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Buyers mortgage rejected
fudge1522
Posts: 6 Forumite
First time post, hopefully I do it right..
I have found my way here after panic Googling.
Long story short, we accepted an offer on our house 6 weeks ago today. Up to last Tuesday it had been radio silence from our buyer, then we found out that they had not even instructed their solicitor on the advice of their Mortgage Broker. *Alarm bells * I was annoyed at my EA as I have chased them several times during this 6 weeks, only to be told it was all progressing but the buyers solicitors were prioritising “buy to let sales” (tax changes) ect. So we advised that if the ball did not start rolling by last Friday we would put the house back on the market. Buyer finally instructed their solicitor and their Mortgage Broker advised that we would be getting a call anytime for the valuation survey. Phew.
Well today it transpires that the buyer’s mortgage has been rejected
I’ve not been told the detail behind the rejection.
Our EA assures me that they qualified the offer and on paper everything was fine. They (EA) have booked an appointment with their own Mortgage Broker later in the week as they claim they should be able to get the buyer a mortgage as they have access to a wider range. They have advised we do not go back on the market until after this appointment.
So I guess I am looking for advice on what to do really. My gut instinct is get it back on the market today, but our EA is concerned that if we do go back on the market that the buyer will just give up now and walk away.
If this had all come about a weeks ago then I would be inclined to wait, but how can it take 6 weeks to find out a mortgage is rejected? What is the likelihood of the buyer actually getting a mortgage approved if one has already been rejected? Should I get a new EA, I feel like mine is just feeding me lines to suit on the day?
Urgh. Is it wine o’clock yet?
Background on the house if it helps, we went on the market the beginning of the year had a few slow months then a flurry of viewings and two offers on the same day – first time buyer and current buyer. We (stupidly) turned down the first time buyer for this current buyer as our EA at the time advised that it was the stronger offer, as the first time buyers were being ambiguous as to how/who would actually be making the purchase. House sales in our area are hit and miss, some have been on the market 9 months + others have sold in days. However 3 have sold in the last week alone though, so it looks like the market/area is picking up, so maybe we are better just cutting our losses now with this buyer and getting back on the market?
Thanks for reading.
I have found my way here after panic Googling.
Long story short, we accepted an offer on our house 6 weeks ago today. Up to last Tuesday it had been radio silence from our buyer, then we found out that they had not even instructed their solicitor on the advice of their Mortgage Broker. *Alarm bells * I was annoyed at my EA as I have chased them several times during this 6 weeks, only to be told it was all progressing but the buyers solicitors were prioritising “buy to let sales” (tax changes) ect. So we advised that if the ball did not start rolling by last Friday we would put the house back on the market. Buyer finally instructed their solicitor and their Mortgage Broker advised that we would be getting a call anytime for the valuation survey. Phew.
Well today it transpires that the buyer’s mortgage has been rejected
I’ve not been told the detail behind the rejection.Our EA assures me that they qualified the offer and on paper everything was fine. They (EA) have booked an appointment with their own Mortgage Broker later in the week as they claim they should be able to get the buyer a mortgage as they have access to a wider range. They have advised we do not go back on the market until after this appointment.
So I guess I am looking for advice on what to do really. My gut instinct is get it back on the market today, but our EA is concerned that if we do go back on the market that the buyer will just give up now and walk away.
If this had all come about a weeks ago then I would be inclined to wait, but how can it take 6 weeks to find out a mortgage is rejected? What is the likelihood of the buyer actually getting a mortgage approved if one has already been rejected? Should I get a new EA, I feel like mine is just feeding me lines to suit on the day?
Urgh. Is it wine o’clock yet?
Background on the house if it helps, we went on the market the beginning of the year had a few slow months then a flurry of viewings and two offers on the same day – first time buyer and current buyer. We (stupidly) turned down the first time buyer for this current buyer as our EA at the time advised that it was the stronger offer, as the first time buyers were being ambiguous as to how/who would actually be making the purchase. House sales in our area are hit and miss, some have been on the market 9 months + others have sold in days. However 3 have sold in the last week alone though, so it looks like the market/area is picking up, so maybe we are better just cutting our losses now with this buyer and getting back on the market?
Thanks for reading.
0
Comments
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So I guess I am looking for advice on what to do really. My gut instinct is get it back on the market today, but our EA is concerned that if we do go back on the market that the buyer will just give up now and walk away.
Welcome.
I would put it back on the market. I doubt that this will deter your buyer enough to walk away, more likely it will make the jump to attention with profuse apologies. Then you can take it back down again when they jump, but on the condition that blah blah and blah (e.g. on the condition that they get surveys/searches/solicitor done within a week).
Certainly that's what it would make me do if I were the buyer.0 -
What dc197 said. Put it back on the market today.
Even if they are genuine, and they may be clueless FTB-ers, it will inject some urgency.
I had a buyer like this once many years ago when I was a clueless seller, let it drag on far too much before I put it back on.
(IMO, if they do walk, they probably would have anyway, who's to know they wont mess you about more)0 -
Back on market immediately.0
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Put it back on the market!"Have nothing in your houses that you do not know to be useful, or believe to be beautiful." William Morris0
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Normally, I'd agree, back on the market... but "later in the week" could mean Thursday, which is tomorrow, or Friday, which is the day after....
Tell the agent to bung it back on at the weekend... and suggest you'll review the whole marketing situation in a couple of weeks, thus concentrating his mind, and that of his mortgage advisor.0 -
I would agree to wait till the weekend then if no firm progress put it back on. Ideally for a few grand more! April and May are the hottest time for the market and you don't want to hang about any longer than you already have.
Do you have an onward purchase to consider?0 -
If your buyers are using an independent mortgage broker then I don't see what mortgages the EA's mortgage broker would have access to that the independent wouldn't.0
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Thank you for the feedback everyone.0
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I would agree to wait till the weekend then if no firm progress put it back on. Ideally for a few grand more! April and May are the hottest time for the market and you don't want to hang about any longer than you already have.
Do you have an onward purchase to consider?
No we have no onwards purchase thankfully0 -
If your buyers are using an independent mortgage broker then I don't see what mortgages the EA's mortgage broker would have access to that the independent wouldn't.
This is my main concern to be honest, it will just cause me further delays for a buyer who cant progress. Is my EA now just clutching at straws?0
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