House sale: wait for buyer to get a mortgage or re-list.

[MickyTwig]

We agreed on the sale of our house at the end of March to a First Time Buyer. The searches are back and solicitors have made and answered queries - so the longest admin part of the process is done, but last week we learned that the Buyer hasn't actually got a job, so can't get a mortgage yet. She's not local and currently lives a few hours drive away. She's had a couple of interviews this week but not been successful. I'm presuming she got an Agreement in Principle based on her (old) job where she lives now.

Struggling to know what to do, wait x amount of weeks or months for her to get a job then get a mortgage, or bite the bullet and relist the property now... but worried that the market will have slowed down a bit since Spring.

It's costing us £600+ a month in mortgage and council tax in addition to our own residential mortgage (this was a former rental property so there's no chain on our side: we're getting out of the landlord game as it's too expensive!).

Thanks in advance for any thoughts/advice!

I would be livid at your estate agent for not doing sue checks and immediately pull out

I was assuming I would vote "wait" because she has incurred £££ in legal fees getting the searches done so assumed she would be on the case - but she doesn't have a job - she will not get a new mortgage agreed until she has at least 3 months of payslips.

Tell her you will happily still sell to her if she gets her shit together before you get a new offer. (This will probably require mummy and daddy buying if for her). Relist.

Eff that shit. Relist. How did your estate agent even allow this to happen?

She will not be able to get mortgage until few months in the job, no?

Re-list and rip the agent a new one. Though they might hav not know about her plans if she had AIP

Signed offer letter/contract and first month’s payslip was enough for NatWest a few months ago. We didn’t even have the first payslip when we started the application, they were happy to process the application but they just didn’t hit the big shiny “approve” button until we were able to send the payslip.

In any case though, I’d relist and tell the buyer that if it’s still on the market when her mortgage is approved then you’ll be happy to proceed then.

It beggars belief that this sort of nonsense can happen. Due diligence should show whether finances are in order.

I wouldn’t wait any longer. She has no job, therefore no income. Relist with a different agent and if she gets a job and can satisfy the mortgage provider before it sells, you might consider her offer again.

It has made us wonder.....

Thank you - yes we were really shocked!

Thanks for your insight :-)

We have wondered....

This!

Relist. If she really wants it and gets a job and it’s still available then she can pick up the sale in a few months time. But you can’t wait around on the basis she might get a job

Very fair point - thanks.

Has she not got a job at all, or just not yet got a new job in the area the house is where she wants to move to?

In case relist it, and sell to the first person actually ready to proceed. Whether that be her or someone else.

I don't think she's got a job at all, otherwise I think she'd be able to get a mortgage offer, even if it's in a different locality. But i think she must have had a job and been able to get an Agreement in Principle, otherwise the Estate Agent should not have put her forward as a viable buyer.

Thanks for your response; it's mirroring everyone else so far in saying relist.