The NEW waiting to exchange thread...

Chimpy9

katherinegrey wrote: »

Still waiting and feel it’ll never happen. Our buyer just keeps lying through her teeth. She first said she was ready to go and wasn’t in a chain, so we accepted her first offer for a quick sale, we explained we were buying a new build and estate agents told her same and she said she was ready to go with everything in place so this wasn’t an issue.

Turns out she’s divorcing and waiting her husband to buy her out.

I’m getting slightly frantic as builders have said after 25th Jan they’re putting our plot back up for sale, she assured estate agents she would receive her deposit either this week or next.

Email from solicitor comes and she has no paperwork from ex, no idea when money will arrive and her ex appointed a solicitor who has now left the firm and needs to appoint a new one. All on the same day she assured estate agents it’s all in hand.

Why put an offer in when you haven’t a deposit and have no idea when you’ll have one?! Shouldn’t be allowed. Estate agents assured us they’d seen proof of funds which can’t be true as we accepted her offer 20th of November and she still doesn’t have funds!

This is beyond stressful, knowing I’m at risk of losing thousands and the house because of her. I’ve done my part, we really are packed and ready. And it might be for nothing.

Feel for you, I've found buyers hold all the power. My buyer went quiet and did some research online. I found out some stuff very different to what he'd told our agent but he has said he is proceeding as planned. We haven't had any contact with our buyer, only through the agent whereas we've met our seller and we know why they are moving.

rijack

FTB here:
10/01/19 & 11/01/19: Discussions with mortgage broker on affordability, seems to come out ok

12/01/19: New build home reserved as affordability came back ok & callback request sent to Solicitor


Plan now:
14/01: Progress the mortgage application & instruct solicitor


It's going to be tight as we have just over 28 days to exhange. As a FTB i'm extremely nervous about the mortgage application! I think i need to place some trust in my broker! They've seen my credit file and my payslips and haven't pulled anything in particular out!

Elika0215

My situation is slightly different in that I'm one of four that have (equally) inherited a modest property that we agreed to sell. I'm not one of the joint executors from the will but thought I'd still have an equal say in the selling price, advertising and process.

So cut a long story short, property went on the market in March 2018, offer accepted at the end of July 2018. All good. Told they were a FTB. Mid-August was told they were actually in a chain so there'd be a little delay. Searches, their mortgage offer etc all done by mid-Sept and told exchange expected by mid-late October. Then come the delays; Definitely by mid-November now. That didn't happen. Late November next *by the latest* - missed. Right, because of the hassle it will be exchanged on 7th Dec to complete 14th December. Oops, missed again. It'll have to be after the holidays - specifically exchange on Friday 11th Jan. Not heard a thing - nobody responding to emails/phone calls.

1) I wanted the property to continue to be advertised on Purple Bricks but was told by the executor that it should be taken off as the property was under-offer.

2) Also, we should advertise with Estate Agents and incorporate the fees in the asking price. Was told by the executors that as we'd paid up front, we shouldn't go down this route.

3) After expressing concern following delays I was told that these things happen, not to worry and as the buyer has already paid for searches etc, then they are committed to the purchase. I pointed out that paying out say, £3k and then finding a property for £10k cheaper would be worth the loss for the buyer. Was told this won't happen.

4) Again said we should put it on the market (after Dec deadline missed). Told to wait as the buyers were probably just waiting for the New Year.

5) After the January deadline missed, called and emailed the executors......no response (they're always active and normally reply within minutes).

Am I being overly pushy and concerned about this? Should we have continued to actively advertise the property? I've only sold a property once and it went smoothly throughout but maybe this is how things are now?

Oddsocks21

I thought I was impatient waiting for my mortgage offer, I'm now realising that was nothing... I'm a FTB.

12/11 - house viewing - informed vendors were in a chain and I'd be closing it.
13/11 - offer made and accepted
17/11 - mortgage application meeting
29/11 - mortgage offer accepted
30/11 - solicitors instructed - assume all is going to plan
21/12 - email saying no memo of sale has been received, but now everything closes for Christmas(!)
2/1 - solicitors call saying they're chasing EA. EA calls and apologises. Explains vendors lost their initial house, refused to give solicitor details until they found somewhere else. Have now found somewhere with no chain for them, gave solicitors details just before christmas.
3/1 - Memo of sale finally received along with solicitors forms.
4/1 - return solicitors forms.
11/1 - homebuyers report carried out (I changed my mind and decided to have one)

My impression is that it all seems to quite simply be a waiting game, but it is a game that I don't feel particularly involved in either!

Bossypants

Elika0215 wrote: »

My situation is slightly different in that I'm one of four that have (equally) inherited a modest property that we agreed to sell. I'm not one of the joint executors from the will but thought I'd still have an equal say in the selling price, advertising and process.

