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.

You remind me Of my mother in law. Everything is very it will get sorted it’s being done but no urgency.

As a seller may-nov/December nah I would rather find someone new you still don’t even have the mortgage fully sorted and ready. Hell I’d accept 10k less than your offer if it meant not dealing with someone who takes so long. Providing I didn’t actually need the 10k but I still wouldn’t deal with long term messers.

@WhenWillISleepThroughTheNight

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

so, as far as the vendors are concerned, you still may not get a mortgage offer - an IFA isn't in a position to get you an offer, but to trawl the market to look for a product which suits your circumstances. HSBC would not recommend you take independent financial advice if they were going to offer you a mortgage.

Hence they're looking after themselves and looking for another buyer.

Oh wow just realised you don't even have a mortgage sorted!!!!! After 7 months!!!!!!!!

No, this isn't correct. Hsbc just want us to take advice. They are the only bank to do so but it is what it is.

We are trying to buy and it's taken us a similar time too, I'm not entirely sure why as we aren't in a chain and we've been ready for a long time but our mortgage and solicitors have been so so slow. We are also self employed so I don't know if it's something to do with that. Every day I expect the seller to put it back on the market and I'm so so stressed about it. I'm so sorry for your loss, I can't imagine how hard the year has been for you.

Offer asking price and see what happens

Sorry for your loss OP.
Unfortunately PP are right and it's the length of time it's taken that's the issue.
I do think the vendors should have given you a deadline though - to just tell you and put house back on is a bit O_O

If there are no other buyers you may end up getting it anywya

Just to bring this thread back to the original question, I was asking what you would do in the face of the price being dropped.

The original agent said that they would still be happy to sell to us.

As I explained, we're now very close to completion, so I wanted to ask what you would do.

It's descended into a bit of a finger point, where I have pissed them off, messed them about, cannot get a mortgage.

I want the house. In my opinion we are close to getting the house. The agent said they would still be happy to sell to us. All I wanted to ask is would you lower the price. Early people said yes, then people said no.

It seems that's where we are.

I might duck out now, I'm not in a good place and I don't want this to become an argument over what a dreadful buyer I am.

@Coffeeisnecessary

We are trying to buy and it's taken us a similar time too, I'm not entirely sure why as we aren't in a chain and we've been ready for a long time but our mortgage and solicitors have been so so slow. We are also self employed so I don't know if it's something to do with that. Every day I expect the seller to put it back on the market and I'm so so stressed about it. I'm so sorry for your loss, I can't imagine how hard the year has been for you.

Couldn't leave the thread without thanking you for this. Xx

I'm sorry but I also agree with Flowers.

You don't think you're 'messing about' but to the vendors, it will feel that way. Try to see it from their perspective. They've been waiting a very long time. You know it's because of your bank but even if they understand that reason, it would also make them hesitant to accept a bid from you again because they're going to be worried it could happen again. They have been trying to sell since May and need to complete.

Honestly if I were them and the seller that had been stringing me along since May came and said 'no really, I can complete now. BTW I want to pay you 5k less' I'd genuinely only take that offer if no new offers had appeared.

They clearly are motivated and trying to complete now.

(multiple uses of 'complete' sorry! )

They're unlikely to accept another offer from you

Sorry, crossposted.

Ask them to lower the price if you want. But the reason we're commenting on the type of buyer you are is because that will be part of the decision of the sellers to accept or not.

You can offer a lower price, I'd expect them to be fairly wary of selling to you anyway until you have more of a guarantee of being able to secure a mortgage. I'd start looking around for something else to be honest.

I’m sorry for your loss, I’m sure the house stress isn’t helpful for your grieving right now.

I have to agree with others though that I wouldn’t entertain a lower offer from someone who had taken 6 months and still didn’t have a firm mortgage offer. I think it’s most likely you’re going to have to move on from this purchase and find something else.

Do you mean close to exchange? That comes before completion. And no, I would not accept a lower offer from people who had taken this ridiculous length of time.

I sympathise because my husband and I were also tricky customers with a non-standard financial situation (so many mortgage companies don’t seem to be interested unless you have two PAYE employees earning a monthly salary!) and our mortgage took about five months to come through. It was so nerve wracking and I spent every day worrying that the whole thing was about to fall through. Thankfully it got there in the end but it took a LOT of string-pulling from our mortgage advisor and our accountant who were absolute heroes.

That said, I was slightly surprised to see that your main question was about offering less? It sounds like you could be on thin ice there and I can’t imagine that going down well.

Do you still want the house? If you do, I’d proceed as is and not contemplate offering less, since it sounds like the sellers could already be running out of patience.

If you can take it or leave it then go for it and offer less, but only if you’re prepared for the seller to say no and take the whole thing elsewhere.

I’m so sorry for your loss

I’m sorry for the loss of your baby.

Go with the lower price. If you’re just a week away from the mortgage offer, go to new agent, make an offer ( of lower price or a few thousand below that) and go from there.

I’m sorry but if I was the seller I wouldn’t entertain an offer from you.

@WhenWillISleepThroughTheNight

Just to bring this thread back to the original question, I was asking what you would do in the face of the price being dropped.

The original agent said that they would still be happy to sell to us.

As I explained, we're now very close to completion, so I wanted to ask what you would do.

It's descended into a bit of a finger point, where I have pissed them off, messed them about, cannot get a mortgage.

I want the house. In my opinion we are close to getting the house. The agent said they would still be happy to sell to us. All I wanted to ask is would you lower the price. Early people said yes, then people said no.

It seems that's where we are.

I might duck out now, I'm not in a good place and I don't want this to become an argument over what a dreadful buyer I am.

I’m sorry if what I said upset you but everything was 100% relevant to the original question around the price being dropped. To reiterate, they are not dropping the price for you. They are opening themselves up to lower offers from other people over continuing with you.

A good action plan would be to call solicitors and mortgage ASAP tomorrow to see if anything can be done to get this over the line ASAP, like for exchange in a few days. Otherwise I would try to get the mortgage finalised while looking for other properties, unfortunately I don’t think this one is going to work for you. It’s also looking very likely that you won’t be getting this mortgage and if you do get one you’ll need something at a lower price point.

From the vendor’s perspective, dropping the price to you would be a “hell no.” They’re probably looking for a cash buyer at this point.

OP "The original agent said that they would still be happy to sell to us."

That's the most important bit of info, surely.

In that case, I'd offer the new asking price.

Ignore EVERYTHING here and talk to the agent in the morning. Do whatever it is they tell you to do.

If you want the house and you now have everything in place and can proceed quickly then re-offer them whatever price they will accept from you with a more firm date for completion.

@DaisyNGO

OP "The original agent said that they would still be happy to sell to us."

That's the most important bit of info, surely.

In that case, I'd offer the new asking price.

I took it to mean happy to sell to them at the old price. Why on earth would the vendor reduce price for the OP?

Also you know that gazumping can take place at any stage so by putting it on the market they're protecting themselves aren't they...

Tractor, sorry, I'm confused

I thought the house was listed for less and that the agent saying they were happy to sell to OP meant at the new price.

Maybe I'm just in a muddle, ignore me.