Selling- but 7 weeks in, zero progression

Midlander123

Slinky said:

Are these FTB in rented? Are they trying to delay until reaching the end of their rental contract to avoid paying rent and a mortgage at the same time? Happened to a friend of mine.

The thing is - if they said they couldn't move for 4 months, I could work with it. It's the complete lack of communication. Honesty is everything in the house buying process- so many pieces of the jigsaw to juggle. 

If there was a lengthy wait, my partner would happily move into mine for 3 months, and we'd move stuff into storage. But it isn't worth doing, if the delay between sales/buying was only a 3 or 4 weeks, it isnt worth the extra hassle!

ReadySteadyPop

Slinky said:

Are these FTB in rented? Are they trying to delay until reaching the end of their rental contract to avoid paying rent and a mortgage at the same time? Happened to a friend of mine.

That would be a smart move if they could do it, but it sounds like they can`t get a mortgage, that is the main issue I think.

Hoenir

Midlander123 said:

UnderOffer said:

My estate agent clarified they have seen proof of funds, but there is no official mortgage offer yet 

What proof have they seen then? 

Absolutely no idea. I used this estate agent last time. But considering they are working for me, I can't say their service has been great this time round. 

Onus is entirely on you. EA's can only ask and pass on what's said. The nicest people make great liars when it suits them. 

jimbog

Midlander123 said:

UnderOffer said:

My estate agent clarified they have seen proof of funds, but there is no official mortgage offer yet 

What proof have they seen then? 

Absolutely no idea. I used this estate agent last time. But considering they are working for me, I can't say their service has been great this time round. 

Ask for a copy of their proof of funds. As your EA has seen it then it's hardly confidential or sensitive and the buyer should be happy to oblige

WellKnownSid

Our DD is an FTB in rented and has just had an offer accepted on their first place.  There was a lot of ID checking and form-filling for both the solicitor and the EA - but 7 days into the process and their solicitor is already chasing the vendor's solicitor, with the homebuyer's report fee paid to the mortgage company and local search fee paid to the solicitors.
Some context though - the property had already sold twice before, but both times fell through because the buyers could not get a mortgage due to their insecure working arrangements (zero hours contracts?).  Each time it dragged on for some time with very limited information - sound familiar?

To be fair it's also happened to me when I ran two limited companies AND worked abroad.  Underwriters want to see chapter and verse and each time they ask a question it can go into a queue and take 3 working days to get a response triggering another question.  I was gobsmacked when I sold up and went back to being a UK employee again, and my next mortgage application just went through 'instantly'... 

So... the OP needs to establish whether the buyers are not mortgage material vs it's just taking time to gather the evidence.  7 weeks in looks more like the former.

Midlander123

WellKnownSid said:

Our DD is an FTB in rented and has just had an offer accepted on their first place.  There was a lot of ID checking and form-filling for both the solicitor and the EA - but 7 days into the process and their solicitor is already chasing the vendor's solicitor, with the homebuyer's report fee paid to the mortgage company and local search fee paid to the solicitors.
Some context though - the property had already sold twice before, but both times fell through because the buyers could not get a mortgage due to their insecure working arrangements (zero hours contracts?).  Each time it dragged on for some time with very limited information - sound familiar?

To be fair it's also happened to me when I ran two limited companies AND worked abroad.  Underwriters want to see chapter and verse and each time they ask a question it can go into a queue and take 3 working days to get a response triggering another question.  I was gobsmacked when I sold up and went back to being a UK employee again, and my next mortgage application just went through 'instantly'... 

So... the OP needs to establish whether the buyers are not mortgage material vs it's just taking time to gather the evidence.  7 weeks in looks more like the former.

I fear you've hit the nail on the head here. A Google search today of the buyers name, shows he is indeed running a limited company! 

I have requested evidence of proof of funds, and if a mortgage has not been agree yet, then the property is to be put back on the market Friday. 

Got to cut my losses at some point! 

ss2020jd

It is so frustrating. I replied on an earlier thread saying I was in a similar position except the survey had been done. Now I find out that was just a valuation and the survey is being done this week, eight weeks since the offer was accepted. 

They agreed to a quick sale if we accepted their lower offer and the aim was exchange around now. Nothing from their solicitor as it looks like they are delaying searches and enquiries. They said they will return contracts etc once the survey comes back positive! What survey comes back positive especially to a FTB?

I told the EA that this was not ‘a quick sale’ if they are only instructing a surveyor now and I told him I would like to look at putting it back on the market if there are any further delays. I think I will have to give them a deadline for at least a date to aim for exchange otherwise it will be going back on the market, possibly with a different agent. 

ReadySteadyPop

WellKnownSid said:

Our DD is an FTB in rented and has just had an offer accepted on their first place.  There was a lot of ID checking and form-filling for both the solicitor and the EA - but 7 days into the process and their solicitor is already chasing the vendor's solicitor, with the homebuyer's report fee paid to the mortgage company and local search fee paid to the solicitors.
Some context though - the property had already sold twice before, but both times fell through because the buyers could not get a mortgage due to their insecure working arrangements (zero hours contracts?).  Each time it dragged on for some time with very limited information - sound familiar?

To be fair it's also happened to me when I ran two limited companies AND worked abroad.  Underwriters want to see chapter and verse and each time they ask a question it can go into a queue and take 3 working days to get a response triggering another question.  I was gobsmacked when I sold up and went back to being a UK employee again, and my next mortgage application just went through 'instantly'... 

So... the OP needs to establish whether the buyers are not mortgage material vs it's just taking time to gather the evidence.  7 weeks in looks more like the former.

Certainly looking that way.