Buyer’s mortgage not yet finalised

Vhonn

I am the middle of a housing chain.
My buyer who is a property developer has not yet had the mortgage agreed. He says that should he not get the mortgage he can buy with cash.
The estate agent is pushing me to get the survey and searches done  on the property im buying before his mortgage is approved.
This is making me nervous. Surely I should wait till his finances are in place.
If he has the cash to buy it but isn’t yet willing to use that money I feel that isnt a secure enough basis to proceed ? I get the impression the Estate Agent thinks Im being difficult.
Not sure if Im being unreasonable.

user1977

He's saying that if pushed, he can complete with cash. Obviously you're not particularly close to a completion date yet. I would just get on with it.

ReadingTim

Whilst obviously linked, these are 2 separate transactions, so it's perfectly reasonable to press on with the searches etc on the place you're proposing to buy regardless of what's happening with the place you're selling.  

Yes, you're going to need to sell the current house to buy the new one, but you don't have to sell it to this person, so if they don't get the mortgage and can't raise the cash, then simply remarket it and sell to someone else.  

housebuyer143

It's very common to start with your transaction the same time as your buyer is. Some mortgage offers are taking 3 months to be approved.. would you actually expect your seller to wait for that long before you do anything at all on your purchase? 
You do things simultaneously.

Rodders53

Vhonn said:

The estate agent is pushing me to get the survey and searches done  on the property im buying before his mortgage is approved.
This is making me nervous.

YOUR Estate Agent is working for YOU not your purchaser.  Get them to explain why they feel you need to do what they are recommending you do (in simple terms, so you fully comprehend why)?

Has your purchaser done searches on your property yet?   If not why not?  Ditto why no mortgage application and valuation survey...  Push them to get your purchaser to demonstrate their commitment to the purchase!

Your vendors EA might well want you to do searches etc.,. to show willingness and commitment to your purchase...  If it was them encouraging you to do so then they are doing their job properly!

Vhonn

Thank you for this
My buyer isn’t going to get a survey done he has completed searches through.
He was originally going to buy with cash but now wants to get a mortgage and his bank have asked to do a valuation but no date set for that yet.
it all feels a little shifting sands.  The house Im buying is through the same agent.  I don’t understand why he didn’t get the mortgage when the offer was accepted which was months ago.
We have been waiting for the person up the chain to find somewhere.

housebuyer143

Vhonn said:

Thank you for this
My buyer isn’t going to get a survey done he has completed searches through.
He was originally going to buy with cash but now wants to get a mortgage and his bank have asked to do a valuation but no date set for that yet.
it all feels a little shifting sands.  The house Im buying is through the same agent.  I don’t understand why he didn’t get the mortgage when the offer was accepted which was months ago.
We have been waiting for the person up the chain to find somewhere.

If the person at the top of the chain has not found anything and the chain isn't complete, then that's different. Do not do anything until it is and tell the agent that. 
You are only as fast as the slowest person in the chain and no point spending money when it might not pan out.