Having to put house back on the market

[TheLetterZ]

We had an offer on our house at the start of October so then put an offer on a house we really like (half buried single story uber-modern very unusual for the area).

We have everything in place just waiting on our buyer getting mortgage approval. It has been with the underwriters for weeks and today our estate agent recommended we relist. (Well the asked last week but we held off.)

Really gutting but nothing we can do about it. Incredibly frustrating.

Oh, OP that’s very annoying! Will your vendors wait for you?

My mortgage was approved today after also being back and forth to underwriters for weeks. My financial/ employment situation was quite unusual apparently. Mortgage advisor did say that since COVID underwriters are busier than ever as banks are more cautious. I would find out what the reason for this delay is- is it underwriter capacity or do your buyers need to evidence something else?

@Saz12 I expect they will also relist but if we get everything together we will be able to go ahead.

@Mumbum2011 that is what we are hoping, that our buyer will manage to get everything together. There is lack of communication and the estate agent has lost trust which is the concerning bit.

Our mortgage application was as straightforward as you could possibly get; porting and borrowing a little extra, 60% LTV and it took our bank just over 50 working days from application to mortgage offer. Many banks have a backlog of applications so you aren't guaranteed that your next buyer won't end up in the same situation, unless you find a cash buyer.

My house went under offer around the same time and buyers haven’t had mortgage approved yet. Wasn’t worried until I read this post

We are going at lot by the estate agent, they have concerns so have passed them on to us. If your estate agent doesn’t have concerns there is nothing to worry about yet.

I don't see the point of relisting now. Would you not be better leaving it until the new year?

If the agent is telling you to register they must be very confident the buyer won't get funding.... they don't cancel sales lightly

There weren’t any other people interested in yours I presume? Might be worth trying them first.

What are your buyers saying the hold up is with their bank? We kept our vendor's EA updated on where our bank had got to every week and also informed our EA in case our buyers chased for an update. All I can say is that if the bank is Platform, they were very behind back in October when we eventually had an offer.

Our buyers lost patience with us that we ended up in a hotel between our sale and purchase for about 10days to ensure we didn't lose our buyers. The mortgage offer literally landed through the letter box just as we were locking up the house on completion day to hand in the keys. It then took just over a week to get exchange and complete on our purchase.

All I know is the problem is with the underwriters but that her parents (single mum oldest is 12 so not young) are acting as guarantors which further complicates the situation.

I really hope she does manage to get it sorted but as someone has said EA don’t recommend putting back on the market with no reason.

We have two viewings lined up for Saturday.

Sometimes EAs recommend this so the buyer ups their game. Our very good EA did this with 3 properties last week and the buyers got sorted quickly. Regardless I'm sure you will find another buyer quickly