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In a rush to sell, but buyer hasn't instructed valuation or solicitors
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Even when you think it's all going well with the sale things can go pear shaped.
We accepted an offer on my MIL's house in May - FTB and no chain at our end. Mortgage was fine, surveyors reports and searches fine. Due to exchange last week, completion yesterday. Buyer has had a change of mind and pulled out !Never pay on an estimated bill. Always read and understand your bill0 -
Even when you think it's all going well with the sale things can go pear shaped.
We accepted an offer on my MIL's house in May - FTB and no chain at our end. Mortgage was fine, surveyors reports and searches fine. Due to exchange last week, completion yesterday. Buyer has had a change of mind and pulled out !
I feel for you mate there should be some financial penalty for doing that, unless it's for a valid reason!0 -
worcestersource wrote: »My house is 'Sold subject to contract' the other viewers of my property were all 'potential buyers' so that is not the correct definition either.
Sorry,I did make a mistake in my OP my vendor is chain free, and the purchaser of my property has chain where a first time buyer is buying his property. I've only bought one property before so I'm not an expert in house buying and selling or the time scales involved .My last property sold in 6 weeks though it was chain free being a FTB myself at the time My estate agent is an online one, though he doesn't get paid untill completion. I'm just wondering if 3 weeks with no valuation or legal work is standard. It seems cynical to state how commited you are to the purchase and not move on these, as literally you haven't put your money where your mouth is.
Sorry to read of your family situation.
Why are you concerned about being pushy? Only accept an offer from someone in a proceedable position, then chase progress via your solicitor and/ or your estate agent every week.
Your house is 'under offer': SSTC is estate agent buĺl, please do not fall for this. 'Sold subject to contract' is arguably exchange of contracts.
No valuation, no movement on legal stuff is nowhere near that point. That might suggest your prospective buyer did not have an 'Mortgage in principle' (MIP).worcestersource wrote: »It might have been a mistake getting involved in a chain, what I was thinking was my buyer and his buyer are further ahead in their mortgage processes (hopefully) as the FTB had bought my buyer's house a few weeks BEFORE he bought mine
Nobody has bought anything!Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
When you ask about when to contact your buyer, please tell me you're not considering direct contact with him.
Doing this is an easy road to misunderstandings and many other difficulties. You should always make any contact via your solicitor or estate agent, they're getting paid for it after all.
Sorry but I completely disagree. I waited for two months with no progress on my house purchase going through solicitors, one phone call to the vendor had everything straightened out and we were in the house two weeks later.
OP, as others have said it does sound like you are being unrealistic with your timescales here. You may have just been able to get everything done in 6 weeks had your buyer been FTB and ready to move, but you now have to wait it out. The joys of being in a chain.0 -
So sorry to hear about your Mum, wish her a speedy recovery and that this is all over soon so you can focus on her.
On all of my sales, the house remains on the market until such time as mortgage survey is instructed and solicitors details received. Speak to the Estate Agent asap and tell them that you are concerned at the lack of progression and that if there is no sign of progression within 5 days, they will have to remarket.0 -
Every chain is different. My bottom of chain FTBs got knocked back for 2-3 mortgage applications before they got one! Mine has just squeezed past the four months' mark, but I'm hoping to exchange next week.
It only takes one anywhere in the chain for it to all grind to a halt; each time it halts the whole chain is at risk as anybody's situation could change, or they could change their mind, or get fed up waiting.
It's all really .... a bit of a guess all round.0
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