should put house back on market?

eastmidsaver

hello.
in process of selling a house but it seems to be stalling a bit.
everything is in place between the solicitors where contracts are ready.  buyer was also quite proactive too at this stage. all that appears to remain is the buyers mortgage, which is still not in place. 
the estate agents have been chasing the buyer and their broker on this, and have had no response.
they also spoke to buyer's solicitor who advise that they have not heard from buyer either.
the question really is now,  should it go back on the market?
obviously doing this would means going back to square one again (it's been about 2 months since sold).
therefore ideally it would be good to sell to current buyer. But at same time, if the buyer has not got the funds, then no point holding out too much longer.
would be good to get advices, particularly if anyone else has had similar experiences
thanks in advance.

MaryNB

Unless they're having issues with their application, 2 months is plenty of time to get a mortgage offer. They should at least be responding to their own solicitors! 

Maybe tell the buyer they have a week to respond or you're putting it on the market. I wouldn't wait any longer than that in case they've gone AWOL.

And if they do respond tell them they need to get their mortgage sorted within a certain time frame or the property is going back on the market. 

andyf1980

We had something a little similar. I said we would put the house back on the market unless we had a satisfactory response worthing the next 7 days. Miraculously I then got a satisfactory response…..

Snookie12cat

eastmidsaver said:

hello.
in process of selling a house but it seems to be stalling a bit.
everything is in place between the solicitors where contracts are ready.  buyer was also quite proactive too at this stage. all that appears to remain is the buyers mortgage, which is still not in place. 
the estate agents have been chasing the buyer and their broker on this, and have had no response.
they also spoke to buyer's solicitor who advise that they have not heard from buyer either.
the question really is now,  should it go back on the market?
obviously doing this would means going back to square one again (it's been about 2 months since sold).
therefore ideally it would be good to sell to current buyer. But at same time, if the buyer has not got the funds, then no point holding out too much longer.
would be good to get advices, particularly if anyone else has had similar experiences
thanks in advance.

You sound exactly like me 1 month ago. Had a buyer who had done all the legals and 3 months on from offer was waiting on his mortgage offer.

Long story short, he couldn't get a mortgage due to poor credit and he dropped out shortly after. 

If he's not communicating and there is no offer, I suggest giving a week timeframe to get the funds sorted or put it back up. I wish I had done this rather than waiting around. 

user1977

I would just put it back on the market immediately. If it provokes some action from the buyer then you can always take it off again.

eastmidsaver

hi guys.  thanks for the response and appreciate all the comments.
my thinking was with the majority, will tell agents to advise the buyer of a firm deadline and then place it back on the market if it's not met.
bit frustrating, but probably for the best that way.

FTBNoIdea

Thought I'd give a view from the other side..currently in the process of buying, the independent bank Im with is known for lengthy waits due to a specialised mortgage which has been said to the estate agent/seller. We did end up waiting over 2 to 3 weeks for the draft contracts from the sellers solicitors and now the valuation has come up with an issue that needs looking at. I've been keeping estate agents updated consistently with any delays so would have hoped your buyer would be doing the same. If theres been no delays on your side, then just as a ftb knowing the pain of it all, maybe a last email asking for an update on why the delays would help before the deadline ultimatum wouldn't go amiss...

eastmidsaver

Hi FTBNoIdea.  
Thanks for the perspective from your side of things.
I appreciate your advice on maybe sending a last email to the buyer before giving a deadline, however I believe the agent has already done this.
As you say,  just an update from the buyer would have been good.  
Will now just go ahead and issue a deadline, otherwise will just sadly have to put it back on the market again.

babyblade41

FWIW I wouldn't wait , I'd put it back on the market , if things change then easily reverted

FTBNoIdea

No problem, hope it all goes well!

Thrugelmir

Ring the EA tomorrow and tell them you need an update by Tuesday. If none is forthcoming to remarket the property.