How long is it acceptable to give buyer to obtain mortgage before putting house back on the market?

NatNat77

BikingBud said:

NatNat77 said:

I was told that they did have a DIP, but I don't know if our EA saw it. But are they really worth anything anyway? and funny you should say that as the people that viewed yesterday saw it when it was first listed in September but when they called up it had already gone, our buyers were the first and only people to view it and it sold the next day. 

Isn't this part of the problem it didn't sell. The terms used are all incorrect, people use this phrase all the time and it only applies upon completion.

Someone made an offer to purchase, they have not bought it!

Oh yes that must be it. It all went wrong because I used the wrong wording in my post, after the fact. Seriously haven't you got anything better to do? 

NatNat77

We won't renegotiate the price under any circumstance 

Usually quite a bit of this is sorted by the EA I believe? Making sure buyer has a DIP and are able to proceed 
Reference negotiation of price; covered by when you get an offer. Potential buyer offers X You turn it down and say No; won’t accept anything less than Y 
Also make sure your EA understands this! 

Sorry, that refers to any attempt they may make to renegotiate later. The answer will be no, we just won't sell.
And I believe the EA did, they told us they had a DIP I just don't know if they asked for evidence of it.

GDB2222

NatNat77 said:

BikingBud said:

NatNat77 said:

I was told that they did have a DIP, but I don't know if our EA saw it. But are they really worth anything anyway? and funny you should say that as the people that viewed yesterday saw it when it was first listed in September but when they called up it had already gone, our buyers were the first and only people to view it and it sold the next day. 

Isn't this part of the problem it didn't sell. The terms used are all incorrect, people use this phrase all the time and it only applies upon completion.

Someone made an offer to purchase, they have not bought it!

Oh yes that must be it. It all went wrong because I used the wrong wording in my post, after the fact. Seriously haven't you got anything better to do? 

 

I think that it went wrong because you were a little bit hasty taking the property off the market. If there were several people interested, you should have waited to see what offers were on the table, then decided which offer to accept. 

I also think that your estate agent should have done a lot more to ensure the buyer could proceed. 

Still, hindsight’s a great thing. I expect that lots of times people would do the same as you, and it would all proceed nicely. They’re not posting here about their problems, though. 

NatNat77

I totally agree! We accepted the offer as it was at the top end of our guide price and they were FTB on a 4 bed, but we should have kept it on the market though and definitely will next time.
What else can EA's do to make sure a buyer can proceed other than a DIP though?

Lunchbox

I think some of these comments are potentially really unfair to the buyers.

When we bought in 2015, the lender flagged up that one address my partner had lived at (for 6 months) within the previous 5 years didn’t appear on his credit file, so he had to produce proof of living at that address, then the application went back to the bottom of the processing file and it took about 2 weeks to sort out. There’s no way we/our broker would have noticed this or known this would be flagged, many lenders probably wouldn’t have noticed and it wouldn’t even have been an issue. This could be a credit problem, or it may just be a simple administrative matter as it was for us. 

BikingBud

NatNat77 said:

BikingBud said:

NatNat77 said:

I was told that they did have a DIP, but I don't know if our EA saw it. But are they really worth anything anyway? and funny you should say that as the people that viewed yesterday saw it when it was first listed in September but when they called up it had already gone, our buyers were the first and only people to view it and it sold the next day. 

Isn't this part of the problem it didn't sell. The terms used are all incorrect, people use this phrase all the time and it only applies upon completion.

Someone made an offer to purchase, they have not bought it!

Oh yes that must be it. It all went wrong because I used the wrong wording in my post, after the fact. Seriously haven't you got anything better to do? 

Not really, but a lot of the terminology on here reflects the mindset that people want to use rather than an accurate description of the reality. 

• Market value!
• Down valued.
• Cash buyers that are clearly not.
• Chain free but are not.
• Ready to proceed?
• House sales that are merely offers.

