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Selling House Question - Timeline
stu2500
Posts: 191 Forumite
Good morning, I'm wondering if someone can advise how long it would normally take a buyer to provide proof of decision in principle or mortgage agreement after their offer has been accepted on the property? We accepted an offer last Thursday but the estate agent is yet to see the mortgage in princiepl, which I thought was strange as when I purchased my hosue I had to provide proof of this fairly quickly.
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Comments
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A decision in principle would be fairly quick, but a full mortgage offer can take a considerable amount of time. If your buyer has made an offer, I would have thought they would be applying for a full mortgage offer now rather than a DIP. An EA normally requests a DIP before booking a viewing, but sometimes properties are snapped up really quickly so maybe that wasn't done in time.0
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To be honest, I thought the EA would have had the DIP but they advised me they don't ask for this until an offer has been acceptd. I appreciate a full offer will take weeks rather than days, but I would have expected proof that they can have the mortgage in principle by now. I'm not impatient and the property was only on the market 10 days before we accepted an offer, may be I'm just over-thinking things.Tiglet2 said:A decision in principle would be fairly quick, but a full mortgage offer can take a considerable amount of time. If your buyer has made an offer, I would have thought they would be applying for a full mortgage offer now rather than a DIP. An EA normally requests a DIP before booking a viewing, but sometimes properties are snapped up really quickly so maybe that wasn't done in time.
Thanks for your reply.0 -
The buyer may well have a DIP or have started the full application, but of course they don't have to share that with you, only with their broker and the solicitor acting for them in the purchase. Now that you have a buyer, the transaction will pass to the solicitors for the legal work to commence and the EA's input will be reduced to phoning round for updates.
It's early doors, so I suggest you try to stop worrying at this stage. There is far worse to come!1
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