Typical timescale between offer accepted and aurvey

shiraz99

Bear with.me as I'm a first time seller. I was wondering what is a typical timescale between offer acceptance and the buyer organising the survey or their mortgage co. getting in touch for the survey?

I'm 3 weeks in, and I know that's nothing, but I'd like to get an idea of what to expect and when I should start contacting my EA for information. I've an added complication in that I have an inherited property that I was planning to move to but we had to also put on the market as a backup and now we've had a good offer on that too. I'd rather not sell that one but I've got siblings who want their share, understandably, and it's a case of being more comfortable that my own house is.moving forward with no issues about having to renegotiate following the survey.

AskAsk

Normally within a couple of weeks for the mortgage survey if they are not cash buyer.  For the homebuyer report, tend to be 3 to 4 weeks.

Are they getting a mortgage?  I think it is too early to worry.

propertyrental

not all buyers get a survey.Have you established whether your will?

shiraz99

AskAsk said:

Normally within a couple of weeks for the mortgage survey if they are not cash buyer.  For the homebuyer report, tend to be 3 to 4 weeks.

Are they getting a mortgage?  I think it is too early to worry.

Yes, as far as I'm aware they do have a mortgage which is why I was hoping to have had their mortgage survey done by now. The sooner thats done I'll have more confidence to decide what to do with the offer on my inherited property.

Slinky

Our buyers didn't have a survey. There were 2 mortgages involved as they kept their existing property to rent out and borrowed more to buy ours. I'm assuming the mortgage people did some sort of desktop survey.

AskAsk

shiraz99 said:

AskAsk said:

Normally within a couple of weeks for the mortgage survey if they are not cash buyer.  For the homebuyer report, tend to be 3 to 4 weeks.

Are they getting a mortgage?  I think it is too early to worry.

Yes, as far as I'm aware they do have a mortgage which is why I was hoping to have had their mortgage survey done by now. The sooner thats done I'll have more confidence to decide what to do with the offer on my inherited property.

As someone said, if the mortgage is small, the bank may only do a desktop survey.  The bank could also be slow at getting a surveyor round or the buyer may be slow at applying for the mortgage.  It has also been a bank holiday. 

A month from offer being accepted and you haven't heard anything, then speak to the estate agent, but 3 weeks, I wouldn't worry about it.  These sort of thing takes time.

Jami74

First time buyer.
Day 0 - Offer accepted
Day 4 - Mortgage application submitted
Day 5 - Mortgage Desktop Valuation
Day 17 - Mortgage offer
Bank holiday weekend
Day 20 - Survey booked
Day 34 - Survey happened
Day 78 - Still waiting for solicitors to finish doing their thing

AskAsk

Jami74 said:

First time buyer.
Day 0 - Offer accepted
Day 4 - Mortgage application submitted
Day 5 - Mortgage Desktop Valuation
Day 17 - Mortgage offer
Bank holiday weekend
Day 20 - Survey booked
Day 34 - Survey happened
Day 78 - Still waiting for solicitors to finish doing their thing

The solicitors are the ones who delay the process.  If they worked as soon as they get anything in, the whole process could be shorten by 6 weeks!

BarelySentientAI

AskAsk said:

Jami74 said:

First time buyer.
Day 0 - Offer accepted
Day 4 - Mortgage application submitted
Day 5 - Mortgage Desktop Valuation
Day 17 - Mortgage offer
Bank holiday weekend
Day 20 - Survey booked
Day 34 - Survey happened
Day 78 - Still waiting for solicitors to finish doing their thing

The solicitors are the ones who delay the process.  If they worked as soon as they get anything in, the whole process could be shorten by 6 weeks!

And would cost ten times as much.

shiraz99

How do you guys suggest I handle the offer on the inherited property. Should. I come clean with the EA and tell them about my own house having an offer accepted and that I would take the inherited property off the market if, and hopefully when, my sale goes through so it might be best to wait before formally accepting their offer. Or, should I just keep quiet, accept the offer knowing that if or when mine is further down the line and ready to exchange I'll pull out of the sale.

noh

If you pull out of the sale it is likely you will owe fees to the estate agent depending on the contract you agreed with them.