WWYD - Property sale not going through - 6 months after I accepted offer

lastqueenofscotland · 08/02/2022 12:41

I’d put it back on the market. Just the threat of it might get things moving again

Summersdreaming · 08/02/2022 12:46

My easy purchase- FTB buying vacant property - is into month 5 now and I'm losing the will to live.

The November sale might take until April/May to complete so you really need to insist on an update from the buyers then you can make a decision.

Summersdreaming · 08/02/2022 12:47

But equally a new sale might take 5 months anyway..

Paranoidandroidmarvin · 08/02/2022 15:17

It’s a gamble either way. U can say no more and they suddenly are ready. Or u can say no more and put it back on the market and start all over again. Either way ur current problem will be resolved.

Theunamedcat · 08/02/2022 15:20

Tell them piss or get off the pot

EmmaH2022 · 08/02/2022 15:22

This won't be popular but when I sell I will prioritise a cash buyer.

This couple sound like a lot of hassle.

I am sorry you've been through so much.

It's a sellers' market in most places, I would put it back on.

Original poster

larkstar · 08/02/2022 18:01

How long should it take between having a lenders surveyor go in to value the property (to make sure what they are lending is completely recoverable if they were to default on the mortgage) and them having their mortgage approved so we can instruct the solicitors to complete?

The estate agent has said there is still a shortage of properties to sell - in 6 months the house prices will have moved several thousand - say £5K and I'm paying about £300pcm to cover various costs to maintain, heat and insure the place - so in 6 months it has cost me nearly £7K - I feel I'd be justified in asking for another £3.5K. There juts seems to be no sense of urgency, no effort on the part of the estate agent or the buyers to wrap up the purchase - I am the one ringing and asking everyone involved - including my solicitors - what is holding this up.

OP posts:

Fedupbuyer · 08/02/2022 19:22

My purchase has been on going for 22 weeks with no end in sight,vendors solicitor took 2 months just to answer 1 enquiry,now the deeds need changing an that takes 14 weeks!

umbel · 09/02/2022 10:15

Sounds frustrating, but you chose buyers with baggage - 2 houses to sell! I think in your shoes, given how long you have already invested in this sale, I’d give them a little longer to get that mortgage offer agreed. If the lender’s surveyor only came out last week, then perhaps another week before they will hear back, especially they are not using a broker.

senua · 09/02/2022 10:35

What do the beneficiaries think?

TragicMuse · 09/02/2022 10:36

@larkstar

Put it back on the market? Go to auction? I'm shelling out for buildings and contents insurance (I bought a policy that will refund unused whole months), gas and electric, council tax, maintenance (garden, window cleaners), mail redirection and for a neighbour to pop in and check the place and adjust the heating, etc

I agreed a sale at the very start of August - house sold first weekend it was up - had 2 offers - chose who I thought seemed the most likely to complete - a couple getting together (in their 50's) - both had agreed sales on their own separate properties - one to a first time buyer - that went through - the other sale stalled due to their buyer being a property developer who buys to rent - he was not offered the full amount (by his mortgage lender) - I speculate that this is because he is financially overstretched according. I agreed to wait if the buyer agreed to put their property back on the market again - they did straight away as they really seem to want the property I am selling (inherited - I am executor - it's the other end of the country to me) - but their property did not sell as soon as it went up in Nov I think. End of Nov I said - "can't you go forward now that one property has sold" (FWIW the property I am selling is not expensive - lovely place £260k - front & back garden, separate large spacious brick built garage - all well maintained - now completely empty of furniture). They agreed to look at this - obviously not what they planned - I said get a loan if you are really serious about going ahead - they have applied for a mortgage to cover what they need - the surveyor from their lender looked at the place I am selling last week - I still don't know what's going on - I'm waiting for replies from the estate agent and my solicitor (who told me months ago that all the paperwork and queries have been resolved) - the house has probably gone up in value by several thousand in the 6 months I've been waiting - I think I've been far too patient. WWYD? Have you been in a similar situation - what did you do and how did it turn out. I am sick of looking after the property - it took close to a year of work during 2020 (when all the lockdowns were taking place and staff were trying to adapt to working from home) to complete the HMRC paperwork by myself & find all the relevant documents - I've just had enough of the whole affair - it's a millstone. I am very close to pulling the plug on the sale - it's not what I want to do but I have to be sensible - the reality is that I don't have a buyer in a position to buy and I think I should just put it on the market again (at a higher price) and look even more carefully at who I sell to. I think the buyers are sincere in their intention to buy it - in fact they had already started having mail delivered as they were so sure it would all go through so I'll be sorry to do this to them - it will cost us both money but it's costing me a lot in opportunity losses and monthly outgoings looking after the place remotely.

