What am I supposed to do now?!

Sarahspangles

Maybe one way to look at this is "What reassurance from a specific buyer do I need to take this property off the market - for now?"

The documents I took into the EA when my offer was accepted were the AIP from the building society, a print out of my ISA balance and a payslip. On the basis I have a good job, savings and the Nationwide think I am credit worthy for the required amount, the vendors took down the sign.

It was also a plus for them that I am currently renting, so no chain.

But I wouldn't have wanted any of that to be seen as binding until I'd had the building surveyed - there could have been something nasty lurking in the woodshed.....:rotfl:

kingstreet

finnmum wrote: »

Our house is remaining on the market for now until our EA has got confirmation of the buyers mortgage. Is this all normal procedure? I'm totally new to this moving game!

Yes. Await confirmation they have an agreement in principle before stopping active marketing.

They can retain their existing property and buy another, in principle, but as no-one knows their circumstances we can't say for definite.

BTW do you have an agreement in principle for your onward purchase?

finnmum

Thank you very much for all your replies. Has definitely made clear my EA's attitude towards this buyer and why they are advising me to hold off on any offers. It makes sense really.


So my EA should now be chasing up these buyers to find out if they have their AIP? I'm assuming an AIP can be obtained fairly quickly? Is an AIP enough to feel confident that our property can be taken off the market? Do I need any reassurance about their letting potential of their current property?


We don't have an AIP as fortunately we are cash buyers (well will be if we sell our house and release the equity). This coupled with some inheritance we received recently has put us in a very fortunate position. I'm assuming when we put in our offer the EA will want to see proof of our funds which we can provide?


We upped them by a grand as our house was marketed 'offers over xxx'. They offered xxx straight away so we then negotiated the increase in a grand as I've always been told don't accept the first offer. Again, not sure if this is how things should normally be played.


So I just need to sit tight and wait this week while my EA does the chasing and hope in the meantime someone doesn't offer on the house we love? Going to be a stressful week I think I'm a born worrier. I imagine that isn't good in the this house buying game.

Reactor_2

Sarahspangles wrote: »

Maybe one way to look at this is "What reassurance from a specific buyer do I need to take this property off the market - for now?"

But I wouldn't have wanted any of that to be seen as binding until I'd had the building surveyed - there could have been something nasty lurking in the woodshed.....:rotfl:

I agree that I wouldn't want to be bound entirely, but definitely on the price, hence I would want more than a gentleman's agreement, as it is too easy to gazump the buyer or gazunder the seller. When you are on the wrong side of this trade, you will definitely feel ripped off.

getmore4less

talk to the gran if she lives across the road.

honey_badger_3

sit tight until they have concrete mortgage approval and be prepared to accept other viewings.

Not sure what the buyers personalities are relevant. I looked around a property I liked and the EA made a comment when I phoned to put in an offer that I didn't act interested - I pointed out that they should never judge a book by its cover esp as they didn't know me.

Good luck with selling your house