How long should I wait for buyers to get sorted?(17 Posts)
I agreed a sale on my house 8 weeks ago. The valuation was booked pretty quickly however, the week before the valuation it was cancelled by the surveyors stating they had had the case closed.
A bit of digging and a fair few days later agent finds that they have having their application scrutinised and need to provide more information. Guessing this can be very normal.
I also get an update from my solicitor and find out they haven't formally instructed theirs, but she assures this is normal and usually happens once valuation is done. This was all around two weeks after agreeing price.
Fast forward to last bank holiday to two weeks ago and I call for an update. There's been mix up with buyers paperwork with the job and it's being sorted .. still want the house.
So now nearly 8 weeks since agreeing a price.... we have got no where. I'm worried that I'm missing some of the best house selling months.
So really I'm after some wise advice about whether to be patient and relax or get a bit bossy and get it back on the market agreeing to take it off when they get themselves sorted.
Put the house back on the market, your buyer isn't proceeding. Your EA should have advised you to do this.
Thanks pippa... I thought I was being irrational, impatient and over thinking it.
House sales have been completed in less time! It sounds like yours isn't even out of the blocks. Tell your EA to remarket it, good luck!
That's why I'm getting twitchy .. as I thought I'd be packing by now.
They are first time buyers I'm not in a chain so should have been straight forward,
Just great to have second opinion on it - thanks
I guess you need to understand whether this is an issue with buyers or if they have done everything they could and someone else screwed up.
If it is buyers, I guess I would give them a list of things you want to happen and a deadline otherwise you are putting house back on the market.
I need to admit 8 weeks seems to be long time. I am myself FTB just about to exchange. My valuation survey was booked a week from getting memorandum of sale and I had a mortgage offer a week later. Once mortgage was in place I instructed solicitor.
However I did not have any problems at all with my application and I sorted mortgage broker and solicitor beforehand i.e. they had all the paperwork, payslips etc.
I can't work that bit out. I don't know if they are really bad with their paperwork or are just having a rough ride of it.
They have given assurance they want the house, I'm just nervous that there is something wrong with their affordability, hence the stalling
If they haven't even had their survey done, then they aren't in a position to proceed. It sounds like they don't want to spend money on anything at the moment, hence not booking one. You may never know the truth. All you know is that it is 8 weeks on and nothing has happened. Put it back on the market, there is a Bank Holiday weekend ahead!
It's also not normal for solicitors not to be instructed until after survey. Solicitors should be instructed the day after offer accepted.
Have you got a memorandum of sale?
Ours ea couldn't issue it until had both sets of solicitors and until memorandum of sale is issued then offer hasn't actually been accepted.
Good point. And just for a comparison, we had our Memorandum of Sale within 24 hours of us accepting the offer.
We have one-step-at-a-time buyers - offer accepted early March but they haven't even instructed a solicitor yet (though we have the solicitor's details). Mortgage first, then survey once that was approved, now further investigation of issues raised in survey, and only then do they plan to instruct the solicitor. Oh, and they'd like to move in in June. And it's leasehold. This is going to be fun, isn't it?!
No advice but I feel your pain - I think my buyers are serious but just have a fixed idea of how they want to do things. Fine by me, but they may not get the timescales they want!
Our buyer's valuation was done today, 5 weeks after we accepted her offer. However, this was because she took 2 weeks to organise an appointment with her mortgage broker, followed by the Easter weekend.
In the meantime, we had our official mortgage offer through 2 weeks ago, our searches are through and conveyancing work up-to-date. So, we're now being held back by slow buyers/solicitors x 3 in the chain below.
Considering we were told there was pressure from the chain and it needed to be a quick turnaround, etc, etc it's all quite frustrating!
I'd definitely suggest remarketing your property until your buyer shows some progress and make it clear you're not going to be messed about.
Thanks so much for all your replies.
I have had a memorandum of sale got that pretty swift and first valuation was done few days later so initially everything moved pretty quickly.
It just seems after the bank cancelled the valuation pending further info it's just stalled.
Taking all your advice I will be calling my estate agent and setting a week serious progress or I want it remarking
Sorry just for a complete picture.. the buyers solicitor was awaiting them to produce a few docs (Id I think?) so
I'm not sure with having had the memorandum but then that comment from my solicitor if I have mis interpreted the process by saying they haven't instructed ?
When I sold DMs house I accepted the offer and got the Memorandum of Sale, contracts were not exchanged until over 4 months later because the buyers dragged their heels so much, it was about two months before they had the survey, this was with no chain. Thankfully they bought it in the end, but all I could think was thank goodness we weren't selling the house to move.
Thanks light a good news story despite a long wait makes me feel hopeful.
Time isn't pressured too much with us as long as they are serious buyers in the end.
I've emailed estate agent today and they are trying to find out more from solicitors - imagine bank holiday weekend will delay a response but I feel better for all of your advice that a gentle push is not out of line
it sounds as though they have chosen sols but not provided the copy passport etc that the firm will need to start work. I think your buyers are either very inept, stalling or having problems getting a mortgage. I'd re-market if I were you.
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