Thoughts?

They're having their mail delivered to your house, which they don't own? That's not right, it's not their house. Did they ask you? How do they collect it? Who has keys?

It feels really dodgy to me...

They're taking the piss.

Original poster

larkstar · 09/02/2022 16:22

@TragicMuse
They didn't ask. I have a neighbour who goes in to check on the place - I keep her informed of everything that goes on and she notified me that mail was arriving for the "buyers". It's left in the house - they don't have access to the house. The neighbour goes round if she hears anything - her dogs alert her to anything out of the ordinary - plus I let her know if anyone needs access - she lets the meter readers in etc.

OP posts:

BlueMongoose · 09/02/2022 19:02

They may be waiting for their lender- a week isn't long. I'd give them a date by which they had to go to contract, or it's back on the market. Maybe three weeks? Whatever your solicitor thinks is realistic to get the mortgage set up. Then remarket if they haven't signed the contract by then.

Summersdreaming · 13/02/2022 10:16

@larkstar have you had any update from your buyers?

Original poster

larkstar · 14/02/2022 01:33

@Summersdreaming - I have a call planned with my solicitor on Monday to get a grip of the facts. On Friday the EA informed me a mortgage had been approved but I want proof of everything now - I am still inclined to want to re-market the house - my trust in the buyers is now zero and frankly - I don't feel like selling to them any more and I think I'd be, potentially selling the house below what it is now worth so I'm having it revalued. What do buyers expect - you can't keep sellers hanging on for 6 months? 3 would be great, 4 - fine, 5 stretching it a bit but 6 is just too much. I am very angry and hacked off - it's just crept along - slipping and slipping, everything has been slow, there have been problems on their side - I've been sympathetic but now I've completely ran out of patience - every time my EA says - they are devastated about what's happened - my attitude hardens even more - I'm now dissatisfied with the EA who I have complained to as they seem to have far more sympathy for the plight of the buyer than they do for my situation.

OP posts:

rockyroad9 · 14/02/2022 13:37

I had this situation when I sold my house, the buyers being rejected for mortgages and waiting to hear. It was stressing me so much that their difficulties were becoming my issue, so I put it back on the market with the agreement that if they got the mortgage approved before it was resold, I would give them first refusal. I sold it again the same day and for more money so proceeded with that buyer.

Do you know if they have their legalities all ready to go? My buyers hadn’t done a thing whilst they waited for their mortgage so the new buyer wasn’t behind them.

Rainbowshine · 14/02/2022 13:49

I'm now dissatisfied with the EA who I have complained to as they seem to have far more sympathy for the plight of the buyer than they do for my situation.

That’s because they have a vested interest in getting the sale done in the fee/commission. They don’t want to go back to square one and do any more work than they have to for the amount they get. Your EA isn’t some impartial referee in the transaction.

I honestly would be making very strong noises that you’re going to put it back on the market as you need purchasers actually able to proceed with greater pace. See if that provokes action. I know it’s hard to untie the emotions from their behaviour such as the post being sent there, but you need to try and look at it dispassionately if you can and go for the option that gets you to the end result you want, even if the people have annoyed you.