House not listed as sold despite offer

Latency65

Hi

we have had an offer accepted on a house but have been told that the seeker will not list it as sold until we have a formal mortgage offer. In the interim they won’t do viewings and also say they really want to sell to us.

is this normal? Should we be worried that it’s not being listed as sold subject to contract?

MyRealNameToo

Latency65 said:

we have had an offer accepted on a house but have been told that the seeker will not list it as sold until we have a formal mortgage offer. In the interim they won’t do viewings and also say they really want to sell to us.

is this normal? Should we be worried that it’s not being listed as sold subject to contract?

Different vendors/estate agents have different views as to when to change it to subject to contract, at the end of the day there is nothing you can do other than threaten to withdraw your offer but only do that if you will follow through else you show you make empty threats. 

At the end of the day nothings certain until you've exchanged contracts

vacheron

Latency65 said:

Hi

we have had an offer accepted on a house but have been told that the seeker will not list it as sold until we have a formal mortgage offer. In the interim they won’t do viewings and also say they really want to sell to us.

is this normal? Should we be worried that it’s not being listed as sold subject to contract?

To turn it on it's head, would you be worried if instead you were the seller, and your buyers want you to list your property it as sold, despite the fact that they hadn't yet purchased it as they don't have a formal mortgage offer in place?

strawb_shortcake

youth_leader said:

I'm surprised you were able to view as you aren't proceedable.  Good luck with your mortgage offer, I hope their valuations meets the offer you made.

I think things have changed, we have our house on the market but not had any offers. Agents have all been happy to let us view, one agent said they reserve Saturdays for proceedable buyers.
Very little in our area is selling at the moment, so I don't think the agents have much choice.

Flugelhorn

strawb_shortcake said:

youth_leader said:

I'm surprised you were able to view as you aren't proceedable.  Good luck with your mortgage offer, I hope their valuations meets the offer you made.

I think things have changed, we have our house on the market but not had any offers. Agents have all been happy to let us view, one agent said they reserve Saturdays for proceedable buyers.
Very little in our area is selling at the moment, so I don't think the agents have much choice.

I agree - there are people looking at ours who haven't got offers or have offers but haven't accepted. I would definitely someone to be in a better position before I took the place off the market

Latency65

Thanks for all the comments.

To clarify we have sold our house and our proceedable.

Albermarle

youth_leader said:

I'm surprised you were able to view as you aren't proceedable.  Good luck with your mortgage offer, I hope their valuations meets the offer you made.

Estate agents are usually happy if you can show that you have a mortgage agreed in principle.
However when it comes to offer agreed stage, it is normal that the vendor wants see an official mortgage agreement.

Bigphil1474

It's not normal for them to wait until you have a mortgage offer to take a property off the market. We got a mortgage offer in 5 minutes as we were on a very low LTV, but neither the EA nor our vendor ever saw that or were made aware before changing it to SSTC. All the EA needs is the AiP and proof of funds for the balance, and if you are selling, that you have SSTC.

Proceedable doesn't mean you have to have a mortgage offer in place. Can you even get a mortgage offer until you have had your offer accepted on the house ? The bank need to value the property in order to offer you a mortgage. A promise that they'll accept your offer if you get a mortgage doesn't seem enough.

Herzlos

Doesn't an Agreement In Principle from the mortgage lender cover this?

The seller quite rightly doesn't want to take the house off the market until you can prove you can actually proceed and buy it. It shouldn't take long at all to get an AIP from your mortgage provider to show that they'll (most likely) give you a mortgage that'll cover it. 

anselld

youth_leader said:

I'm surprised you were able to view as you aren't proceedable.  Good luck with your mortgage offer, I hope their valuations meets the offer you made.

In what way are they not proceedable?  You can’t get a mortgage offer until after acceptance anyway.

kinger101

youth_leader said:

I'm surprised you were able to view as you aren't proceedable.  Good luck with your mortgage offer, I hope their valuations meets the offer you made.

I think you're confusing DIP with mortgage offer   you don't get the offer until the bank has done it's due diligence on both you and the property you're buying.