Vendor wants to put property back on the market - WWYD?(41 Posts)
Our vendors want to put the house back on the market as they think that we are being too slow in the house buying process. Our offer was accepted on 1 October and to date we haven?t got a mortgage offer. We had to change mortgage providers half way through the process as they kept messing us about. The estate agent and vendor were aware of this.
4 weeks after our offer was accepted the vendor threatened to put the house back on the market as no survey was carried out and they felt that we weren't committed to the property. We then hurriedly arranged a survey even though we were in between mortgage providers just to keep them happy.
I received a phone call yesterday from the EA informing that the vendors want to put the property back on the market as we've had no mortgage offer. I explained that we are doing all that we can and there isn't anything more that WE can do in order to speed up the process. The mortgage company are slow in requesting information etc.
On the legal side, the solicitor appointed by the bank has just started doing the searches and they are absolutely rubbish. EA is complaining that he can?t get hold of my solicitor ( and neither can I) as he needs to check the progress in order to report back to his client.
My colleagues said to go back to the estate agent and just ask them outright whether the vendors wants to sell us the property as they have threatened on several occasions to put the property back on the market. So what do you think? And what would you do?
Also, I have been very honest with the estate agent ? is that wise?!
Wizard we have gone to the local Nationwide branch. They were v sorry for the problems they we are having but they can't help us as we applied for the mortgage over the phone.
green well they've lost our initial application do your friends exp sounds v similar to ours.
mummy no we haven't formally reduced our offer. But the EA and the vendor were anticipating us to reduce out offer and told me the vendors will not accept a reduction in price. EA said that they will definitely put the house back on the market as this would be a step too far.
Like one of the posters mentioned, I'm hoping to get the mortgage before asking for a reduction in price.
So sorry for the multiple posts - I'm on my phone,
London In that case I would call up and insist on speaking to a manager and make a formal complaint. Eight weeks is far too long to underwrite a mortgage application. I don't know how you are keeping your cool I would have lost my temper massively with them by now.
London re: lower your offer.
We offered (and have subsequently bought) a real fixer-upper too... I can't remember whether it was the survey we arranged or if the mortgage company also had something done but the bottom line was their offer was dependent on the value that the survey gave the property (not the vendors, not the EA, nor what we were prepared to pay - and we put down a £60k deposit as first time buyers, so 'risk' wise, we're pretty safe with that much equity going in to it). It's relevant to your case too, right? It may be that the mortgage company will feel it's not worth what you have offered in which case the vendor can either stamp their feet, look for a 'cash' buyer (as this problem will pop up again and again for others seeking mortgages) or suck it up and take an even lower offer.
sounds like they want to get a move on
Get a formal written complaint in. That way you'll be allocated a case manager who will be overseeing your complaint and it's likely that this might improve the service that you get.
have asbestos ceiling
I would never buy a place like this. Asbestos is cancer-causing.
The costs for having that removed and replaced would be out of the norm.
Aargh, this reminds me of why I hated house-buying with a passion (sorry).
We had a similar problem in that our original mortgage offer fell through after we'd put an offer in, and we had to reapply. We had similar threats from the vendor to put the flat back on the market, but there was nothing we could do and it turned out to be a bluff (I suspect by the estate agent rather than the vendor).
IIRC a mortgage offer is only good for one specific property. So if you get an agreement in principle then the bank can change their mind if they don't think the property is suitable, or if they change their lending rules (which they seem to do quite regularly).
Are the mortgage problems related to the condition of the property? If so that would be a good reason to lower your offer.
Otherwise if the vendor wants to put their property back on the market then you can't stop them, but if they do then you would be quite reasonable to start looking at other properties again, and maybe you will find somewhere better.
Thanks for all of your feedback.
wizard Our first mortgage offer fell through. For this second mortgage lender we are only 4 weeks into the process since we applied. I have complained to Nationwide.... don't think that it's done much good.
manda no the property has been valued at exactly the same price as the offer.
mrs No the mortgage problems are not related to the condition of the house at all. They just keep losing our paperwork. And some of the paperwork that we have provided is apparently not acceptable etc. So we've wasted alot of time sending info and for them to reject it.
suburbophobe my understanding is that asbestos ceilings are safe as long as they are not disturbed?
I assume it is Artex which contains asbestos, or cement that possibly contains asbestos. Which are fine.
The person up thread probably has very little professional experience of asbestos. For what its worth everyone over a certain age has a risk of having being exposed to Asbestos, for example it was used in brake linings.
Im sorry but Im with the vendors on this one. Having bought and sold a fair few houses over the last five years (long story) it has never taken us longer than two weeks to get a mortgage agreed. Im intrigued as to why your first mortgage fell through and its taking so long to sort out another if (as per your posts) there are no problems of affordability or valuation. TBH, Im surprised your vendors have not put the house back on the market sooner. My personal rule for selling houses is if the survey has not been booked within two weeks, the house goes back on the market, unless the purchasers can give a very good explanation.
Hi all, just an update for you all.
Sadly the vendor has passed away on Monday and now the property needs a grant of probate before it can be sold.
I'm sure I will be writing another post soon seeking advice on the length of purchase of a probate property etc.
Thank you all for your contribution. It's been an eye opener for me... and I mean that in a good way.
Oh goodness how sad for the vendors, but difficult for you too.
I hate to say it, but it could be a year now before the sale can go through.
And you still have no mortgage offer?
Oh gosh, that's sad news.
But it gives you some breathing space to have a good think about whether this is the right property for you, bearing in mind the cost of works needed.
We had a hellish time last year when trying to get a mortgage with HSBC. Like you, we applied over the phone - never again.
In the end I visited the branch and refused to move until I got either the mortgage offer or a 'no'.
Did the trick - a couple of hours later I had a mortgage offer in my hand and the lovely bank person got some flowers and chocs from me for being so dogged on the phone to mortgage hq
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