do it but have said theres not much point as we will be no further forward in 10 days than we are with the current buyer