Reasonable timeframe- offer accepted to completion

MummyDN

Offer accepted end of November. Buyer still has no mortgage offer and has not instructed their solicitor. Would you relist your property (with a new EA)? Or are such delays expected currently? Thanks 

Windofchange

I don't think anyone is going to be able to answer this one. Why is your buyer delaying / can't find a property to suit? Only they will know. Whether or not to relist your property will depend upon your personal time lines and tolerance for delays, but I would imagine you are going to owe your current estate agents their commission anyway as they have found you a buyer, so it may well cost you a few grand? 

Why have they not proceeded yet? There is clearly some sort of issue?

outoftheviciouscircle

Wow that is slow, I would definitely be asking the estate agent to find out more. I had an offer accepted on a house yesterday and the estate agent told us that they would continue to allow viewings and market the property until we had instructed solicitors.

propertyhunter

That is a really long delay. I assume the chain is complete?

If it is complete, the timeline can vary quite significantly. I am currently 5 weeks into the process. Survey performed in 1 week, mortgage offer after 2 weeks, searches and first round of enquiries after 4 weeks. We want to exchange and complete at the end of March (hopefully), so thinking the process will be 8-9 weeks - but there is no chain (probate purchase).  

Thrugelmir

Relist the property. Buyers need to show committment. 

Tiglet2

MummyDN said:

Offer accepted end of November. Buyer still has no mortgage offer and has not instructed their solicitor. Would you relist your property (with a new EA)? Or are such delays expected currently? Thanks 

Is the buyer waiting for the mortgage offer before instructing the solicitor?  That seems daft.  Solicitor could be getting on with the conveyancing work while waiting for the mortgage offer to come in.  At this rate, the offer would expire before the conveyancing is finished.

I'd be inclined to re-market with the same agent - this buyer is not serious.

MummyDN

Buyer has had 2 mortgage valuations so I’m guessing he’s having difficulty getting a mortgage. We wanted to complete by end of April which is looking unlikely at this rate. Chain is complete. 

MummyDN

EA has not really been forthcoming. Phone goes unanswered or they say they will chase up and then we hear nothing. 

MummyDN

Tiglet2 said:

MummyDN said:

Offer accepted end of November. Buyer still has no mortgage offer and has not instructed their solicitor. Would you relist your property (with a new EA)? Or are such delays expected currently? Thanks 

Is the buyer waiting for the mortgage offer before instructing the solicitor?  That seems daft.  Solicitor could be getting on with the conveyancing work while waiting for the mortgage offer to come in.  At this rate, the offer would expire before the conveyancing is finished.

I'd be inclined to re-market with the same agent - this buyer is not serious.

Yes, I think they are waiting for a mortgage offer before they instruct solicitor. It is taking too long for them to get a mortgage. I think I will ring the EA tomorrow and ask them to relist.  

Noneforit999

MummyDN said:

Tiglet2 said:

MummyDN said:

Offer accepted end of November. Buyer still has no mortgage offer and has not instructed their solicitor. Would you relist your property (with a new EA)? Or are such delays expected currently? Thanks 

Is the buyer waiting for the mortgage offer before instructing the solicitor?  That seems daft.  Solicitor could be getting on with the conveyancing work while waiting for the mortgage offer to come in.  At this rate, the offer would expire before the conveyancing is finished.

I'd be inclined to re-market with the same agent - this buyer is not serious.

Yes, I think they are waiting for a mortgage offer before they instruct solicitor. It is taking too long for them to get a mortgage. I think I will ring the EA tomorrow and ask them to relist.  

It shouldn't take three months to get a mortgage offer, something is not right. To be fair, some can take time if the buyer has complicated circumstances but three months seems excessive. 

Your EA should be updating you on progress so if they are not returning calls, I would be going to see them in person. I'm surprised they are not on top of it considering they have spent money already and won't be paid until it goes through.

We are currently selling and fortunately out buyers are on the ball, conveyancing started within a week of making the offer, although 4 weeks later they are still waiting on their mortgage offer but their circumstances are more complicated as they are remortgaging their current place as a BTL.

badger09

Speak to your EA who is currently not doing what you're paying them for, ie progressing your sale. Tell them that in the absence of any sign of commitment from this buyer, they should relist your property on Monday.
(Or immediately if you like, but I'd give one final chance for buyer to get their act together)