Vendor won’t accept asking price offer?

Cavatale

We have SSTC on our house to a couple who have a cash FTB on their house, chain confirmed and solicitors instructed etc.

A house we liked was added to the market 3 weeks ago, subsequently we viewed twice and put an asking price offer forward. The state agent then asked for us to provided DIP, identification, proof of address etc before they would relay the offer. So we applied for the DIP, get it straight away and sent it all across to then be told that the house was previously SSTC to a couple for 6 months who couldn’t get a mortgage amount they wanted for the house. However even though the house is back on the market and has been for a few weeks the vendor is still pursuing them and has given them a further deadline until tomorrow to get a mortgage?!

We are quite distressed about all this because:
1- we’re under pressure from our buyers to push on the process
2 - we’ve got a DIP for that amount and we’re worried now if we loose it we’d be subject to a new credit search for a new house which surely can’t look good on our files?
3 - if we do get our offer accepted what’s to say in 4 weeks this couple won’t miraculously get a mortgage offer and they ditch us again?

I know know in England that houses are not legally bound to be sold to someone until exchange, but Is there anything we can do to get this piece of mind or am I just stuck?

Alter_ego

One of the reasons house buying is stressful. Try to relax.

G_M

Cavatale wrote: »

We are quite distressed about all this because:
1- we’re under pressure from our buyers to push on the process very common
2 - we’ve got a DIP for that amount and we’re worried now if we loose it we’d be subject to a new credit search for a new house which surely can’t look good on our files? DIP will be good for a few months. Then apply for another no prob.
3 - if we do get our offer accepted what’s to say in 4 weeks this couple won’t miraculously get a mortgage offer and they ditch us again? Nothing.

I know know in England that houses are not legally bound to be sold to someone until exchange, but Is there anything we can do to get this piece of mind or am I just stuck?

Stuck. So relax.


Or increase your offer.


Or walk away.

warby68

Yes you are stuck and need to keep looking for other houses.

Your offer on this one has not been accepted. It is extremely common for vendors to go back to market to drum up new interest when an existing sale looks like falling through. Perhaps a little remiss of agents not to warn you there was an existing buyer still trying to proceed until late in the offer process and you may well have been used as leverage to pressure the existing buyers. Unfortunately this is just the nature of the beast with residential property sales. Equally you could get lucky and be first in line for it if the current deal finally fails.

If you are still interested ask the agents where you stand with the vendors and to be kept updated. If you really like the house its worth keeping your options open but at the same time keep looking for new ones.