Waiting for buyers Mortgage offer.

[Zelly80]

Hello,

My buyers have had a valuation survey on my property last week, this is my second buyer so have a lot of anxiety thinking this one will go AWOL although the first buyer didnt ever get to the point of valaution.

Should they not have a decision by now? My EA doesnt seem worried but also did say we cant guarantee anything in this business as you know. Not the most helpful words to hear at this time. He has advised to give them another week.

These buyers have registered with a solicitor but not started their searches. I have instructed my solicitor formally and have started searches etc on our onward potential purchase. My onward has found a chain free property.
The draft contracts have been issued from my solicitor too.

As a seller and buyer I have done all I can and am still finding this process incredibly difficult, all the uncertainty. I just want to know my buyers are still serious and I guess i wouldnt get a definitive answer here, but peoples experiences do help.

I have got to the point where I just want to move and I cant understand what made me get to that point of not wanting to stay in my home I worked so hard for. I feel bad and wrong for feeling like that. Also super ungrateful.

😞😞😞

We had our offer accepted on a house on May 1st. We instructed a solicitor and had our broker start the formal mortgage application the next day. Valuation was done last Tuesday morning and we only got our official mortgage offer this Tuesday night.

It can just take time. We are a 5% deposit as-well so they check everything very stringently

Congratulations and best of luck with your move.
Thank you.

Are you saying the potential buyers you are selling to have no mortgage offer in principle in place???

We have a 50% deposit and ours took a month. They asked for one bit of paper at a time with a week in between each request.

We are waiting for them to get official mortgage offer from their lender

TBH, i would not sell until the had an offer in prricple

are people still viewing your place and if not, why not?

I wouldn't worry. The fact they have had a valuation survey done last week shows they have applied for a mortgage and it is all progressing as it should. That will have cost them money so is proof they are serious. They have also instructed a solicitor so they aren't slow just maybe not as fast as you.

You can't control how long it takes for their lender to agree the mortgage, neither can they really. I'm not sure how you know their solicitor hasn't started searches yet but even if that's true, that may have been their solicitor's advice, to get the mortgage offer first.

As far as I’m aware of the mortgage valuation has been done it means they’ve passed the initial affordability stage (is this correct?!) our mortgage offer took just over a week and we applied the day after the sales memo was sent

They had offer in principle. Then valuation is done and final offer based on whether house fits into the offered amount is issued, no?

We bought an empty probate property and sold to FTB, we thought great should be quick and painless. Both buyers and seller took weeks to complete the relevant forms for their solicitors. The seller then failed to answer half the questions and the forms had to go back. Our buyers had a mortgage offer in principle but this lender refused the actual application - problem with buyer's finances. They ended up with a 'hard to place' lender who wanted endless evidence from them. Eventually it all went through but took over 4 months - never moving again !!

I have been told buyer mortgage offer will be imminent. I have been waiting 4 weeks since there survey and 5 weeks since they applied. I’m getting worried but been reassured it is ‘imminent’ by their solicitor. Should I worry?

No she is saying the mortgage survey has been done, and the buyers are now awaiting their formal mortgage offer.