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

MFWannabe

NatNat77 said:

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.

My answer was in response to your earlier post regarding what can you do differently this time around? I wasn’t referring to renegotiating later, I was referring to when you next get an offer on your house. 
EA should have asked for proof of DIP. But not sure really how much weight there’s is behind these as sometimes it doesn’t t mean buyer then gets the mortgage, as in this case unfortunately 

NatNat77

amandacat said:

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! 

It is a learning curve for sure! I don't think you have anything to worry about just yet though. Things do go quiet for a while when the mortgage applications are progressing and they probably are waiting for their offer just like our buyers did, but it sounds like they should get it quite quickly, fingers crossed. If they don't then you'll have to consider your options. It's so frustrating. I kept my seller in the loop through every stage of the process though, and I think that makes a difference. But we were applying directly so I had more info readily available than those using a broker I think. Good luck! 

Crashy_Time

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!

Exactly, you see that all the time on here.

Suseka97

Sorry to hear of your issues here and I would have imagined that if someone has a police report that evidenced their identity had been stolen/misused - then some sort of marker would have been placed on their credit file to flag this and to ensure that lenders would take more precaution when making lending decisions.  Not to the detriment of the individual, but to protect them from any further fraudulent activity.

I can understand your intention to be upfront with future prospective purchasers, re sticking to your agreed offer price etc - but if I was told by a vendor that even if an offer was accepted, they would still continue to market the property pending further legals (searches etc) and mortgage offer - then I'd be saying okay, except I would continue to look at other properties.  You need to strike a balance and your EA really does need to do a bit more here.

Crashy_Time

lookstraightahead said:

From a buyers perspective I get really cross when other buyers beat us to it with stupid offers and then they can't get a mortgage. Buyers should have their ducks in a row - op, the buyers should have checked the Experian file prior to any DIP - I presume they had a DIP before you accepted their offer? 

They haven`t really beaten you to anything if they can`t get a mortgage though?