FTB in chain dalaying exchange due to lack of mortgage offer

diggingdude

Not really alot you can do to push along. In this climate waits are to be expected and it might take another year to find another buyer. If you remarket then you might find someone new or the chain might stick with you in the hope of getting sorted first, but if it collapsed then you may be going nowhere for a long time. More use surely as it's the same estate agent for all is to make them earn their fees and find out what is really going on  

lilothblos

Just jumping in on this because we are in the same situation as your buyer - 10 weeks in with Clydesdale and no offer yet, despite us chasing daily and doing absolutely everything we can to push it forwards. It doesn't mean they won't get the offer (we are also at 80% LTV and well within the affordability criteria), it is just a waiting game. And as others have said, it will take even longer if you look for a new buyer who then needs to do searches, mortgage application etc. 

Crashy_Time

Drop prices to suit the amount the FTB is being offered, the market runs on how much people can borrow, not asking prices unfortunately.

Hannimal

lilothblos said:

Just jumping in on this because we are in the same situation as your buyer - 10 weeks in with Clydesdale and no offer yet, despite us chasing daily and doing absolutely everything we can to push it forwards. It doesn't mean they won't get the offer (we are also at 80% LTV and well within the affordability criteria), it is just a waiting game. And as others have said, it will take even longer if you look for a new buyer who then needs to do searches, mortgage application etc. 

Sorry but please don't chase them daily. I had my sellers do this and there was nothing I could do about the wait time for the mortgage offer. Just really made me resent my sellers who were constantly contacting me when I had a lot of other things to do as well. It was not helpful at all. 

Jasjeet54

Hi,
I am in a similar situation with selling my property to a FTB, who has struggled to get a mortgage confirmed since I accepted their offer in mid-August. It does seem that there are huge delays with all lenders, plus deals keep changing. I think banks are becoming more and more cautious. 

As the EA was being useless in providing me with any kind of updates, I was getting concerned that the buyer was a time-waster and was thinking about informing the EA that I'd like to put the property back on the market. However, I decided to get in touch with the buyer directly and I managed to find out all the details regarding their mortgage application, and they have reassured me that they are still serious in purchasing and are chasing the application where possible. I would recommend trying to get in touch with these buyers directly (in a non-threatening way) and getting more details on their exact situation. Having more information and getting to speak to someone directly definitely will make you feel better, even if it may not quicken the process.

Hannimal

I bought mine through purple bricks and was in regular contact with the seller directly. I found it extremely annoying that they were constantly contacting me when I was doing the best I could the quickest I could. Do chase them up and speak with them but the odds are they are a serious buyer and that they find the mortgage process at least as stressful as you do. There is nothing they can do about it. So be kind to them.

lilothblos

Hannimal said:

lilothblos said:

Just jumping in on this because we are in the same situation as your buyer - 10 weeks in with Clydesdale and no offer yet, despite us chasing daily and doing absolutely everything we can to push it forwards. It doesn't mean they won't get the offer (we are also at 80% LTV and well within the affordability criteria), it is just a waiting game. And as others have said, it will take even longer if you look for a new buyer who then needs to do searches, mortgage application etc. 

Sorry but please don't chase them daily. I had my sellers do this and there was nothing I could do about the wait time for the mortgage offer. Just really made me resent my sellers who were constantly contacting me when I had a lot of other things to do as well. It was not helpful at all. 

We are chasing the mortgage lender daily - it is us who are waiting for the offer, we are not chasing others in the chain (I agree that would be very annoying!!). 

Thrugelmir

lilothblos said:

Hannimal said:

lilothblos said:

Just jumping in on this because we are in the same situation as your buyer - 10 weeks in with Clydesdale and no offer yet, despite us chasing daily and doing absolutely everything we can to push it forwards. It doesn't mean they won't get the offer (we are also at 80% LTV and well within the affordability criteria), it is just a waiting game. And as others have said, it will take even longer if you look for a new buyer who then needs to do searches, mortgage application etc. 

Sorry but please don't chase them daily. I had my sellers do this and there was nothing I could do about the wait time for the mortgage offer. Just really made me resent my sellers who were constantly contacting me when I had a lot of other things to do as well. It was not helpful at all. 

We are chasing the mortgage lender daily - it is us who are waiting for the offer, we are not chasing others in the chain (I agree that would be very annoying!!). 

You are unlikely to achieve anything by doing so. 

Angela_D_3

Crashy_Time said:

Drop prices to suit the amount the FTB is being offered, the market runs on how much people can borrow, not asking prices unfortunately.

They haven’t been offered anything yet it’s an administration procedure not a borrowing issue.  Just whilst I have you, did I mention my house resold writhin a week for £6,000 over the first sale and went to sealed bids one of which was £15,000 over asking price.  Could you feedback that back to the troops see if any of them want to save themselves now before it’s too late. 

mattant

thescouselander said:

bekabyx said:

Depending on who they're applying with, it might just be a waiting game. Many lenders have really long turnaround times at the moment because of increased demand. Do you know if your buyer is waiting for the offer on their original application or whether they've been rejected and had to re-apply?
As an example of the delays that people are currently experiencing, when Nationwide request documents, there's an 11 day turnaround for them being reviewed. If your buyer has had to submit documents a couple of times I can easily see their offer being massively delayed. 

As far as I know its still their original application going through (with Clydesdale).  The valuation was done back in August though so even with the current situation and a slow bank the delay still seems excessive.

I applied for my mortgage with Clydesdale through a broker on 18th of September, the survey was done on 22nd of October and received the offer on 3rd of November