Buyers slowing chain down, what can you do?

Thrugelmir

Deleted User said:

HopeAndDriftWood said:

Deleted User said:

Thanks everyone for your advice.

I’ve had a long chat with the EA and despite another chaser to the buyer and their lender, there is still no update on their application or explanation for the delay.

We’re now looking at remarketing in parallel. Not thrilled about it as basically starting again, but 3 months have gone by with 0 progress and can’t afford another 3! 

Ah, I'm sorry. It makes sense to start remarketing, though - hopefully they'll pull it out of the bag, but if they don't, at least you'll already be on the road to finding someone else. 

Our estate agent is still convinced it'll come off... although we're going into Wednesday with no repeat valuation booked 👀

The amount of weekly updates I had that could have just said “there is no update”! 

Every week the EA just found another way to say they still didn’t have an offer and the valuation still hadn’t taken place!

What are you expecting the EA to say. The onus is entirely on you. First house I ever sold. I was messed around for nearly 3 months. Learnt my lesson.  Since then I've taken the approach of no progress , remarket the property. If the buyers are serious. There'll be more engaged.  

[Deleted User]

Thrugelmir said:

Deleted User said:

HopeAndDriftWood said:

Deleted User said:

Thanks everyone for your advice.

I’ve had a long chat with the EA and despite another chaser to the buyer and their lender, there is still no update on their application or explanation for the delay.

We’re now looking at remarketing in parallel. Not thrilled about it as basically starting again, but 3 months have gone by with 0 progress and can’t afford another 3! 

Ah, I'm sorry. It makes sense to start remarketing, though - hopefully they'll pull it out of the bag, but if they don't, at least you'll already be on the road to finding someone else. 

Our estate agent is still convinced it'll come off... although we're going into Wednesday with no repeat valuation booked 👀

The amount of weekly updates I had that could have just said “there is no update”! 

Every week the EA just found another way to say they still didn’t have an offer and the valuation still hadn’t taken place!

What are you expecting the EA to say. The onus is entirely on you. First house I ever sold. I was messed around for nearly 3 months. Learnt my lesson.  Since then I've taken the approach of no progress , remarket the property. If the buyers are serious. There'll be more engaged.  

I think it’s clear that I’m expecting the usual updates such as:
- Where they’re at with their mortgage application 
- Where they’re at with searches 
- Surveys etc. 

We’ve done our bit, and in a timely manner, and it’s the estate agents job to manage the rest of the chain. 

I mentioned in a previous post that we are remarketing now having already allowed them long enough.

HopeAndDriftWood

@Deleted User Eurgh it's all just so annoying, I'm sorry.

I chased our estate agent this morning... buyer no longer needs a repeat valuation, but the value the bank has given them isn't enough, so they're now appealing with the help of our estate agent. 

It's taking a lot of calm breathing to get through today... I hope remarketing goes well for you and you find someone else swiftyl. 

[Deleted User]

@HopeAndDriftWood

Oh no!! So the bank have valued it under what’s required to go through with the loan? 

This is my fear as well because the market is so insane at the moment. Some of the houses we viewed sold for 20k+ what the asking price was so I don’t know how people were getting mortgages for them because the valuations must’ve come under! 

That’s a hurdle you don’t want isn’t it! Least they haven’t approached you requesting the price be lowered I guess. 

MaryNB

Deleted User said:

@HopeAndDriftWood

Oh no!! So the bank have valued it under what’s required to go through with the loan? 

This is my fear as well because the market is so insane at the moment. Some of the houses we viewed sold for 20k+ what the asking price was so I don’t know how people were getting mortgages for them because the valuations must’ve come under! 

That’s a hurdle you don’t want isn’t it! Least they haven’t approached you requesting the price be lowered I guess. 

It's only really an issue if buyers have a small deposit. If the revised LTV brings them above 90% or 95% their application could be rejected because some lenders max out at 90% and none go above 95%.

If they have a large deposit their LTV will increase if there's a devaluation but as long as it's below 90% it just means they may have to pay a higher interest rate if they move into a higher LTV band. The lender will still lend them funds to cover their purchase. 

Also, if you're referring to the SSTC price, that doesn't mean they've stayed at that. The buyer could have reduced their offer during the process once the lenders valuation has come through. It's only when the land registry is updated (many money after completion) do you get to see the actual sold price.  

Thrugelmir

Deleted User said:

Thrugelmir said:

Deleted User said:

HopeAndDriftWood said:

Deleted User said:

Thanks everyone for your advice.

I’ve had a long chat with the EA and despite another chaser to the buyer and their lender, there is still no update on their application or explanation for the delay.

We’re now looking at remarketing in parallel. Not thrilled about it as basically starting again, but 3 months have gone by with 0 progress and can’t afford another 3! 

Ah, I'm sorry. It makes sense to start remarketing, though - hopefully they'll pull it out of the bag, but if they don't, at least you'll already be on the road to finding someone else. 

Our estate agent is still convinced it'll come off... although we're going into Wednesday with no repeat valuation booked 👀

The amount of weekly updates I had that could have just said “there is no update”! 

Every week the EA just found another way to say they still didn’t have an offer and the valuation still hadn’t taken place!

What are you expecting the EA to say. The onus is entirely on you. First house I ever sold. I was messed around for nearly 3 months. Learnt my lesson.  Since then I've taken the approach of no progress , remarket the property. If the buyers are serious. There'll be more engaged.  

I think it’s clear that I’m expecting the usual updates such as:
- Where they’re at with their mortgage application 
- Where they’re at with searches 
- Surveys etc. 

The EA is dependent upon the buyers being truthfull regarding their mortgage application. They'll only relay onto you whatever they are told.  When time drifts take action.  As no one else is going to take definitive action.