Buyers delays

frustrated_mover

Hello all,

We put our house on the market in July, received an offer in 2 weeks and so went ahead to start Looking for a new property and made an offer on the basis of selling ours. The sale of our house has stalled as our buyers do not have a mortgage offer in place despite showing the estate agents proof of funds way back in July.

All of the legal enquires and searched were completed at the end of August - the only outstanding matter was the mortgage valuation. When this was not booked as we went through end of august and september we started to ask more questions. We have had a number of variations on the dog ate my homework. Self employed buyer so more paperwork, then vat certificates were missing then there was a fire and paperwork was lost between the accountants and their mortgage broker. We asked for a timescale for the replacement paperwork to be submitted. Final deadline was last firday for paperwork to be with the broker and we have had no reply to confirm it has been submitted.

What do the MSE forum members think? do we keep waiting for these buyers to be in a position to buy or do we put our house on the market again?

our purchae has been progressing slowly and will be ready to exchange in the next week or 2 but we have no funds to pay for it until the sale of our house is sorted out.
Do we wait or start again??????

eddddy

You could tell your buyers that you still keen to sell to them - but you are putting your house back on the market because they are taking so long.

Then, if you get another offer - that's the point at which you'll have to decide whether to stick with the current buyers, or 'dump' them and go with the new buyers.

hazyjo

Will your vendors hang on if you remarket? Chances are that's a no - or they might give you X number of weeks, then remarket...


Seeing as they've paid for all the rest, it does sound like they're serious. I'm guessing they have problems getting a mortgage. Having an AIP does not mean they'll actually get a mortgage, so showing the EAs the AIP/deposit is in no way a guarantee it'll be plain sailing.

frustrated_mover

Thanks for the advice - I would indeed prefer to keep on with these buyers if we can. But I am worried that they wont be able to proceed. I am really unclear if the buyers have a realistic prospect of getting their mortgage agreed. Time to start viewings and take the decision if we get another offer.

Our own purchase is going slower and was on the market for 6-8 months before we offered - its a slower market where we are moving to and that vendor is not quick at responding to enquiries so looks unlikely he would to want to start again by remarketing.

We shall see. Thanks

bigstevex

So nearly 3 months and no mortgage offer/valuation? Sorry but I wouldn't have waited that long before I put it back on market.

frustrated_mover

Its is going back on the market on Friday. The EA is having a conversation with our buyers this afternoon to make sure they understand that there is 'pressure further up the chain' and they are holding things up.

fingers crossed.
thanks