URGENT house sold but buyers may not get mortgage

chickmug

maccp wrote: »

Selling through an EA and yes I am also very confused by it all as both buyers got an agreement in principle.It seems like nothing is how it seems right now.

As Jorgan says AIP are a meaningless waste of time.

maccp

bryanb wrote: »

I know this won't help but don't regard your house as sold till contracts are exchanged.

Correct wrongly worded and I am well aware even if they get their mortgage we still have to exchange and they could still pull out :mad:

PasturesNew

Your solicitor won't allow you to exchange without your buyers exchanging if the sale/purchase are linked.

If I were you I'd get ready to put the house back on the market tomorrow if there is no mortgage forthcoming for your buyer. Let them know if they can get a mortgage they're welcome to buy it, but you can't put your life on hold for them.

As for the house you want to buy, if they haven't got a mortgage, then the likelikhood is that you will have to write that off as you are unlikely to find another proceedable buyer again quickly.

I hope it all goes well.

maccp

PasturesNew wrote: »

Your solicitor won't allow you to exchange without your buyers exchanging if the sale/purchase are linked.

If I were you I'd get ready to put the house back on the market tomorrow if there is no mortgage forthcoming for your buyer. Let them know if they can get a mortgage they're welcome to buy it, but you can't put your life on hold for them.

As for the house you want to buy, if they haven't got a mortgage, then the likelikhood is that you will have to write that off as you are unlikely to find another proceedable buyer again quickly.

I hope it all goes well.

The house we are intending to buy is a new home and the association thus far have been very accommodating.I think you are right and we will have to let it go if things dont go to plan tomorrow.The consensus of opinion seems to be to go onto SVR but Im still open to ideas ?

Our buyers have applied to The Chelsea for their mortgage and have Just read on this forum that Chelsea specialise in mortgages for persons with financial irregularities we are hoping this will help in their application.Many thanks for for all of your helpful comments so far.

pinkshoes

I would tell your "buyers" that if they don't have a mortgage in place by the end of the week, your house will be going back on the market on monday morning!!

By the sounds of it, they're not as financially stable as they thought... you've already given the buyer plenty of time, so if you want this new house, then you'll need to try and find a new buyer for your current property.

maccp

pinkshoes wrote: »

I would tell your "buyers" that if they don't have a mortgage in place by the end of the week, your house will be going back on the market on monday morning!!

By the sounds of it, they're not as financially stable as they thought... you've already given the buyer plenty of time, so if you want this new house, then you'll need to try and find a new buyer for your current property.

We have decided that tomorrow is our crisis/cut off date because tomorrow we will find out if they get their mortgage offer or not.This will be their 2nd attempt to get a mortgage and if they are refused tomorrow I guess we will have to remarket.

PasturesNew

maccp wrote: »

We have decided that tomorrow is our crisis/cut off date because tomorrow we will find out if they get their mortgage offer or not.This will be their 2nd attempt to get a mortgage and if they are refused tomorrow I guess we will have to remarket.

I don't suppose you know what the problem is?
How much they're short by, or if it is worthwhile you agreeing to a couple of grand less just to get shot of it?

maccp

PasturesNew wrote: »

I don't suppose you know what the problem is?
How much they're short by, or if it is worthwhile you agreeing to a couple of grand less just to get shot of it?

We were told it was a missed payment on a loan but how accurate that info is we dont know.With regard to pricing we were offered the asking price by our 1st buyers bearing in mind our EA told us to price ours at about £5k lower than the competition.We then decided to take an offer which was a drop of £8k to the 2nd buyers.You can probably appreciate we are reluctant to drop further.Thanks for the interest.

Jorgan_2

What stage are your buyers at with the mortgage application? Have they actually got an application in or are they seeing someone tomorrow to fill the forms out?

Many lenders are working through large backlogs at present, due to the large number of applications they have been swamped with as their competitiors pull out or raise their rates. Eight days to look at a case isn't unheard of at the moment.

maccp

Jorgan wrote: »

What stage are your buyers at with the mortgage application? Have they actually got an application in or are they seeing someone tomorrow to fill the forms out?

Many lenders are working through large backlogs at present, due to the large number of applications they have been swamped with as their competitiors pull out or raise their rates. Eight days to look at a case isn't unheard of at the moment.

We are told they will get a yes or no decision from the Chelsea tomorrow and we in turn will be told.As you can see we are teetering on possible financial ruin on one side or possible joy and happiness on the other.For the next 24hrs its all hanging on the decision of the lenders