How long would you wait for your buyer?

[Bleambx]

Found out buyers mortgage application was declined 2 weeks ago (3 weeks after offer) but still haven’t put a second application in.

We’re trying to be courteous as we know things don’t always go to plan but our onward purchase is likely to fall through if things don’t start to move.

What would you do?

@Bleambx
Probably think they don’t have the money and don’t earn enough. So remarket.

Meant to add: if they haven’t reapplied elsewhere, what help is EA being? They have mortgage company links usually? Have they offered help? We had the same issue and truthfully the buyers just walked away and probably bought what they could afford with their mortgage offer. They didn’t ark for a reduction so not keen really!!

It’s adverse credit apparently! Estate agent have got their broker onboard but hasn’t changed anything. They just keep saying to hold out. Worried that if we carry on holding out and they get rejected a second time…

Start the process to remarket, tell them that you will of course reaccept their offer if they are proceedable. Right now they are not.

Back on the market immediately!

If they didn’t have their AIP when they offered, they weren’t ’proceedable’. If they get an offer before you accept another, fine, they can pick up where they left off.

Have they got the deposit? Has the EA checked?

Tbf to them, they had an AIP. They also have a 30% deposit. All checked by EA. Very frustrating!