BTL valuation

AnotherJoe

ohdarn said:

AnotherJoe said:

Its a hard lesson to learn and i had to learn it the same way but waiting 5 months for your buyer to get a mortgage offer?

No way Jose, you should have booted to the kerb after maybe 8 weeks max (in current situation). I think i waited 3 months before it all fell apart  and that was at least a month too long to give them.

5 months is taking the michael if only because a professional BTL buyer would want to get cracking.

Most likely they are going to try and gazunder you shortly, if they arent a complete amateur / dreamer and just messing you about before you find out they cant get a mortgage

Be prepared to tell your buyer its fallen through.

And frankly if it was me id put it back on the market right now, if they are serious they can still beat any other buyer because they shoudl be ready to exchange within days, right?

I'm surprised your vendors havent given up on you..

We were unaware they still needed a mortgage. We were told that our buyer was sorting out his mortgage at the same time we were sorting ours out.
That's the last we'd heard of anything until the estate agent rang last week to say that a valuation needed booking.
Perhaps naively, we thought people sorted out their mortgage offer before the conveyancing work started and that if something was wrong, the estate agent would tell us.
It's been five months because that's how long the conveyancing work has taken (that's a different subject on how crap they've been).
In fact our buyer was asking a couple of weeks ago about a completion date, which is why we'd been chasing down conveyancers and getting things in order. 
Now everything's in order, they reveal they haven't got a mortgage.
And to make things worse, the estate agents are either terrible at their job or actively lying to us at this point.

Not criticising you because I did the same some years back, but after 2 or 3 months with no activity from their side, no survey, you need to be enquiring for signs of progress, and TBF so do the EA because its in their interest to make sure it hangs together or they dont get paid (unless they are Purplebricks or similar)

And if there is none, then you bail.

Never mind, next time you move, you'll know. Or, this time 'reselling', if this buyer turns out to be a time waster.

Good luck.

Thrugelmir

ohdarn said:

connors07 said:

"A landlord is attempting to purchase our property and their lender has arranged a valuation of our property for Tuesday."
Stuff like that does make my blood boil. Buyer sounds very untrustworthy and possibly a ploy to get the purchase on the cheaper side. I'd love it if once an offer has been accepted there was a deadline for paperwork/searches to be submitted/organised; any renegotiating depending on what is found happens then. After that date both parties move x amount of £ into a holding account. When one or the other decide they haven't done something correctly which cause mess up the life of the other or just decides to opt out at the 11th hour, tries to get shave off 10k from the value at the last minute, opts to accept a higher offer elsewhere, doesn't clear the property as promised, takes something that was promised etc etc. Any of that nonsense the 'guilty' party voids the amount placed into the account and that goes to person or persons being messed around.

A lot has to be said about how property business is conducted in this country. 

I hope you get a resolution to your sale sooner rather than later.

Yeah there's got to be a better way of buying and selling houses than the current system.
I just can't understand how anyone could look at what we do and think 'yep, that's the best system we could come up with'.

People far too often allow themselves to be taken for a ride.  Be firm. Relist the property. You've nothing to lose. As this potential buyer could pull any number of stunts yet. 

ohdarn

AnotherJoe said:

ohdarn said:

AnotherJoe said:

Its a hard lesson to learn and i had to learn it the same way but waiting 5 months for your buyer to get a mortgage offer?

No way Jose, you should have booted to the kerb after maybe 8 weeks max (in current situation). I think i waited 3 months before it all fell apart  and that was at least a month too long to give them.

5 months is taking the michael if only because a professional BTL buyer would want to get cracking.

Most likely they are going to try and gazunder you shortly, if they arent a complete amateur / dreamer and just messing you about before you find out they cant get a mortgage

Be prepared to tell your buyer its fallen through.

And frankly if it was me id put it back on the market right now, if they are serious they can still beat any other buyer because they shoudl be ready to exchange within days, right?

I'm surprised your vendors havent given up on you..

We were unaware they still needed a mortgage. We were told that our buyer was sorting out his mortgage at the same time we were sorting ours out.
That's the last we'd heard of anything until the estate agent rang last week to say that a valuation needed booking.
Perhaps naively, we thought people sorted out their mortgage offer before the conveyancing work started and that if something was wrong, the estate agent would tell us.
It's been five months because that's how long the conveyancing work has taken (that's a different subject on how crap they've been).
In fact our buyer was asking a couple of weeks ago about a completion date, which is why we'd been chasing down conveyancers and getting things in order. 
Now everything's in order, they reveal they haven't got a mortgage.
And to make things worse, the estate agents are either terrible at their job or actively lying to us at this point.

Not criticising you because I did the same some years back, but after 2 or 3 months with no activity from their side, no survey, you need to be enquiring for signs of progress, and TBF so do the EA because its in their interest to make sure it hangs together or they dont get paid (unless they are Purplebricks or similar)

And if there is none, then you bail.

Never mind, next time you move, you'll know. Or, this time 'reselling', if this buyer turns out to be a time waster.

Good luck.

I think where we went wrong was in assuming that someone would get their mortgage offer through before starting the conveyancing work.
At the time we were getting our mortgage offer in place during one of the lockdowns. We had the valuation for our purchase done remotely and it was at this time that the estate agent told us that our buyer was getting his mortgage offer sorted out, so we thought their valuation would also be conducted remotely.
Then everyone moved onto the conveyancing work and that's been slowly trudging on for the last few months.
We have been regularly contacting the buyer through our restate agent for information regarding conveyancing issues, but they never mentioned that they didn't have a mortgage offer.
We thought that the estate agents would be checking the status of the other parties' applications and might let us know if there was a problem. 
That was a mistake, we should have taken the position that they're all a bunch of overpaid morons that constantly need reminding what the point of their existence is.
In fact that actually applies to all the "professionals" involved in the house buying process.

ohdarn

Another update. Vendor wants to complete ASAP. 
Spoke to restate agent again. The whole 'portfolio application' seemed to cover as a surprise to her (we'd spoken to her colleague about it last week as she wasn't in).
Probably thought she'd get away with the lies she told us last week.
We've decided we don't have the luxury of relisting our house, it's either this or nothing, we've decided to see if we can push for exchange of contracts.
At least then the buyer will have some money on the line.