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My buyers mortgage problems - what to do?

2

Comments

  • Waunakee
    Waunakee Posts: 339 Forumite
    100 Posts Second Anniversary Photogenic Name Dropper
    edited 24 September 2021 at 10:20AM
    aoleks said:
    the gifted deposit from friends is not an issue, no lender has a problem with that nowadays...
    My lender stipulates gifted deposits from siblings,grandparents or parents only.Friends and more distant relatives are a definite no no

    Personally I would remarket immediately.
  • HopeAndDriftWood
    HopeAndDriftWood Posts: 2,520 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    10 weeks down the line, our buyer has just admitted that they are having mortgage troubles and can't proceed without one... and technically they haven't been rejected, they're £10k shy of what they need. 

    I'd have remarketed a while ago, if I'm honest. 3 failed applications makes you wonder if they'll get any offer. 
    Signature down for maintenance :rotfl:
  • Skiddaw1
    Skiddaw1 Posts: 2,301 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Another vote for remarketing.
  • lookstraightahead
    lookstraightahead Posts: 5,558 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Combo Breaker
    HopeAndDriftWood said:
    10 weeks down the line, our buyer has just admitted that they are having mortgage troubles and can't proceed without one... and technically they haven't been rejected, they're £10k shy of what they need. 

    I'd have remarketed a while ago, if I'm honest. 3 failed applications makes you wonder if they'll get any offer. 
    Was that because of a down valuation?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Re-market, and drop the price IMO, that will give you more chance of actually selling it.
  • ciderboy2009
    ciderboy2009 Posts: 1,244 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Car Insurance Carver!
    Crashy_Time said:
    Re-market, and drop the price IMO, that will give you more chance of actually selling it.

    Because, of course, Crashy is an expert in housing matters.  How long is it you've been predicting an imminent house price crash now Crashy?  Must be close to 10 years!
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    You don`t need a crash to drop the price to a more realistic one, PropertyLog is full of 25k and 50k price cuts already.
  • Welshspacechick
    Welshspacechick Posts: 49 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    It's back on the market thanks for your advice everyone 
  • Sunsaru
    Sunsaru Posts: 737 Forumite
    500 Posts Second Anniversary Photogenic Name Dropper
    Crashy_Time said:
    You don`t need a crash to drop the price to a more realistic one, PropertyLog is full of 25k and 50k price cuts already.
    The price was realistic, the buyer wasn't. Simples....
    Nothing is foolproof to a talented fool.
  • HopeAndDriftWood
    HopeAndDriftWood Posts: 2,520 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 29 September 2021 at 8:03PM
    lookstraightahead said:
    HopeAndDriftWood said:
    10 weeks down the line, our buyer has just admitted that they are having mortgage troubles and can't proceed without one... and technically they haven't been rejected, they're £10k shy of what they need. 

    I'd have remarketed a while ago, if I'm honest. 3 failed applications makes you wonder if they'll get any offer. 
    Was that because of a down valuation?
    Not on our place, we never got to the stage of them getting a valuation here. His mortgage offer was £25k less than he wanted and £10k less than he needed, so he couldn’t progress. He appealed twice but didn’t seem to be getting anywhere. 

    We’ve moved on with a new buyer, but it was a frustrating experience all round! 
    Signature down for maintenance :rotfl:
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