If you distilled a lot of the issues on here, most of them are seeking clarification of points that stem from differing interpretation. Whereas being more precise about those terms would reduce a lot of the "misunderstanding".

amandacat

I’ve made similar mistakes with my current house sale. Went on the market in October, sold to the second viewer, we had another 7 viewings booked but the EA encouraged that these were cancelled as this person offered asking and was in a good position. 4 weeks down the line I got a call from the EA telling me that the buyer was pulling out as they had decided not to move after all. House went back on the market in November, house quickly sold again for asking price to someone not in a chain. Things initially looked positive, they put in their full mortgage application a day after the offer was accepted and their valuation survey was done 2 weeks ago. Since then it’s gone quiet, my solicitor is waiting to hear back in relation to the draft contract that was sent to their solicitor a fortnight ago. I have no idea if they have their mortgage offer yet, if searches have been started or if they’re waiting for their mortgage offer before starting with the legals. I know it’s only been 2 weeks but it makes me very nervous that nothing seems to be happening from their end. 
Having read this thread, if it falls through again I’ll be doing things very differently! 

Thrugelmir

GDB2222 said:

NatNat77 said:

BikingBud said:

NatNat77 said:

I was told that they did have a DIP, but I don't know if our EA saw it. But are they really worth anything anyway? and funny you should say that as the people that viewed yesterday saw it when it was first listed in September but when they called up it had already gone, our buyers were the first and only people to view it and it sold the next day. 

Isn't this part of the problem it didn't sell. The terms used are all incorrect, people use this phrase all the time and it only applies upon completion.

Someone made an offer to purchase, they have not bought it!

Oh yes that must be it. It all went wrong because I used the wrong wording in my post, after the fact. Seriously haven't you got anything better to do? 

I also think that your estate agent should have done a lot more to ensure the buyer could proceed. 

At a point you have to take people at face value. In the initial post offer weeks. Progress of the mortgage application , if applicable, is key.  Everyone understands that there are delays currently. Though you'd expect a committed buyer to wish to provide regular updates through the EA.  

NatNat77

BikingBud said:

NatNat77 said:

BikingBud said:

NatNat77 said:

I was told that they did have a DIP, but I don't know if our EA saw it. But are they really worth anything anyway? and funny you should say that as the people that viewed yesterday saw it when it was first listed in September but when they called up it had already gone, our buyers were the first and only people to view it and it sold the next day. 

Isn't this part of the problem it didn't sell. The terms used are all incorrect, people use this phrase all the time and it only applies upon completion.

Someone made an offer to purchase, they have not bought it!

Oh yes that must be it. It all went wrong because I used the wrong wording in my post, after the fact. Seriously haven't you got anything better to do? 

Not really, but a lot of the terminology on here reflects the mindset that people want to use rather than an accurate description of the reality. 

• Market value!
• Down valued.
• Cash buyers that are clearly not.
• Chain free but are not.
• Ready to proceed?
• House sales that are merely offers.

If you distilled a lot of the issues on here, most of them are seeking clarification of points that stem from differing interpretation. Whereas being more precise about those terms would reduce a lot of the "misunderstanding".

I disagree, but in any event, in this case it really isn't relevant that I used the term sold instead of offer accepted. Most people get what the person is trying to say without having to nitpick when it often really doesn't matter. Thanks and have a nice evening 

NatNat77

Lunchbox said:

I think some of these comments are potentially really unfair to the buyers.

When we bought in 2015, the lender flagged up that one address my partner had lived at (for 6 months) within the previous 5 years didn’t appear on his credit file, so he had to produce proof of living at that address, then the application went back to the bottom of the processing file and it took about 2 weeks to sort out. There’s no way we/our broker would have noticed this or known this would be flagged, many lenders probably wouldn’t have noticed and it wouldn’t even have been an issue. This could be a credit problem, or it may just be a simple administrative matter as it was for us. 

I can see where you're coming from as it could be genuine and I was torn. But, time isn't on our side. If they'd engaged with the legals and ordered the searches at the start then we would have waited. I don't want to lose our purchase, not least because we have engaged with the legals and spent £2.5k so far. Luckily our sellers are understanding and are not going to remarket theirs just yet, probably because we've shown our commitment to them. We just haven't had that from our buyers