Told estate agent to re-market my house. Have I done the right thing?

[Countessfosco]

It has been on sale since end of late last summer. Lots of interest and a good few offers, but I needed a quick sale so wanted a buyer with no chain if possible. House was priced to sell. Accepted a low offer since the buyer was ready and willing to proceed quickly and no chain. Also had a mortgage arranged in principle.

So after a few weeks assuming all was going to plan, I found out that in fact nothing was happening and mortgage not yet approved. After being told for about 10 days that it will be any day now I finally told the agents to re advertise my house for sale. Hope I have done the right thing. Told agents that we have not rejected the buyers but can't wait any longer, especially since estate agents were not aware or any problem and it took some digging to find out that nothing was happening. Have I done the right thing. We are fairly desperate to sell.

A lot of banks are going very slowly (particularly the Chelsea) because of the spike in activity. My friends who are chain free and had a mortgage agreed ended up with significant delays due to processing errors on their bank's side.

I would try to be more patient as they aren't necessarily messing you about.

Thanks for the response and I know you are right about the banks being slow. However it appears that things could still have been progressing regarding the actual sale of the house whilst waiting for the approval to come through and the buyers stopped this. The agents or myself were unaware of this and this and this is for me the problem. Sorry if I was not clear.

Oh, so their lawyer hasn't been doing searches or anything? That's odd. I would definitely relist if that were the case.

Yes, exactly. Sounds like they don't want to spend anymore money in case they don't get approved. Think I have made the right decision. Thanks for reply.

We had a similar situation, told that the buyers didn't need a mortgage. Then that they needed a small mortgage but it was all sorted, then found out they hadn't even applied until about 4 weeks after we accepted their offer. Instead they went on a long summer holiday. Nice. We completed in the end three months late, mostly down to them. Wish we had pushed them sooner. You did the right thing.