Time frame - nervous FTB

[GorgeousLadyofWrestling]

We had an offer accepted on a property we really want. We’re keen FTB and ready to buy. When we put the offer in, we had to suggest a time frame but we were totally green and realise now the time frame was unrealistic. The vendor accepted the offer on condition of the time frame.

Can he hold us to this, when it’s out of our control? We’re doing everything we can to push things along and part of me thinks - surely he knows these things don’t happen quickly?

There’s no chain, it’s a freehold but it’s taking so long. The mortgage company claim they’re behind on applications so there’s a hold up there. Our broker is convinced there won’t be a problem with our application but if the mortgage company are moving slowly, there’s not much we can do.

Then our solicitor is saying it will be 8-10 weeks. I’ve spoken to them at length and I think they like to err on the side of caution in terms of time. Maybe it will be quicker. I’ve communicated to the vendor what the hold ups are - that it’s not us but the process.

But I’m so nervous he’s going to get fed up. Offer accepted a month ago - had survey done and valuation. Communicated everything as much as I can. My mum says he won’t want to re-market and he will see that there’s movement and it’s ok. I’m just so nervous. I can’t bear the thought of ten weeks of this nervousness!!

I think your seller would be bonkers to drop you now. It's a buyers market and who knows what will happen next. Just keep them informed and keep pushing.

People can be irrational and unreasonable, especially when buying property!

That said, I always think if they can realistically get someone to buy quicker than me at the same (or better) price. So if something was very popular, well priced and the buyers were in a chain fannying about then I'd consider cancelling the sale if I thought I'd get someone else.

We completed last month, we were chain free and the vendors were buying a new build. They threatened numerous times to pull out as we weren't moving quick enough but we completed in 8 weeks. At one point we said that they could go ahead and pull out if they wanted, and they backed down immediately - empty threat!

I'd keep calm, with Brexit and the market as it is, I don't think a sensible vendor would pull out on you.

Thanks both. It was on the market for three months before us. He had four offers he refused before we put in our offer. He’s not in a chain - he doesn’t live in the UK and - apparently - wasn’t massively concerned if it didn’t sell as he would do it up himself and rent it out again. It needs a lot of work and we negotiated a sensible offer that he accepted. So I’m hopeful he’s actually not too concerned at the timing.

It’s just that the time was mentioned on condition of the offer that’s niggling at me. We’re definitely not messing about - his solicitors haven’t even started their work yet, according to my solicitors - so that also gives me hope he’s not massively pushing.

What time frame did you give? And what was it based on?

Many purchases take 12-16 weeks even without issues or chains.

Six weeks 🙈🤷🏻‍♀️ Which I see now is utterly ridiculous but we had no idea as FTB and that’s what friends/ family who did have experience advised to say. But surely the vendor must realise it was unrealistic?

Hmm - so how many weeks in are you?

4 weeks. So far we’ve had survey done, valuation accepted by the mortgage company, solicitors instructed, all documents asked for sent off promptly etc.

We are very inexperienced. No idea if this is all normal speed and it’s ok. We are not concerned from our perspective if it takes another six weeks. What I am concerned about is the buyer losing patience because we put down an unrealistic time frame unwittingly.

I spoke to my broker yesterday - underwriters asked a very easy question, we responded ASAP but broker advised it will be another five days for the offer because mortgage company is behind on applications and each time they ask a question, we go to the back of the queue again. There’s absolutely nothing I can do about that but all I could do was ring the estate agent to communicate that to the vendor. He didn’t seem to think it would be a problem but I don’t know - I am just generally fearing the worst. I never believed we’d ever be able to even buy anything so I am quite emotionally on edge that it will even happen. We’re not buying the place of our dreams - we’re just buying the one place we can afford.

We asked the vendor a very reasonable question and it was all fine but he took two weeks to respond - which is totally fine! - but gives me hope that he’s not doing things instantly and therefore is relaxed about the process.

The only way you'd have been completing in six weeks was without a mortgage and/or without searches. I don't know why they agreed to your suggestion other than that it indicated you'd move everything along from your side (as opposed to waiting two weeks to fill in a form etc).

Easy to say worry less, but buying houses is stressful stuff and you've got to let the process take its course. Do what you can as quickly as you can and then wait.