When should I pull out of my sale?

sturgeon

My buyer made an offer around 7 weeks ago which I accepted (there was an offer from almost every viewer above asking price). He applied for a mortgage with accord, which had issues as they dragged their heels over the service charge. He now applied with Halifax who did the valuation last week and according to his broker all he needs to do is submit his october payslip next week as that's the final required document and pending valuation (I imagine the results are now available?) that should go to offer. I imagine/hope that he would get and submit his payslip by the 28th and that his offer would be ready by this coming Friday?

I've had to chase on behalf of everyone as he didn't engage a solicitor for around 3 weeks post offer and the mortgage process and application has been incredibly slow. I was also spooked by him changing mortgage lender very far along the process and without warning (I got a call out the blue asking when I can be there for a valuation visit).

Since then a couple more apartments in my block have gone on sale, one was listed for £25k more and has now 'sold stc' but unsure what amount. If a mortgage buyer has purchased then going from the many valuations i've had, and estate agent feedback, it won't be valued for that but if they have a cash buyer then that's clearly a lot I have missed out on. Additionally I could potentially pick up someone who missed out on the purchase by contracting that estate agent and possibly pick up a cash buyer immediately.

I'm thinking that I need to give the buyer a deadline now as things keep getting extended as we're 'so close' If he just needs to submit his october payslip to halifax, and the valuation was done last weds, I see no reason that the offer shouldn't be made available by the end of this week maximum depending on when his payslip comes over. I can easily see it getting to the end of the week without offer, having submitted a payslip but how long am I meant to wait until the offer comes through?

I have bought somewhere off-plan that needs to complete in January most likely. So if I do not get a move on and find another buyer then i'm going to run out of time and lose my deposit and the home I want-that time limit pretty much is up in a week or two max, and that's in the hope I find a cash buyer.

bobbymotors

Yes, give them a deadline to get a mortgage offer and then if they don't have it in time put it back on the market.

csgohan4

Mortgage offer aside, have they finished with the searches and settled any queries from their Solicitors side? So you are literally only waiting on the Payslip?


If not, then I would think hard about it. Has he done his own building survey?


I would have a low threshold for dumping him for someone more reliable and forthcoming.

sturgeon

As far as I'm aware the solicitor has conducted searches, received most of them and then would have conducted queries with my solicitor. Last got an update on that around a week and a half ago. No building survey is taking place as it's a fairly new build apartment.

It seems that yes we are only waiting on the payslip, according to his broker, but this is coming from the two of them who have been incredibly slow-yes he had issues with his first lender but that was still ongoing 6 weeks after offer and effectively we've lost a huge amount of time as he only applied with Halifax just over a week ago it seems.

I'm going to check with the estate agent tomorrow to see where the solicitors have got to, and ask them to chase the broker to see what date this payslip is going in (i.e. is he paid on the 28th/30th...probably the latter knowing my luck) and what date they expect the mortgage offer by.

If I set a deadline of say 7 days from tomorrow for mortgage offer then the overwhelming likelihood is that if accepted it would come in a few days after that anyway, and I'd unnecessarily cause a big problem for the buyer. I might call this estate agent who has sold the other property and see if they have any cash buyers who lost out on the other property.

csgohan4

If he gets his payslip, worse case on 30/10/15, underwriters will take maybe 1 week or so to look at it and approve it. Maybe another week for the solicitors to look through the mortgage offer to ensure it is suitable before getting to the exchanging contracts stage. I think you are looking 2-3 weeks possibly if you can wait that long.


While the buyer has been incredibly slow, your house price has gone up, something to consider.


IMHO I would have pulled out after 3-4 weeks if no offer or signs of trouble, especially if you house is in a sellers market area. You would expect someone to get their offers in 2 maybe 3 weeks, but 7 weeks is taking the mickey.


This suggests he has tight cashflow issues, I wouldn't be surprised if he tried to gazunder you before exchange.

sturgeon

I'm happy to wait 2-3 weeks to exchange as I am confident enough my buyer really wants to go ahead.

I am most concerned about the mortgage offer-as without that there's no chance he can proceed with the purchase. When that offer is available I can relax very slightly and can wait for the solicitor to finish their business. The offer is what I have been waiting for and anticipating for weeks and weeks.

I'm just totally fed up of being almost there and then being delayed time and time again. Yet again I feel we are just about there as this payslip is being submitted but seeing how things have gone so far there will be an extended delay. But as we could be so close it's why it's so tough to potentially give up and move on.

Absolutely no chance am I accepting a revised offer from him by the way!

Jamesjames

Like you said in your last response, if the buyer really wants to buy your flat and he is not being slow deliberately, I would advise you stick with him, with the improvisor that he gets his mortgage offer sorted asap.

If you do decide to pull out now, what is the guarantee the next buyer will not be slower than current one?

kinger101

The ball is rolling now, but I would have stuck the property back of the market after one week if a solicitor had not been appointed or a mortgage provider named.

No point pulling out now though if the buyer is keen albeit slow.

robatwork

I would pull out around 3 weeks ago.

Ask Prof Emmet Brown for help?

Chanes

Set a reasonable deadline and prepare to remarket after that date. You have to draw a line and if you have a property that sells easy you are doing yourself a favour and maybe someone else who wants it more and is ready to go.

libf

sturgeon wrote: »

I might call this estate agent who has sold the other property and see if they have any cash buyers who lost out on the other property.

Be careful you don't end up having to pay two sets of estate agent fees...