FTB in chain dalaying exchange due to lack of mortgage offer

lilothblos

@Thrugelmir Whenever new documents or information they have requested is provided to them, they tend to sit on it and don't pick it up until we speak to them - today for instance they only picked up our solicitors' escalation letter because I phoned them and told them it was there, they had sat on it until then. Believe me, we really wouldn't be wasting our time every day unless absolutely necessary. 

Crashy_Time

Angela_D_3 said:

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. 

Can you tell us the general postcode area, doesn`t have to be too specific, so we can watch how that area weathers the coming economic storm?

Hannimal

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!!). 

Ah sorry, clearly I can't read!

Crashy_Time

https://www.mortgagesolutions.co.uk/news/2020/11/06/expect-more-mortgage-interest-rate-rises-warns-knight-frank/

csgohan4

other problem is some buyers won't spend any money until offer in hand, so those searches and solicitor stuff may well add more time as they may have not have been done

Crashy_Time

Not sure annoying them every day is the best approach TBH.

Angela_D_3

Crashy_Time said:

Angela_D_3 said:

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. 

Can you tell us the general postcode area, doesn`t have to be too specific, so we can watch how that area weathers the coming economic storm?

I’ll give you the full address when you tell us what year you sold to rent ... how about that ? 

Crashy_Time

Full address isn`t required to watch prices dropping in your area.

Splatfoot

Angela_D_3 said:

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. 

Same here. We lost our first ones but under offer again with a week. For £8k more than the first time. Due to exchange next week. 

Crashy_Time

Splatfoot said:

Angela_D_3 said:

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. 

Same here. We lost our first ones but under offer again with a week. For £8k more than the first time. Due to exchange next week. 

What area was that can I ask?