Buyers Mortgage offer not forthcoming

mojo293

MrCarrot said:

peterhjohnson said:

MrCarrot said:

 I doubt there's anything they can do to speed up their lender and I understand some mortgage offers are taking up to 8 weeks (although this appears to have been a little longer than that).

I don't think that's the point. Remarketing is simply an insurance against the original buyer failing to get a mortgage offer. If everyone is getting held up 2 months+, the first buyer will still get the house. If the first buyer turns out to be incapable of securing a mortgage offer, the OP gets to move months earlier than if they did nothing.

Whilst that sounds good in practice, I wonder how feasible it really is?

I am not sure I would bother offering on a house, let alone get my broker to do work, when there is already someone who has offered on it and is potentially ahead of me, and I am just an "insurance policy".

Likewise, if the house I am buying turned around and said they were remarketing it "as an insurance policy" I would probably tell them where to stick their house and withdraw my offer.

But thats exactly the situation I was in.

My first buyer had struggled to get a mortgage offer from 2 different lenders, the first had actually pulled his application.

The estate agent suggested the best course of action was to relist and test the market again, all whilst keeping the first buyer there until anything changed. I was nervous about doing it, but needed something to happen as I was under pressure from the onward chain.

I had 3 viewings booked pretty quickly after relist, and the EA advised each of them of the situation (that an offer was accepted with a buyer who was struggling to get his mortgage through).

I ultimately accepted the same price as I'd agreed with the first buyer, as I wasn't bothered about making more money, I just needed a buyer who could progress quicker. As it goes, my new buyer got his mortgage offer through within a fortnight or so, after waiting over 2 months for the first buyer.

My new buyer was also able to purchase the searches carroed out for my first buyer, so he (the first buyer) wasn't out of pocket for the searches at least and it saved mynew buyer some crucial time in the process.

Sarah1Mitty2

lookstraightahead said:

Op, could this be a situation where the lender 'down values'. 

Possible, even probable, that seems to just be expected in many cases now.

Chemistry777

Just found out I am in this boat.  After 11 weeks the EA just old me the FTB are still waiting for their mortgage offer.

trakky14

We accepted an offer on ours in May, apparently the mortgage offer was agreed months ago BUT the lender has their own solicitors who have asked additional questions so we are currently stuck unable to exchange until they are satisfied. Their own solicitors are good to go its the lender we are waiting on to approve the additional enquires....we've been waiting 3 weeks now! Apparently its not even a big mortgage, its mostly a cash purchase with a smaller mortgage on top...never had a situation where the lender has separate solicitors before, its really frustrating!

Sarah1Mitty2

Things are changing so quickly now, that is the reason for the delays probably.

joanne2460

I accepted an offer on my property in June and was due to complete this week. However, my buyers solicitor has been slow in communicating and I have discovered that my buyer is changing lenders, the reason given is that he is trying to get a better rate. He applied 3 weeks ago. I'm very frustrated of course and considering remarketing the property but someone has suggested that I ask for a 10% deposit. My concerns are that I do this but the buyer may get turned down for the mortgage and that I am committed to selling it to him and it could drag on for months. Any thoughts please anyone?

donutandbeer

joanne2460 said:

I accepted an offer on my property in June and was due to complete this week. However, my buyers solicitor has been slow in communicating and I have discovered that my buyer is changing lenders, the reason given is that he is trying to get a better rate. He applied 3 weeks ago. I'm very frustrated of course and considering remarketing the property but someone has suggested that I ask for a 10% deposit. My concerns are that I do this but the buyer may get turned down for the mortgage and that I am committed to selling it to him and it could drag on for months. Any thoughts please anyone?

Don’t think you can exchange without your buyer having their mortgage offer. You only get paid the deposit on exchange, and only after exchange are you obliged to sell to them.