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.

Sorry for the loss of your baby and the stress about the house.

I think you should do the honourable thing and offer the original amount, and tell them you can exchange next week.

@Lalliella but they can't guarantee exchange in a week, they still don't have an actual mortgage offer in place.

Sorry, but as someone who's sold a house before, I'd have given up on you. Even if you turned up offering £20k more, I would say no thank you and look for another buyer; so at this stage you're just wasting your time. It sounds like you've got a bit over-extended and need to rein back your ambitions. The right house for you will be out there somewhere, but it isn't this one. Good luck with it all.

Why appoint a new agent?
Because they feel the first agent has messed them around. Because they thing the first agent won't be looking as hard for a new buyer.

Why drop the price?
Perhaps so they can get a lot of interest, and get a bidding war going.

I wouldn't do anything until you have the finances in place to exchange within a day or 2 with no more hold ups.
I'd then go back to the original agent and tell them you are ready to proceed. They will push the vendor to go with you as they will then get their commission. If you go to the new agent then both agents will be expecting commission which will be a further cost to the seller.

On whether you drop the price would probably depend on what interest the new agent has had. The market seems to be settling a bit depending on area but its risky and you would have paid the higher price if you had got your financial act together.

Op just wanted to add we are also self employed and due to the pandemic and seiss grants and the market being so busy we also took from February to August to complete. Some people on here commenting clearly have no idea how slow its taking to currently get a mortgage especially when self employed and having taken seiss grants. I'm also sorry for your loss. I think id still offer the original price if we could afford it. All they can say is no.

The next day we offered a completion date within the next week but they are refusing to continue now, despite the agent saying that they would.

Just thought I would close the thread with the final update.

Need to organise the funeral now anyway so I can focus on that.

(Oh and we didn't even mention the price change)

Sorry to hear about your loss OP.

Unfortunately it did look like they'd given up on you from what you'd said, hopefully you'll find a better, cheaper and larger house soon.

@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 would stock to your original offer and get an up-to-date position as quickly as possible. Let the vendor know exactly where you are with this. Fingers crossed you can exchange soon.

Don't offer a reduced amount.

*stick

Oops didn't read your message.
You will find a better house.

I'm really sorry to hear your update. What a stressful and upsetting time.