Is 3 weeks too long to wait?(13 Posts)
Had and accepted an offer on property. The house had only been on market for two days and was really competitvely priced as we need a quick sale. EA mislead somewhat about buyers position and we're still waiting, 3 weeks later for survey to be arranged. House is off market - should I put it back on asap? Does 3 weeks wait for survey sound right? I think they maybe having trouble as FTB's getting mortgage - hence delay. Any similar experiences?
Have you had an honest chat with the Estate Agents regarding this? They are working for you not the purchaser.
It may be that the buyers have no idea what they are doing or that the mortgage company are faffing around.
Either way if you have a frank discussion with the EA you might find out further.
Thanks for your reply Gonzo33.
Have spoken to EA on three occasions and she has told me that buyers broker is still waiting for lender to arrange survey and the buyers had to send paperwork by "snail mail" so that's delayed things.
I know EA is working on my behalf but that doesn't mean they will necessarily give you full and honest picture methinks.
Our buyers offered immediately after their first viewing but left the survey til very nearly the last thing - they were also ftb and had lost out on a previous purchase so didn't want to cough up for the survey if there were going to be any potential problems. Took about 6 weeks I think.
EAs lie. A lot. I'd suggest putting the property back on the market - you don't have to accept another offer if one came your way.
For the survey, it depends on what they're planning on having done. A mortgage valuation is usually just a drive-by (if that) depending on the age of your house and they can organise it within a day or two when the buyers commit to a mortgage (fees to pay?). A homebuyer's report might take a week or 2 to arrange, depending on finding convenient times for you/the surveyor. Full survey probably longer because it takes more time to do.
We moved at the end of April and weren't sure whether it was going ahead until about 3 days before completion. Our seller messed us about (we had cash buyers who had to be out of their rented property). We thought our seller was downsizing to be mortgage-free and only found out at the last minute that she did need a mortgage and had only organised an in-principle mortgage after we were supposed to have exchanged. Apparently she was "very cautious" (didn't want to spend any money in case the chain fell apart). It hadn't actually occurred to her that the reason that the chain was about to fall apart was her messing around. The seller's EAs lied to us, solicitors deliberately delayed things, our EA lied (or at least didn't tell our buyers things) and it was very stressful. Thing is, it didn't need to be if everyone had just been honest in the first place.
Hey JumpJocky that's a while to wait. How could you have been sure that they were serious buyers if they left you hanging on for so long - did you put house back on market in meantime or what?
What a nightmare CokeFan - yes it would be so much easier if everyone were upfront.
They are having full survey I think - but thanks, this is something I can check with EA.
I've never sold or bought property before, I've always rented so I don't know the rules of the game but I'm sure that my EA is not giving me the full picture re buyers.
As it made crystal clear to EA that a quick sale and completion was priority I am leaning towards putting house back on market. Buyers whose offer I have accepted can still continue process anyway can't they?
Anyone can walk away from the sale/purchase up until exchange with no financial/legal penalties (just a lot of hard feelings). Some buyers or sellers use delaying tactics so that you end up being committed to the chain because moving somewhere else would take even longer.
Assuming your buyers continue as planned, be prepared for a list of things they want repairing/changing once the survey is done (or a renegotiation of price). Ours sent snotty emails via solicitors (please confirm that the following will be carried out by exchange ) which really wound me up at the time. You can just say "no" if they do ask for things.
The sale is the part you're most in control of. The best way to get it moving quickly is to make sure you have all your paperwork in order (any electrical certificates, building regs/planning permission if you've made changes to the house, deeds if you have them) basically any documentation you have that the buyer's solicitor might ask for. They wanted a copy of our marriage certificate since we bought before we got married (changed names etc). The buyers' solicitors will also be doing environmental and land registry searches on your property, which could take some time (depends on your council).
Just another perspective ...
We are far from FTBs, but have had horrendous trouble getting our mortgage. Purely down to lost paperwork, sickness of the person dealing with our application etc.
6 weeks down the line, we are finally in a position where we have a mortgage offer subject to valuation. The valuation should (hopefully) be booked this week.
So, what I mean is that although we are a good mortgage bet (2 full time workers, 505 deposit, no CCJs etc) sometimes mortgage applications take a long while through no fault of the applicant.
Having said all that, I get anxious if a buyer hasn't booked a survey within a few weeks of making the offer. Once they've spent out money on a survey it feels as though they are more committed, IYSWIM.
Hippo - they were the ones who waited for us really - they offered, then the house we'd offered on went to a cash buyer but they really wanted the house so said they were happy to wait for us, it meant they were able to save more towards the deppsit. We accepted their offer end of march, had our offer accepted end of april, didn't manage to exchange contracts til middle of august (our vendors were sooooo crap, despite having been on the market since november they had definitely not done whay CokeFan says and took forever to getcopies of buildings regs etc) and moved in last week
I always thought it was the done thing to have a survey booked in within a week of having the offer accepted - I mean booked in, not actually done necessarily. If you're somewhere like London it can be tricky to get someone who is free to do it. If nothing at all's happened after 3 weeks, then that would ring alarm bells TBH. There is no need to wait for mortgage approval before getting a survey - survey normally comes first, unless for some reason you're relying on the bank's valuation survey which frankly seems madness to me.
If time's of the essence for you, then ask the estate agent to call up the buyer's solicitors and find out what is holding things up.
Thanks for sharing your experiences - told today by EA that buyers have not been able to get mortgage they were applying for, so I could either wait for them to start process again making another application elsewhere, or accept offer from another buyer waiting in the wings. EA had already contacted new potential buyer and got ball rolling as he knows quick sale is priority. Round two!
When we sold we agreed with EA and buyers that the house would continue to be marketted until the buyers had paid for their survey. We would not however, allow anyone to view for 2 weeks. During those 2 weeks EA logged any enquiries and survey was hastily arranged.
shrewd move Nosey and will defo bear that in mind. Thanks.
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