Estate Agent not listing property as Sold STC or Under Offer (Update)

babyblade41

Thrugelmir said:

person2 said:

Thrugelmir said:

person2 said:

I submitted an offer weeks ago on a flat that was quickly accepted.

No mortgage in place yet?  Why haven't you arranged a building survey earlier? The vendor wants to see commitment that you are a serious buyer.  Little point in being annoyed when the onus is currently on you. 

That's a lot of incorrect assumption. I have had a mortgage in place for a month. AIP sent over to estate agent weeks ago and solicitor in place with details sent over. It took the vendor 3.5 weeks to send solicitor details over to the estate agent, so I'm not sure how I'm the one who needs to prove I'm serious here?

Why would I shell out many hundreds of £££ on a survey before I've received a sales memorandum?

An AIP is not a mortgage offer.  My assumption is correct. Was based on the fact that the mortgage valuation hasn't even been undertaken as you said. Yet over a month (?) has past. 

A sales memorandum is a worthless piece of paper............ 

Maybe worth your time understanding the process fully. As there's some distance to go yet before matters are concluded. 

With no reason for a delay in obtaining a mortgage. I'd be relisting the property myself. The world is full of timewasters. 

I have to agree here , although it seems harsh they are the brutal facts .

I am very strict when I am selling , I only have people who are under offer and can afford to buy to even view .

You need to get your ducks in a row first

person2

Can someone explain how I don't have my ducks in row given the following:

• I made my offer a month ago
• I provided full proof of deposit to the EA
• I sent over a mortgage AIP
• I sent over details of my instructed solicitor

I was told that I'd done everything I could and that it was a matter of waiting for the vendor to appoint a solicitor so that the EA could issue the memorandum and begin the process, at which point it would be marked Sold STC.

And to your point babyblade41 - how is that not proof that I can afford it?

person2

Thrugelmir said:

person2 said:

Thrugelmir said:

person2 said:

I submitted an offer weeks ago on a flat that was quickly accepted.

No mortgage in place yet?  Why haven't you arranged a building survey earlier? The vendor wants to see commitment that you are a serious buyer.  Little point in being annoyed when the onus is currently on you. 

That's a lot of incorrect assumption. I have had a mortgage in place for a month. AIP sent over to estate agent weeks ago and solicitor in place with details sent over. It took the vendor 3.5 weeks to send solicitor details over to the estate agent, so I'm not sure how I'm the one who needs to prove I'm serious here?

Why would I shell out many hundreds of £££ on a survey before I've received a sales memorandum?

An AIP is not a mortgage offer.  My assumption is correct. Was based on the fact that the mortgage valuation hasn't even been undertaken as you said. Yet over a month (?) has past. 

A sales memorandum is a worthless piece of paper............ 

Maybe worth your time understanding the process fully. As there's some distance to go yet before matters are concluded. 

With no reason for a delay in obtaining a mortgage. I'd be relisting the property myself. The world is full of timewasters. 

The idea that I'm the timewaster when I've had to wait 3.5 weeks for the vendor to appoint a solicitor is ridiculous, as is the idea that I should have got a full mortgage valuation and survey before confirmation that the vendor has appointed a solicitor and before issue of the sales memorandum. Keep your condescending remarks to yourself.

babyblade41

Mortgage in principle doesn't mean that much , have you had the mortgage survey done yet or arranged a surveyor ?.. 

The mortgage survey might disagree with the valuation and then what will you do or how would you fund the difference if vendor won't re-negotiate ?

person2

babyblade41 said:

Mortgage in principle doesn't mean that much , have you had the mortgage survey done yet or arranged a surveyor ?.. 

The mortgage survey might disagree with the valuation and then what will you do or how would you fund the difference if vendor won't re-negotiate ?

As I previously stated, my mortgage is significantly smaller than the value of the property. Even if it turned out I was paying literally double the fair value of the flat, my mortgage would still go through. My deposit covers the majority of the value.

And no, as I said, everyone including the EA, financial advisor and solicitor have said not to arrange the valuation and building survey until the sales memorandum has been issued confirming the vendor is serious about moving ahead.

EndlessStruggle

I would contact the EA, they would likely hand this task over to an admin and it might be something as simple as they forgot to ask them to mark it on the website etc. 

As a fellow buyer, the delay in terms of the vendor being sure if they seriously want to move ahead from offer would be what I would be worrying about more right now especially as even the EA handling the sale told you to hold off.

musehead

There's a estate agent local to me that is well known for not marking their houses as under offer or sold, even when they are. They do it to create more leads. If someone phones up, they will say something like "that house is now under offer, but what are your requirements? We have x and y which you might be interested in" etc. I find it to be quite an annoying business practice, maybe the EA you're dealing with is similar.

firsttimesellerldn

person2 said:

babyblade41 said:

Mortgage in principle doesn't mean that much , have you had the mortgage survey done yet or arranged a surveyor ?.. 

The mortgage survey might disagree with the valuation and then what will you do or how would you fund the difference if vendor won't re-negotiate ?

As I previously stated, my mortgage is significantly smaller than the value of the property. Even if it turned out I was paying literally double the fair value of the flat, my mortgage would still go through. My deposit covers the majority of the value.

And no, as I said, everyone including the EA, financial advisor and solicitor have said not to arrange the valuation and building survey until the sales memorandum has been issued confirming the vendor is serious about moving ahead.

I would fully expect the property to be marked as under offer by now. I would threaten to withdraw my offer if that didn't happen - why you spend money while they try and get another offer? It sounds like you are doing everything you can to progress things. 

person2

Thanks so much for your advice and responses. I've since put the wheels in motion for the mortgage valuation, as apparently it's free to me anyway, so nothing to be lost. The EA has now finally marked the property as 'Under Offer'. I will get a friend to phone early next week and check they're not conducting viewings.

I'm going to hold off making a fuss over the 'Sold STC' status for now and instead wait for the lender to book in the valuation. If at that point the EA still doesn't change it to 'Sold STC' and I'm approaching the no-refunds date for my own structural survey which I am paying several hundred for, I will then call it out, as at that point there is clear financial commitment from me.

seradane

Good to hear they have changed the status, but I wouldn't get too hung up on the Under Offer vs Sold SSTC thing, some agents seem to use the former, some the latter. They effectively mean the same things.