House sale taking forever…

[SadSoul92]

I have no previous experience in selling a house so I don’t know if I’m being unreasonable here. I accepted an offer on my house on the 5 and a half months ago, the buyer is STILL waiting for final mortgage approval apparently the mortgage company have been asking the buyer for more and more paperwork which has caused delays. The mortgage advisor emailed my estate agent today to say they had sent in more requested paperwork and that there confident they should have the offer within the next week or so, but then the email finishes with “we’re hoping to have the last update before the weekend and we’re hoping this is the last one before the final assessment for a mortgage offer” I don’t understand what this means by final assessment? Does this mean yet even more waiting? Apparently my buyer went through an online mortgage advisor instead of a bank so estate agent says this can cause delays. Anyone have any experience or advise? I’m becoming increasingly worried at all the time that has passed by and feeling no further forwards…

BS. Of course you can apply for a mortgage before. We slways a mortgage agreed before putting an offer.

put the property back on the market. Tell them you ll take it off once morghgage has been approved. You ve wasted precious by being so accomodating

final assessment means that they havent approve them on principal which should have happened prior to looking at houses. Thats why it is taking so long.

they are not doing extra paperwork. The buyer took their chances, with an agreement in place or not, decided to change lenders or to start the process as soon as an offer was accepted.
whatever way, they are now in the process of being approved thats why it is taking so long especially for a first time buyer (as subsequently you can transfer mortgages).

they ve taken yoy for a mug. Take your losses. Put the house back on the market. Tell them that if they are ready to exchange before a new offer then you ll honor the agreement otherwise tough luck.

it s good to be nice… but to a point when enough is enough

We had one agreed in principle. Solid as, we thought. No problem.

Then they made us jump through crazy hoops, and we nearly lost the house. It took months. We then went through a broker to have a (less favourable to us) backup which we could have lived with, but was frustratingly unnecessary, given our favourable position.

Mortgage lenders are unhinged in their requests atm. I believe these buyers genuinely have problems with their lender. But the OP needs to do what's best for her.

Unfortunately that doesn't sound unusual. My in laws have recently moved and it took 9 months to complete their sale and onwards purchase. Mainly due to two time wasting buyers pulling out, but there were constant issues with the buyer's mortgage right up until a week before the move as well. Really hope you get it sorted!

We were cash buyers , it was an older persons house . First problem they were moving in with family because they were struggling . Then it was deemed they lacked cognitive awareness so it had to go through court to get that passed . Then they died so to probate . Took 6 months in the end .

Thanks all, reluctantly putting my house back on the market along side the sale now. There mortgage advisors are still saying all in hand to my agents but I really don’t have more time to waste. I hope for us all it goes through and they get it, but equally I also need to do what’s best for me as I can’t afford to keep paying to run an empty house x

So latest update… had another offer last Monday, slightly more than original offer. Advised buyer we had another offer he asked we give him until Friday to sort everything out. Friday came and he said he had a mortgage offer however mortgage advisor never replied to estate agents emails, and buyer unable to provide ANY evidence of said offer. 2nd offer buyers came to view again today and if they still wish to proceed is likely I will forget first offer and accept the second offer. Someone please tell me I’m doing the right thing. Financially I need it gone now, however conscious starting again with new buyer means at least another 12 weeks again..

Of course you re doing the right thing for you. You have no loyalty or allegiance to that first buyer.
they messed you around so because of their arrogance/stupidity/whatever they will
loose out on a house.

it s another 12 weeks but at least this time it should happen.

buying and selling is a business, take the emotions out of the equation.

Take the new offer OP.

First buyers clearly do not have the funds in place & probably won’t have after all this time.

Don’t waste another day on the first buyers.