should put house back on market?

TripleH

@FTBNoIdea I think the key difference is that you are doing the correct thing and being proactive on updates.

If there is an issue, better that the seller is kept updated with what is going on than getting no response. The Op has chased but not gotten a reply hence the suggestion that their buyer may well have backed out but hasn't bothered to tell them.

JIL

We were in a similar situation, we had accepted an offer and all seemed well, our house was to be bought without a mortgage. It then turned out that the person buying our house wanted to keep their London property but was struggling to get a mortgage due to the building structure and on top of this was trying to get a mortgage themselves rather than through a broker.

It was our estate agent that did all the chasing, we thought it was all moving along as it should. 

We remarketed, with our estate agent telling our first buyers that if they could sort a mortgage out quickly then we would still go ahead.

As it happened a new buyer came along within 2 days and we also got £3000 more. Less than 8 weeks later we completed.

eastmidsaver

thanks for all the comments.  
although i do see the reasons why some are saying to just put back on market asap, we already emailed the agents after my original post and the first responses came through on this thread.
would be bit frustrating to start process all over again,  but if buyer does not have funds then best just to move on.

babyblade41

eastmidsaver said:

thanks for all the comments.  
although i do see the reasons why some are saying to just put back on market asap, we already emailed the agents after my original post and the first responses came through on this thread.
would be bit frustrating to start process all over again,  but if buyer does not have funds then best just to move on.

I had very similar with my sale recently. Cash buyer in rented .No progress whatsoever so put back on the market . Within 24 hours first lot of enquiries  sent over.

Waited another 4 weeks  and still silence .There was something else going on behind the scenes that we didn't know about . Whole thing collapsed  trying to exchange .

Sale number 2 started the following day with second in line and seems to be moving in the right directions with a lot more progress than before 

eastmidsaver

thanks for sharing.
it is quite frustrating because minimum the buyer or broker should do is return the agent's phone calls.  
but hopefully ultimatum will prompt some movement this week, otherwise we will close it and put it back up for sale.

boxer234

I had a similar thing happen with the sale of my last house turns out their was an issue with the source of his deposit.  Sale collapsed had to start again. 

eastmidsaver

hi guys, thought i'd provide an update.
buyer confirmed was struggling to get the mortgage, so now back on market.
thanks for all the comments.

Snookie12cat

eastmidsaver said:

hi guys, thought i'd provide an update.
buyer confirmed was struggling to get the mortgage, so now back on market.
thanks for all the comments.

Lesson learnt for me also. If the buyer has not got the mortgage in 4-6 weeks they probably are not getting it. Obviously exceptions but my new buyer got hers in a week and the sale already seems to be going better than the last.
Good luck to you X 

lookstraightahead

This is why AIPs are so useless. I really don't see the point of them. Especially if buyers also offer in excess of the value of a property and the lender down values (not saying that happened in your case op).