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?!
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
And you still have no mortgage offer?
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.
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.
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.
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.
suburbophobe my understanding is that asbestos ceilings are safe as long as they are not disturbed?
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.
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.
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.
Message withdrawn at poster's request.
sounds like they want to get a move on
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.
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.
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,
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.
Yes if we do not proceed we are liable for the search fees, circa £300. Lets not forget the mortgage arrangement fees for the two mortgages, our previous solicitor costs and the full structural survey.
Also, in response to the earlier comments, we had a mortgage agreement in principle before we started house hunting. Furthermore, we are looking for houses around £150k less than what the mortgage lender is willing to offer us. Hence we thought that getting a mortgage would be the least of our worries. Guess we were so naive!!
We're paying our solicitor about £1500 which includes both the sale and buying (if we ever find a house to buy), this excludes the stamp duty we'll also pay to them.
We are also with Nationwide and have been to see a personal mortgage advisor, for whom we have the number, and have been in contact directly with her on a number of occasions.
I'd say that you need to demand the number of one person to deal with from Nationwide and also look around at other solicitors.
At this rate, yes, I'd expect them to put it back on the market.
The best I can say is, once you finally have this mortgage approved (perhaps after Christmas, at this rate!) your next house purchase should go a bit quicker.
For future reference, online statements are almost never accepted, unless they've stated otherwise. You need to request statements from your bank, and they will be posted to you (branches won't print the official statements).
That having been said, a friend of mine just had a mortgage approved by Nationwide, and they also managed to stuff up his paperwork. They claimed he hadn't sent something in, which he found in the envelope with the other paperwork they sent back to him. Added an extra week or more to the process.
London I am sorry to see you are still having problems.
If I am honest as a vendor I would definately be getting jittery and debating putting the house back on the market. You know me though, impatient.
If I were you I would be walking into a Nationwide branch now and demanding to be seen by someone who can sort this mess out. This is ridiculous.
If you don't proceed will you still be liable to some solicitors fees?
I wonder if you have a case for complaint..if they'd acted with more speed you wouldn't be in this position.
Why walk away? You do realise that until you have exchange contracts there is nothing to stop her showing other people around. If she has had buyers drop out at the last minute before she might even be wise to do so.
However, her putting it back on the market doesn't mean it will sell to anyone else.
A story: when pregnant with DC2 we saw a bigger house we wanted to buy, we put in an offer, it was accepted subject to ours being sold. Pretty soon we had an offer on ours, from someone with no chain (she was moving overseas), everything firmed up, the vendors took their house off the market.
Things were going fine, then our buyer had to pull out, he company forced her to move overseas much faster than expected.
Our Vendor then said they had to put their house back on the market. We were fine about this. However I only gave it (mentally I didn't tell anyone) two weeks for us to find another buyer; because by then it would be getting too close to my due date.
They found an alternative buyer, and we said fine! And put off moving for another year. I went on to have my baby, and we moved about a year later, to a different house in an even better location.
However the original house was back on the market by then, they had had at least one more buyer drop out.
With houses you need to not get panicked into decisions, especially by estate agents. If it needs £8000 of work maybe its not the right house. Even if she puts it back on the market it might not sell. Have you formally lowered your offer? (I would do this only when you have your mortgage in place.)
Have you kept looking for any other houses which come up?
I have been hassling the lender, I call them every day sometimes twice in a day. Unfortunately it doesn't seem to make a difference at all as I speak to different advisers every time I call. I can't do more than that as I'm trying to juggle a full time job at the same time as well as the school runs etc.
For us saving £1.5k by not using our solicitor is a huge amount of money. We have thrown everything we have into the deposit fund so that we can buy our first family home. And now on top of that, we have to find around £8k to rectify all the faults that the survey has thrown up.
In a way I feel that if she puts it back on the market, then the decision is made for us and we can walk away....
I would hassle my mortgage provider, but also communicate to the vendor that they are perfectly at liberty to put the property back on the market. But check, does this mean they will not sell to you?
There is no guarantee if they put it back on the market that anyone else will offer, it has already been on the market for 5 months. Even if they do, they may well not be in a position to proceed before you do.
This could be an EA hassling you (maybe they want to commission sooner rather than later); rather than the vendor. Have you spoken to your solicitor? Ours once told us to start looking at properties again when a vendor was slow to get the process moving. (We have a Nationwide mortgage and were never even offered their solicitor, but the local company we used were very very good, well worth their money).
Good to have all of your opinions. I guess that there's nothing that I can do but wait for the mortgage offer. If it goes back on the market, then so be it.
I'm a firm believer in what will be will be. Maybe we are just not destined to buy that house!
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