FTB - mortgage application/survey to take property off the market

happysellerbuyer

They have got your offer which they will use to negotiate with others. Just give them a deadline and withdraw if still not SSTC. Or proceed with mortgage app.

satwant76

I've told the vendor my offer is on the table. If they find a house in the near future give me a call and I'm ready to get things going. Can't be farer than that. They are resuming viewings and I'll also look. Will accept I lost this one..
forums.moneysavingexpert.com/discussion/5581406/how-long-to-wait-for-seller-to-find-a-property/p1

satwant76

Falafels said:

When my EA’s were showing people round, there was a woman who really liked the place - but they didn’t consider her a serious buyer until her own property was under offer. Neither did I. That said, she received an offer ten days later and the sale progressed from there.

So your vendors probably ARE telling the truth. I doubt my EA’s would have shown her round in the first place were it not for the fact that they’re also selling her property.

That's fair enough. But they also have an accepted offer on the their property. Surely that counts for something.

GiGi85

I thought it was usual to wait until the chain was complete before applying for a mortgage. That’s the advice our broker gave us when we were looking. 

I think it’s an unreasonable request. They have an offer so that counts for something when they are looking. What if they don’t find something for months and you’ve wasted time, a credit check and possible money? 

satwant76

happysellerbuyer said:

They have got your offer which they will use to negotiate with others. Just give them a deadline and withdraw if still not SSTC. Or proceed with mortgage app.

What is a reasonable amount of time to leave the offer on the table?

satwant76

GiGi85 said:

I thought it was usual to wait until the chain was complete before applying for a mortgage. That’s the advice our broker gave us when we were looking. 

I think it’s an unreasonable request. They have an offer so that counts for something when they are looking. What if they don’t find something for months and you’ve wasted time, a credit check and possible money? 

Thanks for confirming I'm not the only one being told to adopt this stance. Was questioning whether I'm going about this all wrong.

MaryNB

I put an offer on a house and was told it would not be marked SSTC until I got my mortgage offer. It was very frustrating. Especially since I had to do some bogus financial check with the EA (it was really an appointment to try to get my to use their mortgage advisor). I had a a low LTV and my job is safe, haven't been furloughed and not risk of redundancy due to Covid. I was convinced they were using my offer to leverage a better one. I came very close to throwing my toys out of the pram numerous times. It's the only decent house in my price range so I held out. Chain was completed the week my lender's surveyor went out to do the valuation. A week and a half later my offer arrived via post and house was marked SSTC. Fingers crossed I'm in my new house by Christmas.  

satwant76

I received a letter from the estate agent today. 

I am pleased to confirm that your offer of £xxxx, subject to contract, for the above property has been agreed in principle by our clients.
We understand that you are not dependant upon the sale of another property in order to proceed and your financial arrangements are in hand and no un due problems are foreseen in this respect. We have been instructed to continue to offer the property to alternative purchasers until your mortgage arrangements have been finalised, and a mortgage valuation has been requested. 

satwant76

Got informed today that someone else matched my offer and prepared to progress mortgage application. So lost the property.

happy_2008

Why would you not proceed with a mortgage application? If i was in the sellers position, i would do exactly the same thing. Your "word" to buy means nothing in the real world and should another property of interest come up, im sure you would then put in an offer for that.