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Original poster

Would you relist?

104 replies

Tablechairtable7 · 08/07/2021 10:21

We listed our London property 3 months ago, and got offers over asking price. We went with one buyer who said they’d proceed quickly, and was the middle price and not the highest.

Three months down the line, they still don’t have their finance sorted. They respond quickly to questions, but they’ve had trouble getting a mortgage and still don’t have it in place.

Our solicitor says she hasn’t heard from their solicitor at all.

Now our EA is telling us our property is worth more than they’re paying, and that if we want to relist, she’s confident she can get a buyer quickly.

I don’t want to be unfair to these buyers, but we were supposed to have moved on June 30 (that didn’t happen) and now the July date we’ve given them probably won’t happen either.

I know a new buyer would take longer, but I feel a little bit like we’ve been strung along by people who can’t really afford our property anyway…

Should I relist? (If we do, the EA isn’t planning on re-marketing, she is going to go to her list of people and do off-market viewings.)

OP posts:
Sprig1 · 08/07/2021 10:27

Yes, of course. If you do end up putting it back on Rightmove check that it goes on as a new listing, not as a resurrection of your old one. You can do that after 3 months, I think.

readytosell · 08/07/2021 10:28

Gosh yes you've been more than patient. I'd relist.

Original poster
Tablechairtable7 · 08/07/2021 10:34

Thank you both! Our buyer says they’re waiting for “one last piece of paperwork”, but when we asked if - when that arrived - they’d proceed quickly and complete by the July date, they said they didn’t know.

When pressed, they said their solicitor won’t do anything until this last piece of paperwork is in (presumably something they need to get their mortgage) and that they’re trying to get it every day.

I don’t want to be unfair to them, but I really just want to move! And it feels a bit like one thing after another…

OP posts:
SausagePourHomme · 08/07/2021 10:45

Definitely relist. You have been more than fair.

furstivetreats · 08/07/2021 11:29

If their solicitor hasn't contacted yours at all then I'd have thought there's pretty much zero chance of completing in July. They're going to need searches and enquiries and to check the contract etc. I'm also a bit surprised there solicitor won't do anything in the meantime, why wouldn't they start searches etc if instructed to do so?

I'd relist, particularly if you you're effectively not relisting but just doing it off market.

Yellow85 · 08/07/2021 11:33

I feel your pain. I do empathise with buyers as we’re purchasing just now and mortgage company estimates 18 weeks for offer of loan paperwork. It’s ridiculous and the main reason sales are falling through. I get the property surge is unprecedented by 18 weeks?!!!

We’re in Scotland so slightly different bus basically we wait for offer of loan before signing missives - then there’s still a few weeks to settle. We’re lucky with our chain as we are all in the same boat, literally sitting waiting even though we all have agreements in principal before offering.

MaggieFS · 08/07/2021 11:36

Three months to not even have a mortgage offer agreed? So no progress on searches? And no contact from the solicitor for contracts?

Weird. I'd take the chance of relisting.

Itscoldouthere · 08/07/2021 14:47

I think your buyers could be doing a lot more, we are waiting for mortgage offer (god know how long it will take) but we’ve had nearly all searches back, done full structural survey, sent enquiries back to the seller, I would hope that by the time we get the mortgage offer everything else will be ready.
We are only getting a small mortgage so pretty sure we will get it, maybe your buyers are pushing their limit, did the EA tell you their position with their offer? Just thinking perhaps they don’t want to spend any money until they get the mortgage? If that’s so I’d re-list and try to get someone in a better buying position.

BernadetteRostankowskiWolowitz · 08/07/2021 14:49

Were you not advised by EA to check the buyer was proceedable before accepting (agreement in principle and proof of deposit shown to the EA)?

Original poster
Tablechairtable7 · 08/07/2021 14:51

@Itscoldouthere

I think your buyers could be doing a lot more, we are waiting for mortgage offer (god know how long it will take) but we’ve had nearly all searches back, done full structural survey, sent enquiries back to the seller, I would hope that by the time we get the mortgage offer everything else will be ready. We are only getting a small mortgage so pretty sure we will get it, maybe your buyers are pushing their limit, did the EA tell you their position with their offer? Just thinking perhaps they don’t want to spend any money until they get the mortgage? If that’s so I’d re-list and try to get someone in a better buying position.
Apparently their solicitor won’t do anything until this piece of paperwork comes back, I really don’t know what to think.

If it were me, I’d also make sure all other things were done also! And then it’d be quick when the mortgage offer comes.

OP posts:
Bluntness100 · 08/07/2021 14:51

Yup relist immediately.

SporranRummager · 08/07/2021 14:55

I would be very dubious about the fact that their solicitor is not carrying out any of the conveyancing while waiting for the mortgage offer.
Either they've told the solicitor not to do anything that incurs a cost until they've got their offer (which is fair enough but no help to you) or there's something not right about their financial situation that the solicitor is trying to check out before taking their instruction.