So cut a long story short, property went on the market in March 2018, offer accepted at the end of July 2018. All good. Told they were a FTB. Mid-August was told they were actually in a chain so there'd be a little delay. Searches, their mortgage offer etc all done by mid-Sept and told exchange expected by mid-late October. Then come the delays; Definitely by mid-November now. That didn't happen. Late November next *by the latest* - missed. Right, because of the hassle it will be exchanged on 7th Dec to complete 14th December. Oops, missed again. It'll have to be after the holidays - specifically exchange on Friday 11th Jan. Not heard a thing - nobody responding to emails/phone calls.

1) I wanted the property to continue to be advertised on Purple Bricks but was told by the executor that it should be taken off as the property was under-offer.

2) Also, we should advertise with Estate Agents and incorporate the fees in the asking price. Was told by the executors that as we'd paid up front, we shouldn't go down this route.

3) After expressing concern following delays I was told that these things happen, not to worry and as the buyer has already paid for searches etc, then they are committed to the purchase. I pointed out that paying out say, £3k and then finding a property for £10k cheaper would be worth the loss for the buyer. Was told this won't happen.

4) Again said we should put it on the market (after Dec deadline missed). Told to wait as the buyers were probably just waiting for the New Year.

5) After the January deadline missed, called and emailed the executors......no response (they're always active and normally reply within minutes).

Am I being overly pushy and concerned about this? Should we have continued to actively advertise the property? I've only sold a property once and it went smoothly throughout but maybe this is how things are now?

At over six months I would definitely be getting concerned, especially as you are not getting concrete reasons for the delay. Maybe tell the EA you will be remarketing unless exchange happens before the end of the month?

chunkytfg

Bossypants wrote: »

At over six months I would definitely be getting concerned, especially as you are not getting concrete reasons for the delay. Maybe tell the EA you will be remarketing unless exchange happens before the end of the month?

Think the trouble with that is the fact they are only someone getting a share of the inheritance and not one of the executers! ultimately I'd think it was the executer who has the final say on how to deal with the sale and all the MSE member can do is wait and hope that the sale completes and then they get their share of the proceeds

Bossypants

chunkytfg wrote: »

Think the trouble with that is the fact they are only someone getting a share of the inheritance and not one of the executers! ultimately I'd think it was the executer who has the final say on how to deal with the sale and all the MSE member can do is wait and hope that the sale completes and then they get their share of the proceeds

You're right, but the poster was specifically asking if they were being overly pushy or concerned, so what I was getting at is that I don't think they are, and offering a possible strategy for the executors.

Should have worded that more clearly, sorry!

Bossypants

katherinegrey wrote: »

Still waiting and feel it’ll never happen. Our buyer just keeps lying through her teeth. She first said she was ready to go and wasn’t in a chain, so we accepted her first offer for a quick sale, we explained we were buying a new build and estate agents told her same and she said she was ready to go with everything in place so this wasn’t an issue.

Turns out she’s divorcing and waiting her husband to buy her out.

I’m getting slightly frantic as builders have said after 25th Jan they’re putting our plot back up for sale, she assured estate agents she would receive her deposit either this week or next.

Email from solicitor comes and she has no paperwork from ex, no idea when money will arrive and her ex appointed a solicitor who has now left the firm and needs to appoint a new one. All on the same day she assured estate agents it’s all in hand.

Why put an offer in when you haven’t a deposit and have no idea when you’ll have one?! Shouldn’t be allowed. Estate agents assured us they’d seen proof of funds which can’t be true as we accepted her offer 20th of November and she still doesn’t have funds!

This is beyond stressful, knowing I’m at risk of losing thousands and the house because of her. I’ve done my part, we really are packed and ready. And it might be for nothing.

Oh that sounds horribly stressful, commiserations! I also don't understand what some people expect from outright lying. I have had a change of position since I had my offer accepted, but I've told the seller and it's unlikely to push our transaction back by much anyway. I hope she gets herself sorted soon so you can proceed!

WibblyGirly

rijack wrote: »

FTB here:
10/01/19 & 11/01/19: Discussions with mortgage broker on affordability, seems to come out ok

12/01/19: New build home reserved as affordability came back ok & callback request sent to Solicitor


Plan now:
14/01: Progress the mortgage application & instruct solicitor


It's going to be tight as we have just over 28 days to exhange. As a FTB i'm extremely nervous about the mortgage application! I think i need to place some trust in my broker! They've seen my credit file and my payslips and haven't pulled anything in particular out!

Once we got all our papers to our broker, the application/offer or mortgage only took 2 days! The valuation is booked for the 16th so has all been very quick for me!

VfM4meplse

A little something to keep everyone motivated: 10 Ways to Know You Found the Right House.