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Original poster

Would you go back to market?

15 replies

Invisiblewoman1 · 26/12/2020 18:28

I went under offer in august and just before Christmas the house I am buying pulled out as we had been ready to exchange for 6 weeks but my first time buyers mortgage offer had not bee issued and they got fed up of waiting. I don’t blame them although I am disappointed. My buyer has blamed it all in the broker, she’s self employed so I think things are taking longer anyway. She’s told me she still wants to buy amd is going to a new broker.
I’m going to start looking again for another property but should I give up on my mbuyer too a s go back to market?

OP posts:

GlitterBiscuits · 26/12/2020 19:35

Yes. Your original buyer can still come back to you once she has a firm mortgage offer

cloudchaos · 26/12/2020 19:43

Has she got an AIP? Assuming she has, it might take just as long with a new buyer. Ours took about 12 weeks to come through. So as long as she has the AIP I would stay with her... if she doesn't even have an AIP though I would look for a new buyer.

SilkiesnowchicksandXmastreecat · 26/12/2020 20:11

Yes I would go back on, I doubt it was the broker. If she manages to get a mortgage she can re-offer.

Yellow85 · 28/12/2020 21:32

I guess it depends on how much interest you had when it was on the market. Do you think it would sell quickly?

MoirasRoses · 29/12/2020 10:59

Can you find out what the delay is? Mortgages are taking a while but not that long! We had an offer early September & entered a chain of 5 including FTB’s at the bottom and we all moved first week in December..

When did she apply? What bank (to see service times)? What was the broker to blame for? They literally assess your income & submit to a bank - did she do it very late? Did she apply for a mortgage that wasn’t realistic & it’s been rejected? It would concern me your buyers are going to another broker, suggesting they are starting the mortgage process all over again?!

BrieAndChilli · 29/12/2020 11:17

We put on an offer on a house first week of November and had mortgage offer mid December. We are FTB.

Original poster

Invisiblewoman1 · 29/12/2020 12:11

Broker is being blamed for not submitted information to the bank when requested on two occasions causing over a month delay first time and 3 weeks delay second time. Not answering calls or emails etc.

I think the buyer is also clueless which doesn’t help as they didn’t apply for 6 weeks after offer was accepted and then didn’t chase everyone.

I am hoping she just transfers her current application to new broker. But I am going to go back to market as I am worried my buyer may never come through

OP posts:

ireallyamthewalrus · 29/12/2020 12:17

Not applying for a mortgage until 6 weeks after offer? She isn’t a serious buyer. I would certainly remarket.

Original poster

Invisiblewoman1 · 29/12/2020 14:26

Supposedly she didn’t understand the process. To be fair to her she isn’t British and is a first time buyer and maybe relied on her broker to tell her the steps but has ended up with a broker who doesn’t seem great either.
I don’t think any of it was purposely done to delay or mess about but unfortunately it’s cost me the house I wanted to buy, the conveyancing and survey fee and maybe even the stamp duty saving. So I am frustrated. Even though my buyer is otherwise ready to exchange I am not hopeful regarding the mortgage offer

OP posts:

ireallyamthewalrus · 30/12/2020 21:43

Do you think your house will sell quickly if you remarket? If so I would do.

Original poster

Invisiblewoman1 · 03/01/2021 08:53

It sold the first time within a week and had two over asking price offers. But that was in the summer and I don’t know what the current market is like but I imagine it could now be more of a buyers market with more people making lower offers again

OP posts:

thatonehasalittlecar · 03/01/2021 10:19

Do both. Put it back on the market and see what happens, without rejecting your initial buyer. If you get a higher offer or one from buyers who are able to proceed quicker, take it. But if her mortgage offer comes through in good time, you can take it off the market. Presumably the FTB isn’t spending any money on searches etc until her offer is in, so it won’t cost her anything except time

RainingBatsAndFrogs · 03/01/2021 12:16

I think the buyer is also clueless which doesn’t help as they didn’t apply for 6 weeks after offer was accepted and then didn’t chase everyone

Your EA should have been on this! Increasingly their job is to manage the overall progress of the sale / chain.

Market it again right now. Get your EAs to be very energetic over proceedability.

Thehousejackbuilt · 03/01/2021 20:38

Yes and we are doing so tomorrow if our FTB haven’t made any progress on their mortgage over Christmas. We are in the exact same situation except they lied to the EA over how far they had progressed and therefore we are ready to exchange on our onward purchase. We had two offers over asking price within a day of marketing back in October. We will tell FTB once they get a mortgage offer we will go back to them if we haven’t sold again but we need to cover our interests too.

Thehousejackbuilt · 03/01/2021 20:39

Oh and they are both self employed but had a 60% deposit verified by the agent and an AIP. We are suspicious they can’t get a loan for the remaining 40% as the overall property value is below £150k.

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