How long do we wait??

caley

We had an offer on our house 16 weeks ago. we are still waiting for the person to get a mortgage all we keep getting is excuses eg (the broker has lost the paperwork. the broker is on holiday. the bank require more info. we are waiting for a survey to be done the list goes on) I put a letter through the buyers door asking her to contact me and tell me what is happening. she rang her solicitor and told them we was pestering her she also rang our ea. our ea rang her broker and the broker told him not to keep ringing him. her solicitor is also getting stroppy according to our solicitor. The person of the house we are buying is now getting agitated and is thinking of pulling out. We told our buyer that the house was going back on the market as she was taking to long we have now had another offer and they will complete in 6 weeks. Do i tell her now that we will not sell the house to her or do we wait till she gets her mortgage then tell her?? We had to beg our seller not to pull out. advice would be appreciated

Hoploz

It's not really ethical but you could go with the second buyer and see what happens, then whoever gets organised quickest can buy it?
It doesn't sound as if you have a very helpful EA, he really should be drilling down and finding out where the problem lies. Is the new offer with the same ea?

caley

Yes its with the same estate agent. your thinking the same as me whoever can exchange the quickest gets the house even having our sellers agent ringing her broker but she gets told the same don`t keep ringing me. Because of the grief she has caused us I really want to tell her we are not selling to you

rosie383

We had exactly the same situation as you. We got pretty much the same excuses and hung on for about 15 weeks and made the decision in the end to tell the buyer that we couldn't wait any longer and put the house back on the market. I don't think it's fair to have two buyers going through the process though. I'd be honest with them. It's your decision after all who you sell to.

SplanK

If it was me, I would dump the 1st one and just go with the 2nd one. 16w is taking the mick to be honest, that's what, just over 4 months!!


I would however wait until the 2nd one progressed a little (IE survey complete...) before telling the 1st to jog on.


You are in no legally binding contract, and you can do as you please. You need to take the emotion out of it and treat it as a business transaction and protect your own interests.

bris

If they haven't even had the survey done after 16 weeks get rid of them quick, they have nothing to lose so can't be taken seriously.

Yorkie1

caley wrote: »

We had an offer on our house 16 weeks ago. we are still waiting for the person to get a mortgage

<snip>

We told our buyer that the house was going back on the market as she was taking to long we have now had another offer and they will complete in 6 weeks. Do i tell her now that we will not sell the house to her or do we wait till she gets her mortgage then tell her?? We had to beg our seller not to pull out. advice would be appreciated

If I understand your post correctly, you accepted an offer from Buyer1 16 weeks ago, and have now accepted an offer from Buyer2? And not yet told Buyer1?

I think you are probably approaching (if not already in) the situation of a contract race. Your solicitor is obliged to inform all buyers as soon as you ask your solicitor to deal with more than one prospective buyer at a time (Code of Conduct O11.3). If you're confident with Buyer2 then it's simpler just to stay with Buyer2 rather than both at the same time.

Although Buyer1 has messed you around a little, I'd do the decent thing and let them know sooner rather than later.

kiddakidda

16 weeks is a joke.

Don't even look at properties until your finances are in order......... Stuff it, Ban them from Zoopla and Rightmove as well.

Time wasting paupers!!

caley

Thanks for your advice her survey was done on 9th oct and was told her mortgage would be approved in 72 hours hers was the only offer we had that was near the price. she knows we had another offer and she is aware that who ever exchanges first gets the house. this other offer was just over a week ago and they had the survey done wed its a housing trust

kiddakidda

caley wrote: »

Thanks for your advice her survey was done on 9th oct and was told her mortgage would be approved in 72 hours hers was the only offer we had that was near the price. she knows we had another offer and she is aware that who ever exchanges first gets the house. this other offer was just over a week ago and they had the survey done wed its a housing trust

You have been more than fair and patient. You need to do what is right for you.

Good Luck with it.