Wee rant, unsure what to do but need to make a decision

[sparklegirl]

I know that some companies are taking ages as a colleague sold his house subject to contracts about 5 weeks ago and the buyers mortgage, which at point of accepting had been agreed in principle, still ahsnt been signed off. Its with TSB and I know when I dealt with the three years ago it took between 6-8 weeks to go from agreement in principle to offer. It just seemed to take forever. Wasnt too bad for me because I was buying a brand new house and build was a bit from finish but the stress was a nightmare and no amount of contacting solicitors and agents would change it even contacting them was via email and the only replied after around 48hrs. They just took their own sweet time.

I would say stick with it for another few weeks as even putting your house back up you may get the same problems if they choose a bank that works at a glacial pace. I really feel for you as its a nightmare especially being so close and getting hassle from your sellers. Maybe get your lawyer to speak to theirs to reassure them as there is very little you will be able to do unfortunately.

edit - sorry just realised its been ten weeks. I would put the house back on the market and if the buyers you have come through with a confirmed mortgage then great and if not then you have plans anyway. May just show them how irritated you are and them not communicating is not on!

[Blue nose]

Definitely get it back in the market. This is prime selling time as people want to move for Christmas.

Your buying might still come through but sounds unlikely.

[craigyboy84]

Thanks for the replies guys.

My estate agent got back to me after getting a hold of the buyers mortgage broker.

We have been strung along by the buyers broker and solicitor, or maybe the buyers lied to them.

Turns out the buyers are sub prime and it doesnt look good, they are going to try 1 more bank. Lol.

After our estate agent explaining the 1st buyers we had were declined a mortgage we wanted a "little bit" of certainty. The solicitor acting for the new buyer said there broker was confident of placing a mortgage they had deposit in place and nothing to sell, then 10 weeks on it comes to the surface they are sub prime applicants. Jeez.

Can a house be put back on the market for a 3rd time? Rooms are packed with boxes, can we have people veiw it like this state? They might think they can get a bargain.

We are stuck between a rock and a hard place as we are banking on there offer price as our new mortgage is set up and takes into account the equity to make up the rest of the purchase price.

So bloody angry, my wifes in bits.

Thanks again

[Blue nose]

If you still want the new house get it back on the market and TODAY. Give your estate agents hell for not checking the 2nd buyer out. Ask for a discount.

I'm England so may be different but agents here often ask to see a copy of the mortgage offer in principle.

Put away the boxes you don't need, do you have a garage and unpack the rest? I'm not sure why you've packed up already without an exchange or move date anyway.

If you want to move stop wallowing and get on with it. Alternatively take it off the market now and let the people know you were buying from so they can do the same.

I don't want to sound harsh but you need to decide so you're not the cause of stress for someone else.

[Guest]

I really think you need to change estate agent, they have let you down twice by not properly vetting the financial situation of buyers before allowing you to agree a sale. It is their job to do that.

They are now deflecting blame onto the buyer’s broker and solicitor. Those people are not working for you, not being paid by you, they don’t need to tell you anything about buyers financial situation. The estate agent is working for you, this is their fault. Your own solicitor could possibly have applied more pressure too, however they work on your instructions.

[skalexander]

I wouldn’t be holding out for the buyers to apply for yet another mortgage. My husband and I both have “excellent” credit ratings, and we were refused a mortgage by our existing lender as they didn’t like a loan we have (which is with them and is being paid off from the sale of our house). Pre-covid it would have been fine but things have changed... fortunately we’ve got a mortgage with another lender and actually a slightly better rate. If we can encounter that, then I cannot see that sub-prime applicants are likely to get a mortgage in this climate.

You need to put your boxes away - in cupboards or the garage, or in storage - and get the property back on the market. I agree with what’s been said about your estate agents, what a complete shower. Get rid and start again with another firm.

[craigyboy84]

Got the house back in the market week past Monday, had a fair few viewings and yesterday a cash buyer came in offering what we need for our next move.

Here is hoping 3rd time lucky.

Anyone any idea how quick a cash purchase could conclude?

Thanks.

[Grumps Mrs]

Anyone any idea how quick a cash purchase could conclude?

Thanks.[/QUOTE]
When we bought a house as a cash purchase it took 4 weeks from start to finish. It was slightly complicated by the fact we were living in the US at the time so we needed time to receive and return documents.
Fingers crossed for your move this time - you must be due some good luck!

[craigyboy84]

Originally Posted by Grumps Mrs

Anyone any idea how quick a cash purchase could conclude?

Thanks.

See more...

When we bought a house as a cash purchase it took 4 weeks from start to finish. It was slightly complicated by the fact we were living in the US at the time so we needed time to receive and return documents.
Fingers crossed for your move this time - you must be due some good luck! [/QUOTE]

Thanks for the reply.

Our buyers are in hong kong but they have an agent here dealing with there finances.

Hopefully it can be quicker, if its 4 weeks so be it.

Thanks again.

[LunaNyteskye]

I work for a solicitor in Scotland. We are having a really hard time with mortgages right now. Mortgage offers are taking longer to come in, some lenders aren't even considering mortgage applications right now and people just aren't able to get the same level of finance that they were before Covid.

We have also had several clients who had a mortgage offer prior to Covid, but with everything shutting down and new builds not being able to proceed on time due to the houses obviously not being built, those offers have expired and they have been unable to obtain the same level of mortgage as they had before resulting in them having to withdraw. It's an absolute nightmare.