House back on the market

[WhenWillISleepThroughTheNight]

Hi everyone

I have so much that's happened just lately - I've just lost a baby so I can't think straight. Hence I thought I would ask mumsnet.

We offered on a house back in May. We had a mortgage in principle when we offered.

Offer accepted, then we were waiting for the mortgage to go through fully, however 90 days later the bank changed their lending criteria and dropped us (we are self employed and had SEISS grants).

Now we have another lender but of course there have been additional delays. We've updated the estate agent as much as we can but there have been quiet moments when nothing has happened.

Agent called me to tell me they are going to put the house back on the market with another agent.

I have spoken to our bank and it seems we are about a week away from going to offer and the solicitor has already done all the searches etc and is just waiting for the offer to put forward a completion date.

This morning we saw the new advert for the house.

It is at a lower price.

We have been the unwilling cause of the delay.

What would you do? I mean, should we ask to reduce the price to match the new asking price? Would you?

The delay is on our side but we have done everything we can to minimise it and update the agent.

I am under so much stress. I don't know what to do. I envisage we can realistically complete within four weeks now.

I’d wait until you get your mortgage offer in writing before approaching the vendors again as they will want to see that it is definitely in place before proceeding.

If they do agree to sell to you there’s a fair chance they won’t accept anything below your original offer so best to keep as is.

So Flowers is the vendor then...

What is rubbish about it? I agreed they got fed up as it’s been 6 months , that’s why they’ve gone through the hassle of getting a new agent , new photos and it will cost them when it sells with the new agent instead of old one as it’s on for less?

It won’t cost them to move agent. As they dropped price, it’ll cost them less in agent fees.

The real hit is the house price drop. Clearly overpriced

How can it be another 4 weeks if everything’s been ongoing since May?
I would push for exchange next week if you possibly can and want to hold onto the house.

We went from offer-exchange in 8 weeks mid lockdown so it can be done! I think the mortgage offer only took a week.

Why the delay in mortgage offer?

I don't think you've got anything to lose by offering again, but do wait until you really are in a position to proceed immediately.

@WhenWillISleepThroughTheNight

So Flowers is the vendor then...

No, but if I was selling a house and this had been going on so long, I would have next to zero trust in you. Unless you were able to walk up to me and show your offer and give me an exchange date, you’d be off the table as a buyer. They want to sell, they think you’re messing around, they’re hoping to get an offer that is proceedable. Many people can buy a house multiple times during the time it’s taken, and you’re not even close to being ready. If someone messed me around for most of a year and then tried to drop the price, well I can’t even write on here what I’d say!

As far as I can see here there’s no evidence the property has dropped in value, the lower price is purely to get a quick sale?

Sorry that’s what I meant, it’ll be at a cost to them dropping the price with the other agent instead of waiting for op.
Op you can always just ask them, you’ve got nothing to lose and if they think your a cf then so be it, you never have to speak to them again so it won’t matter!

Sorry op I doubt the seller would sell to you. May to Nov and still another 4 weeks so Dec no the seller think you a time waster. Look for another house I'm afraid

@S2617

It won’t cost them to move agent. As they dropped price, it’ll cost them less in agent fees.

The real hit is the house price drop. Clearly overpriced

What makes you think the house is overpriced? I can see zero evidence of that, the only thing we can see for sure is that the banks don’t want to give a mortgage to OP

Unfortunately I don't have any advice regarding mortgages and house sales, but I would like to say I'm so sorry for the loss of your Baby

@HopingForOurRainbowBaby

Unfortunately I don't have any advice regarding mortgages and house sales, but I would like to say I'm so sorry for the loss of your Baby

Sorry that I missed that, sorry for your loss

Sorry about your loss x

Sorry for your loss

But look they don't want to sell to you, so much they're willing to take less. You should look for other houses.

@WhenWillISleepThroughTheNight

So Flowers is the vendor then...

Nasty attitude you have.

Flowers is right too! You messed them around for ages, so much do they're starting again snd you think you are OK to waltz in with a lower offer and you still aren't in a position to complete.

It's no wonder buying/selling houses is a luving fucking nightmare.

We've offered on a house that costs a lot of money. In what was would we be "messing about"?

*way

I haven't said that. I asked what people would do.

Nasty am I?

Thanks.

I am not 100% sure but my understanding is that as the original estate agents introduced you as a buyer, they may be entitled to a share or all of their expected commission if you end up buying it. So if that is the case, it may be a factor in whether they sell to you.

Hope everything works out, with this house or an even better one and sorry about your recent loss.

@WhenWillISleepThroughTheNight

We've offered on a house that costs a lot of money. In what was would we be "messing about"?

Because, after 6 months you still don't have a mortgage offer in place, which makes it look as though the banks don't want to lend to you - if you've provided all documentation then from AIP to offer takes a few weeks,

have they told you why you've not got the mortgage offer yet? You've been asked a few times and don't seem to want to respond to that. People will offer advice, through experience.

The problem is that it is with hsbc and they want us to take "independent financial advice". It has taken a while of the solicitors and the bank talking to each other to try to get hsbc to provide the forms that are required for this.

The forms have now been supplied and we have the advice meeting tomorrow.

That's the long and the short of it.

Thank you to those who have offered condolences, it's appreciated x

I agree with Flowers500. They likely have the opinion that you have messed them about for 6 months and have put the property back on the market as they don't believe you will go forward with the sale. You're still not in a position to and it doesn't matter how much money is involved because you don't have it. I think they've been extremely patient but as you've already pissed them off going in at the lower price can't do any harm, be prepared for them to reject your offer though.

Its been months and you still haven't secured a mortgage. Sorry op I would have pulled the plug much sooner and no way would I be dropping the price for you.

@Saz12

If I were the vendor, I’d not accept a lower offer from you. The very most Id consider is taking your original offer but continue to have viewings until exchange. What matters is the bank valuation, not what it’s on the market at.

They don’t know you, and they’ve given up on you - for whatever reason they don’t believe you’ll complete. Remember, they dont know that your perfectly honest straightforward people who really do want to buy.

Exactly this. May till mid Nov is ages to delay. Would be a big red flag to a vendor. I'm surprised they were as patient as they have been.