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Buyer taking ages to do anything -what do I do now?
Snookie12cat
Posts: 805 Forumite
Can you advise please what to do.
I engaged in a private sale so no EAs/ The buyer I found two months ago and currently after speaking to them last week, they have no mortgage offer still (the valuation was done in December, so should they not have this yet) and they say they think the solicitor should have started the searches before Xmas, but they have not heard anything. My solicitor cannot get a response from theirs to confirm this.
What do I do - should I give up or just keep waiting? When I speak to them they say they are just waiting on these things, and it should be any day now. I have never known a mortgage lender to take 3 weeks from Val to offer?
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Update - Its now 16 days later, and no offer still. When I speak to them I am told its with the underwriter etc... I am not sure if I am being taken for a ride or not. I really am at a loss of what to do. Do I keep waiting? Any advice?
Searches are back and all enquiries satisfied, so we are just waiting around for this...
I engaged in a private sale so no EAs/ The buyer I found two months ago and currently after speaking to them last week, they have no mortgage offer still (the valuation was done in December, so should they not have this yet) and they say they think the solicitor should have started the searches before Xmas, but they have not heard anything. My solicitor cannot get a response from theirs to confirm this.
What do I do - should I give up or just keep waiting? When I speak to them they say they are just waiting on these things, and it should be any day now. I have never known a mortgage lender to take 3 weeks from Val to offer?
___________________________________________________________
Update - Its now 16 days later, and no offer still. When I speak to them I am told its with the underwriter etc... I am not sure if I am being taken for a ride or not. I really am at a loss of what to do. Do I keep waiting? Any advice?
Searches are back and all enquiries satisfied, so we are just waiting around for this...
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Comments
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@Snookie12cat 3 weeks from val to offer is not unusually long tbh. Nationwide is one of the large lenders taking very long at the moment.
Irrespective of what they tell you, to avoid wasted costs, plenty of buyers will not ok searches until the mortgage offer is in hand.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Thank you. It's so hard to know what's normal, and when things are going off track. It's my first sale and wish I had an agent to advise/reassure. I got my offer 24 hours after Val so I don't know what's normal 😆K_S said:@Snookie12cat 3 weeks from val to offer is not unusually long tbh. Nationwide is one of the large lenders taking very long at the moment.
Irrespective of what they tell you, to avoid wasted costs, plenty of buyers will not ok searches until the mortgage offer is in hand.
The solicitor could just be crap as well which is why why don't respond.
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Whilst trying to console me about how long my current buyer is taking, my EA Progressor was telling me how one couple who expected to be in their new home before Christmas had the valuation done in November and received verbal confirmation their mortgage offer had been approved, yet are still waiting for the offer to come through!
Progressor said this is not uncommon at the moment, so if all that is true then your buyers situation may well be genuine.
Btw, my mortgage offer towards onward purchase (HSBC) came through 2 days after I submitted application!0 -
That's terrible! It must be incredibly stressful for them as well. Just makes you wonder what the lender is doing with it for it to take so long?!RS2OOO said:Whilst trying to console me about how long my current buyer is taking, my EA Progressor was telling me how one couple who expected to be in their new home before Christmas had the valuation done in November and received verbal confirmation their mortgage offer had been approved, yet are still waiting for the offer to come through!
Progressor said this is not uncommon at the moment, so if all that is true then your buyers situation may well be genuine.
Btw, my mortgage offer towards onward purchase (HSBC) came through 2 days after I submitted application!
Ditto. My acceptance was in 24 hours and offer was with me in 7 days.
Hopefully your buyer speeds up soon 🤞1 -
I got an update from my solicitor, that the searches were ordered and due back shortly, which seems positive. Still no offer though. I do not doubt their commitment to buy it actually, but I am very anxious that there is still no offer - I would be able to relax if I knew they had this. At this stage I am worried they wont get it and the whole chain will come crashing down.0
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Update - Its now 16 days later, and no offer still. When I speak to them I am told its with the underwriter etc... I am not sure if I am being taken for a ride or not. I really am at a loss of what to do. Do I keep waiting? Any advice?
Searches are back and all enquiries satisfied, so we are just waiting around for this...0
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