Original poster
Tablechairtable7 · 08/07/2021 14:56

@BernadetteRostankowskiWolowitz

Were you not advised by EA to check the buyer was proceedable before accepting (agreement in principle and proof of deposit shown to the EA)?
We weren’t, and feel a bit foolish for not properly checking and just taking their word for it.

I looked back at correspondence and, 3 months ago, they admitted that they lost their initial mortgage offer (the one they said they had when they came to view and put an offer in), and they would get a new one within two weeks. Then they got something in principle.

But - all this time later - they are still waiting on paperwork for the mortgage. If they got an offer in principle, I don’t understand the further wait?

I don’t think I really understand what’s going on, to be honest. Why would that stop the solicitor from doing anything whatsoever until it arrives?

OP posts:
Allthehotchocolate · 08/07/2021 14:58

Yep 100% agree with everyone else.

Tell your buyers you will happily still sell to them once they've got everything in order but you are going to relist and if someone else comes along in the meantime you will consider.

What are your plans for moving on? How has the delay affected you?

Allthehotchocolate · 08/07/2021 14:59

@Tablechairtable7

I don’t think I really understand what’s going on, to be honest. Why would that stop the solicitor from doing anything whatsoever until it arrives?

Some solicitors advise buyers not to pay out for searches until mortgage offer is back, it's annoying but happens quite a lot! It doesn't actually stop them from doing anything though

Original poster
Tablechairtable7 · 08/07/2021 15:00

Our EA is talking about an off-market viewing day.

I want to tell the buyers that they’ve lost our property, but DH is reluctant in case they get their act together - or in case we end up with no buyers at the end of the EA’s viewing day.

But it feels really sneaky if we don’t tell them?!

When should I tell them? Now, a week before we’re considering doing it? (EA thinks she could get it all happening for next Saturday.) Or closer to the viewing day?

I don’t want the buyers to waste any money - since their solicitor has done nothing, presumably this hasn’t cost them anything yet…

OP posts:
Clutterbugsmum · 08/07/2021 15:01

You are being too kind.

If you want you could always tell your buyers that they have until X date for things to be sorted so the sale can move forward.

You could be waiting forever for this mysterious piece of paper.

Get new photos and re list the property.

Original poster
Tablechairtable7 · 08/07/2021 15:01

@Allthehotchocolate

Yep 100% agree with everyone else.

Tell your buyers you will happily still sell to them once they've got everything in order but you are going to relist and if someone else comes along in the meantime you will consider.

What are your plans for moving on? How has the delay affected you?

That’s good advice, thank you. Do you think I should tell them now? (A bit worried they’ll lie to me to make it seem like they’ve got their ducks in a row again!)
OP posts:
Original poster
Tablechairtable7 · 08/07/2021 15:02

Some solicitors advise buyers not to pay out for searches until mortgage offer is back, it's annoying but happens quite a lot! It doesn't actually stop them from doing anything though that makes sense!

OP posts:
PurBal · 08/07/2021 15:07

I appreciate that they lost their first mortgage but I don’t understand how it’s not been sorted. I’ve only bought twice but the mortgage confirmation was the first thing we got, both times. I think there is more to this to be honest.

You’re being too nice OP, re list.

BernadetteRostankowskiWolowitz · 08/07/2021 15:10

I'd swap EAs. Its absoloutley in their best interest to sell a house. Letting you accept with them not even checking the buyer is proceedable is a rookie mistake.

Allthehotchocolate · 08/07/2021 15:17

@Tablechairtable7 yeah I would tell them as soon as you've decided and ready to go with it! If might give them a little nudge to pick up the pace.

At least you are being open and transparent and still giving them the opportunity to purchase if in a position to do so so would hope they would appreciate that.

You've been more than fair in my opinion particularly in a London market

Original poster
Tablechairtable7 · 08/07/2021 15:41

What are your plans for moving on? How has the delay affected you?
We don’t have an onward chain, but it has affected our ability to confirm a rental in our new area, which is stressful. We also can’t make any summer plans as we don’t know where we’ll be!

OP posts:
Motherof3Dragons · 08/07/2021 15:58

Yes, I would absolutely relist. Tell them that you’ve waited long enough for them to get sorted. They obviously have difficulties getting a new mortgage offer, but it‘s frankly quite rude that they do not keep you updated about their progress at all and just expect you to wait around. Perhaps they will get their derrière in gear (or instruct their solicitor at least) to get things going, after you put a bit of pressure on them. Apparently property prices around you have risen and if they don’t want to miss out they will have to make their move now.

Bibbleybetto · 08/07/2021 16:10

We are in a similar position with our FTBs after 13 weeks and have given them a final deadline which has yielded at least an email from their solicitors. I like your EAs idea of an off-market viewing day and will suggest that to my EA too if it comes it it.