Bluestones?

johnsons_baby

It may be.
EA reported back to vendor that apparently the lender ‘wants’ to lend but had a few queries about deductions from one applicants salary BUT STILL NO DATE FOR VALUATION!

Saw on social media that they apparently underwrite in 2 days and are assessing fully packaged application from 3rd Feb so personally i would say these buyers aren’t in a position to move forward, but that’s my opinion 

MovingForwards

They don't do the valuation before all the i's are dotted and the t's are crossed.

When all that side is done, the valuation is done, when the valuation is done they are quick to offer the mortgage.

They do ask for a lot of information, raise questions and deal with it rather efficiently, IMO.

johnsons_baby

I think my neighbour, who is an older gent, in his 70’s would beg to differ, as I do. This does not appear efficient or offers any confidence whatsoever and I think he is right in re-marketing the property. If it all comes off (unlikely) they can offer again

ACG

johnsons_baby said:

Saw on social media that they apparently underwrite in 2 days and are assessing fully packaged application from 3rd Feb so personally i would say these buyers aren’t in a position to move forward, but that’s my opinion 

They underwrite the documents received on that date. The underwriters then go back with a list of questions and that then goes back to the broker/applicant and in turn goes back to the underwriter. This is the same process EVERY lender takes, that is the underwriting process believe it or not. So to say they are not in a position to move forward means that nobody bar a cash buyer is in a position to move forward... in your opinion. 
Why is your neighbour not listening to the professionals he has employed to sell his home? Estate agents are generally speaking very money motivated, if they thought for one minute this purchase would not go through I guarantee they would be dropping the buyer like a hot potato. 

johnsons_baby

He has been listening to them, apparently the mortgage co have come back to the broker 4-5 times to get more information from the buyer which allegedly they’ve provided on the same day. That doesn’t appear to bode well

kingstreet

johnsons_baby said:

He has been listening to them, apparently the mortgage co have come back to the broker 4-5 times to get more information from the buyer which allegedly they’ve provided on the same day. That doesn’t appear to bode well

No. That is exactly what Bluestone does. No inference should be drawn.
It receives documents, checks them then asks for more if it deems it necessary.
Assuming the applicant is paying a valuation fee, Bluestone can be asked to carry out the valuation, risking the fee. If the applicant wants the property and is confident, they should agree. 

johnsons_baby

He has given them to 1pm today. The broker said they would have an update by then but as of 12:15, nothing.
I really feel sorry for both vendor and buyer, ally buyers have to vacate their rental on 3rd April and have children so it looks like they have been grossly let down by the broker and the mortgage co

ACG

We have just had an offer agreed subject to valuation today. That is our third offer this year with Bluestone. 
We are still yet to have a case declined by Bluestone, without knowing the case I am still convinced the issues are because nobody has set your neighbours expectations. If someone had said it is Bluestone, they are slower and it will take a few weeks, it would have helped the situation. It is the whole not knowing where stress levels start to increase. 

johnsons_baby

News this morning, buyers have been in, very upset and have re-offered, Bluestones have taken their money for a valuation BUT after doing so (note: not before!) said we are happy to lend but not til June , what an absolute joke of a company 
re offer declined on that basis so hope they get their money back

ACG

They will get the valuation money back if it has not been carried out. 
There is more to this than you/your neighbour is being told.