Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

1 2

Original poster

Are we being too impatient?

30 replies

SPRINGAIR · 02/03/2022 16:14

We accepted on offer on our property at the end of November. Buyer still does not have a mortgage offer. He’s had 2 mortgage valuations on our property, the last one happened 2 weeks ago. Since we accepted his offer, we have found somewhere to buy, had an offer accepted and a mortgage offer in place. Our offer expires mid May. Are we being too impatient in expecting our buyer to have a mortgage offer in place right now? He hasn’t instructed his solicitor either. Should we put our place back on the market? Or is this just normal timelines and we are panicking over nothing?

OP posts:

Original poster

SPRINGAIR · 02/03/2022 16:16

Our vendors have had an offer accepted as well.

OP posts:

motherofdragons58 · 02/03/2022 16:18

Yeah that does seem like a long time. Having just bought and sold a property, the process took 4-5 months and this was from the point of instructing solicitors so you will be waiting a long time to actually move at this rate. Do you have an estate agent? If so speak to them and voice your concerns.

TabithaHazel · 02/03/2022 16:20

I was in a chain of 5 last year and we completed on our house 13 weeks after making our offer - November is a crazy amount of time to have passed without your buyer not to have even instructed a solicitor- when they do their searches could take months, he should have got the ball rolling long before now. I would guess that he is just messing you around and unfortunately you should probably steel yourself to go back on the market.

PamelaDoov · 02/03/2022 16:24

I’m in the same situation. Accepted our buyers offer early December and he hasn’t even applied for his mortgage yet! Very irritating as we are making progress with our purchase. Like you, our new mortgage agreement expires in mid May. I’ve toId our solicitors that we NEED our sale completed before then. Buyer needs a rocket up his arse.

Userblabla · 02/03/2022 16:26

If he hasn’t even instructed solicitors I’d be giving him a deadline to get that done and searches paid for in the next week, otherwise I’d get it back on the market.

Candleabra · 02/03/2022 16:31

Not instructed a solicitor? Since November?
Yes I’d be raging. And giving ultimatums. Solicitors should be lined up pretty much from offer time.

Lastqueenofscotland · 02/03/2022 16:38

Not instructed a solicitor!!! I’d be saying this had to be done and searches paid for my COB Friday or I’d be remarketing

Original poster

SPRINGAIR · 02/03/2022 18:02

Thanks all. Wasn’t sure whether we were being too impatient. We will email the solicitor and EA. EA has been less than useless after we accepted the offer. Not sure if we will still have to pay them if we relist with a different EA.

OP posts:

TabithaHazel · 02/03/2022 18:07

@SPRINGAIR

You shouldn't have to pay them if the sale doesn't complete, but check your contract carefully. They should have been chasing your buyer long before now - ask them what exactly are you paying them for? I never understand why some EAs are so useless - do they not want their commission!

woody87 · 02/03/2022 18:09

We offered on a property November 2020 so height of covid still. We had recently moved back from overseas and had to go through a specialist lender who had a horrendous amount of hoops for us to jump through and we still had our mortgage approved and moved into the flat end of January 2021.

Cuddlywaterfall · 02/03/2022 18:15

If he hasn't instructed a solicitor he doesn't want to buy your house. Taking the piss and wasting your time. Your EA is also shite for not confirming this at the time of the offer. I would assume it's not going ahead, fire your EA and get the house on the market ASAP.

DelphiniumBlue · 02/03/2022 18:19

If he hasn't instructed a solicitor, he's not serious. He's putting off committing actual money.
You could tell the agent that if your solicitor hasn't heard from his solicitor with confirmation of instructions by close of business Friday, you'll be remarketing on Saturday.
It also sounds as if he is having problems getting a mortgage. What does the agent have to say?

Bubbles456 · 02/03/2022 18:25

Don't hesitate OP - relist your property asap. He sounds like a total time waster.

Heronwatcher · 02/03/2022 18:31

No way! I wouldn’t even have accepted the offer and taken the house off the market unless the buyer was in a position to proceed (mortgage in place). You need to have very strong words with your estate agent if they aren’t advising you to remarket immediately.

ThreeFeetTall · 02/03/2022 18:32

Surely you instruct your solicitor straight after your offer is accepted? Am I missing something?

Limegreentangerine · 02/03/2022 18:33

Our estate agents are chasing us after 3 weeks ...

Limegreentangerine · 02/03/2022 18:33

I'm raging for you! X

Roselilly36 · 02/03/2022 18:38

Re-list, sounds highly unlikely that your buyer will get a mortgage offer. You aren’t be impatient at all, why isn’t your EA or solicitor advising you?

loobylou10 · 02/03/2022 18:39

He can't get a mortgage offer - he's taking the Piss. Relist immediately

Sparticuscaticus · 02/03/2022 19:01

It isn't a serious viable offer if he hasn't got a mortgage offer in place.

Your EA should be instructed by you to verify offers including financially and that there is a mortgage offer in principle. I would be very unhappy if purchaser had failed to instruct a solicitor yet so I would do the same as others suggested, deadline for progress and confirmation which your EA should be checking or it goes back on to continue to be marketed

SugarDatesandPistachios · 02/03/2022 19:09

NOVEMBER?

Geddouttaheeeeeaaaaaayah (him not you)

Original poster

SPRINGAIR · 02/03/2022 20:22

At the time of offer, EA said buyer had mortgage in principle so not sure what’s happened to that. Glad I posted this. Will give notice to EA tomorrow and get the house back on the market ASAP. Thank you all. Our solicitor tried to contact buyer’s solicitor. Feedback was that they hadn’t been formally instructed by the buyer. Our vendors EA has been more helpful than our own EA.

OP posts:

Lovingthemalbec · 02/03/2022 20:37

Could it be he is keeping his options open and seeing if the market improves and he sees another property?

It is dreadful where we are too, we have moved from a 5 bed house to 3 bed rental flat as no properties on the market. An Est agent said they had a couple of people viewing a load of properties in one week and making offers on them all to then decide which one they wanted!!!

I would call Est agent and arrange for a block viewing of several buyers over say 2 days and in this market you will have an offer. I wouldn’t go with current buyer as it will obviously lead to stress. If they can’t get over the first hurdle. It does sound like he is stalling

Kite22 · 02/03/2022 21:32

Definitely put back on the market, or, at very least, give ultimatum.
My friends put offer in on the house they wanted at end of Oct and completed just under 2 weeks ago.
My dc had offer accepted a week into October and moved in 10 days ago.
The buyer should be instructing solicitors on the day they have the offer accepted.
The 2nd mortgage valuation raises flags too - maybe the valuation meant the lender won't lend and they haven't got the wiggle room to make it work and were hoping for a lower valuation ?

I would also be furious with your EAs, they should have followed this up from November.

Original poster

SPRINGAIR · 03/03/2022 14:33

To those in similar situation, I hope things get moving for you soon.

Email sent to EA asking them to relist on Monday unless buyer confirms mortgage offer and instructs solicitor by end of day tomorrow (ha! I can dream, can’t I 😀)

OP posts:

Flip

1 2