What’s the delay?

Flyingpineapple

Last Monday, we had an offer of the full asking price on our house and have been told that they have an offer on their house which will be firmed up over the next few days pending some “information” Everytime we call the ea they just say that they have no more information or news and it’s now been over a week. It’s just so annoyingly vague!

We are really keen to offer on our onward purchase as we have been told by the ea and seller that they have somebody else interested but they are not yet in a proceedable position. There isn’t another house in the area that we like so are really keen to secure it before the other couple but the ea says we should only put in an offer once our buyer has confirmed the sale of their house. I’m just so nervous we are going to miss out in it.

Does anybody know what this piece of “information” might be? How would people go about trying to get our buyer to confirm the sale on their house so that we can bid on ours? :eek:

Thank you

G_M

None of us here are clare voyant. How could we know?

davidmcn

G_M wrote: »

None of us here are clare voyant.

Or have even met her.

AdrianC

davidmcn wrote: »

Or have even met her.

I met her next Wednesday.

OP - there's "more details" being waited for on your buyer's sale offer. You have no idea what those details are. Maybe the buyer is being slow in replying to post. Maybe they're waiting for something to be sent to them - perhaps from their mortgage lender.

Flyingpineapple

����i just don’t know what might cause a delay in firming up an offer. I’ve never asked for “information” from a buyer at the offer stage.

AdrianC

Flyingpineapple wrote: »

����i just don’t know what might cause a delay in firming up an offer. I’ve never asked for “information” from a buyer at the offer stage.

No, the EA requires details (proof of funds, solicitor) before the memorandum of sale can be issued.

[Deleted User]

If their buyer has not demonstrated any way of being able to buy the property, that would be a fairly good reason.

eddddy

Flyingpineapple wrote: »

����i just don’t know what might cause a delay in firming up an offer. I’ve never asked for “information” from a buyer at the offer stage.

As AdrianC says, part of an EAs duties are to check that a buyer is as 'proceedable' as they say they are. So an EA might want to see...

• Proof of deposit
• Mortgage offer in principle
• Evidence that their current property is 'under offer'
• Evidence of completeness of chain below

Or there may be a more specific issue somewhere in the chain.

For example, somebody might have made an offer subject to a condition - and the condition is being checked out.

(An example might be an offer on a leasehold property, subject to the lease allowing sub-letting. So there's a delay while somebody checks the lease.)

Flyingpineapple

So does the ea have to acquire all this info before the next person in the chain can put in an offer? I just thought acceptance of an offer would then be ok for the next person fingers crossed the “ information” materialises soon despite a bank holiday weekend.

eddddy

Flyingpineapple wrote: »

So does the ea have to acquire all this info before the next person in the chain can put in an offer? I just thought acceptance of an offer would then be ok for the next person fingers crossed the “ information” materialises soon despite a bank holiday weekend.

You can make an offer whenever you like.

But if there is uncertainty in the chain below you (e.g. because somebody can't prove they have the funds to proceed), your offer may not be accepted until the uncertainty is resolved.

Your seller might prefer to wait until either...

• The uncertainty in your chain is resolved

Or

• Somebody else makes an offer - who has less uncertainty in their chain

Thrugelmir

I'd tell the EA that you wish your property to remain on the market. Until such time as the current offer is "confirmed".

Whatever the issue is with your prospective buyers it's not your problem.