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

Falafels

satwant76 said:

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

From your other posts, it sounds as though that was a risk you were prepared to take.

Although you weren't being unreasonable, the vendor's terms were clearly laid out for you. Take it or leave it. Similarly, you'd effectively told them to take it or leave it - and they left. It's worth remembering that they only have one property, but many potential buyers. Of course, if you are interested in many houses then you have the upper hand, and this is how it works when there's a surplus of properties on the market.

Unfortunately the best way of playing this is dependent on many factors, and not just being 'reasonable'.

Hannimal

satwant76 said:

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. 

If the chain is not otherwise complete this would put me off from buying it. I would absolutely not be looking for a mortgage offer to purchase a property that is not proceedable. I would reply to the agent and iterate that either they have two options:
1. Stop viewing and take the property off the market. You will apply for the mortgage once the chain is complete
2. Continue to market the property but you will also then continue to search for other, proceedable, properties 

That is a very nasty response to your offer. Some sellers have no shame. I am not sure I'd like to buy from them after this. 

Hannimal

happy_2008 said:

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.

Because it can cost money. 

pinkteapot

happy_2008 said:

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.

The seller's "word" that they're going to sell means nothing until they've actually found somewhere they want to buy. It's pretty common for people not to start spending money until the chain is actually in place. The sellers could have spent months looking and not found anywhere they liked. 

bravotango

Simply, I would recommend you applied for the Mortgage just to keep your end of the bargain up.

I recently completed on my house as a FTB, and to be honest quite a bit of it is based on trust, and you do have to take that 'leap of faith' on the initial parts of the whole property purchase. Obviously, it is rather daunting (especially as I was a FTB at the time), but you have to take these risks.

Nile_E_Coyote

Yet more defending of sellers on here. The vendors wanted their cake and eat it.

Its common practice in my experience for the vendors to accept your offer and mark sold stc, with no expectation of progressing any further than appointing a solicitor until they find somewhere.

Happened to me a few months ago and the seller changed his mind about moving as he coukdnt find anywhere. I would have incurred costs if you took peoples advice on this thread.

Thrugelmir

Hannimal said:

happy_2008 said:

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.

Because it can cost money. 

Which is a sign of commitment to the transaction. Chains get built in steps. Unfortunately bottom of the chain can both be frustrating and disappointing. We've all been there once. 

Thrugelmir

Nile_E_Coyote said:

Yet more defending of sellers on here. The vendors wanted their cake and eat it.

Many people aren't trustworthy.  My word is my bond isn't something I'd rely on. When you've sold a few houses you'll get to know that timewasters aren't in short supply. 

satwant76

Nile_E_Coyote said:

Yet more defending of sellers on here. The vendors wanted their cake and eat it.

Its common practice in my experience for the vendors to accept your offer and mark sold stc, with no expectation of progressing any further than appointing a solicitor until they find somewhere.

Happened to me a few months ago and the seller changed his mind about moving as he coukdnt find anywhere. I would have incurred costs if you took peoples advice on this thread.

I think the Estate agent was the one insisting on this condition. Vendors were just acting on the advice and recommendation of their EA. Agent was confident he could find a buyer who would progress mortgage application to secure the property. 
Just a case of finding a seller who is willing to take the risk and wait for vendors to find a place and be locked in. EA is just looking best interests for his client and not the buyers. Pity he doesn't care about vendors not having found a place yet and being unreasonable with his request.