Do we have any chance?

cherry_blossom_6

Right, I obviously did not explain this well. The buyer has not been knocked back by 3 banks. He had a survey with one bank who then said they wanted extra surveys, damp, timber, electrical, cavity wall ties etc. They then said they would hold back £5k until the work was done. We agreed to drop the price by £2k and our buyer was fine with this.
His stupid mortgage advisor then applied for another mortgage for him without telling him or us, until we got the call from the mortgage company wanting the survey. Mortgage advisor still told us it was with the same company, but a different product, turns out he lied. So this new mortgage company needs this form to prove he is self employed that the first one did not need.
I don't think the mortgage advisor wants to tell our buyer to change back to the 1st mortgage as he has already paid for 3 surveys and would then have to pay for the one with mortgage company number 2. He really is rubbish.

Anyway, it is a very unusual house, which back when the housing market was doing well was over valued (first time we have tried to sell a house, who knew). There were no simular ones to it to compare with. The price we have agreed with this buyer is £28k lower than the highest quote we had when we first put it on the market.
Ohh yer, we did have sales fall through. One at just over £10k more than we agreed with this buyer, but their chain collapsed, and another one who could not actually afford the place. And in our area the housing market slowed down LOADS this year compared to last.

The surveys agreed the price we agreed on was fine, so it can't be that far out, just that it needs some work doing (which our quotes came to £3k, so they are just overestimating there).

I have to start a course in Oz ON the 4th of Feb. Obviously this is two days travel and that is assuming I start the course with my head messed up from the flight, nowhere to live, no car, no nothing sorted. If I miss the start date it is a year before the next one. My dog IF we are going has to go on the 4th of Jan (long waits for new quarenteen place).

Anyway, all I was asking was if he gets this form, is it possible to exchange by Christmas, which I have been told it is.

Doozergirl

cherry_blossom wrote: »

His stupid mortgage advisor then applied for another mortgage for him without telling him or us, until we got the call from the mortgage company wanting the survey.

That, is a lie on the part of your buyer. They are both in this together I'm afraid. There is no way a mortgage advisor would apply for a mortgage without permission, besides, there's usually the small issue of a few hundred quid for a valuation which I be the MA didn't pay for out of his back pocket.

I suspect your buyer is having trouble obtaining a mortgage fullstop and you are being fed fudge

cherry_blossom_6

Well when we got our mortgage the survey was free as long as you went with that mortgage. We were still chasing quotes for the first mortgage (as was our buyer) the very day mortgage company 2 phoned for the survey. This mortgage advisor really is slimey. He has lied to us, and according to our buyer lied to him, he was still under the impression he was on mortgage one. He told us he was changing it because they were holding money back and he wanted to get our buyer a better deal.

As long as we exchange I don't care where the money comes from. Apparently all this mortagage company needs is the letter from the inland revenue, everything else they are happy with.
If this letter has not arrived by Friday I will be having more words with mortgage advisor as to why they changed mortgage, and if it was just that it really was a better deal, asking him to change back as everything was done for mortgage one.

He has spent a lot of money on 3 (maybe 4 if it doesn't go through) surveys and now solicitors, as all that has been done, just waiting for the mortgage. It would be a very bad mortgage advisor that would let him get that far if he didn't have a chance of a mortgage.

Doozergirl

I'm not saying he doesn't have a chance, I'm saying he is having trouble obtaning a formal mortgage offer.

I hope it goes through for you, but please don't believe your buyer for a second. He is simply using the MA as an excuse and the MA doesn't care as long as he gets his commission at the end of it. No point in questioning the MA, he doesn't owe you any answers.

Please, I've seen it before. Don't believe anything until you get the call saying you've exchanged.

[Deleted User]

Poor you!

You can never tell. Logic says that once someone spends all that money of course it will go through, but until exchange nothing is certain.

I hope it turns out well. My nephew is Oz. Married now to an Oz girl and now two week old baby. He loves it.

Fingers crossed for you.

Jonbvn

Agree with DG on this one. The seller is struggling to get a mortgage and is just using the MA as an excuse. Given this, I am not optimistic that you will be able to get to Oz given the tight schedule.

Biggie

if all else fails as a back up plan is there any body you can trust with
'Power of attorney'

cherry_blossom_6

Thanks everyone.
We can't risk leaving anyone with power of eterny in case it fell through. We would then be in Australia with enough money to last us a couple of months, and then it would be gone. We could not earn enough to pay the mortgage and rent out there.

lynzpower

Heres what Id do.

Tell your EA you want to remarket it.

theres nothing to say you cant proceed with this buyer still after all the ducks are in a row - apparently.

I was given this advice when I was selling and alas I didnt take it. As it was the original buyer did buy IN THE END but it was not a pleasant transaction and I was literally throwing the keys at the guy. He lied to me as your buyer s doing to you. Once you start getting into accepting people lying to you, you have to accept that it takes as long as it takes.

What I dont want to see happen for you is that you proceed with this guy, he eventually pulls out and cant get the mortgage and you are up thew creek on the way to the airport with nothing in place.

macaque_2

cherry blossom

This guy is not going to buy your house. If he was serious and/or creditworthy, the deal would be done and dusted long ago. You are suffering from the Mikawber syndrome. You are hoping that by sitting tight, something will turn up. It won't; either take your house off the market or put it back on. Don't leave it dangling in between. This is a dangerous time. In parts of the States, people cannot give houses away. Be realistic, both in terms of this particular buyer and the asking price. But whatever you do, be decisive. Indecisiveness in the current market conditions could do serious damage to your wealth.