sold my house,maybe not!

[betterman]

my house went on the market on 27th july and sold straight away has i accepted an offer made the following day.

my buyers are first time buyers, not married and no kids, they have to the this present day not had their mortgage offer and its been over 14 weeks now.

i and my solicitors have been chasing this for over 8 weeks and just keep getting told that my buyers offer is imminent and due any day now, they have been saying this for the whole of the eight weeks.

my estate agents who also are arranging the apparent mortgage for my buyers just keep palming me off and saying the mortgage offer has a three day turnaround we will be in touch next couple of days, but they never are.

i spoke to my solicitor this morning and she said that she does not believe they have secured a mortgage even.
any advice appreciated.

[mrs_overall]

Have the buyers incurred any costs so far, such as survey, search etc? If not, then I would doubt the seriousness of their intentions.
You could hedge your bets by instructing your estate agent to keep on marketing the house as "for sale" to encourage other prospective buyers. This would give you the twofold advantage of maybe lining up another buyer and maybe prompting this couple to get their finger out.

[andrea81]

Unless they have secured a mortgage and have exchanged and signed documants by way of solicitor, then you have not sold your house to them. 14 weeks is far too long to be waiting.

If I were you I would tell your estate agency that you do not wish to continue with the sale for this reason and will be taking your custom else where! This might prompt them to give you more reasuring information.

The longer you wait the loger it is before a potential buyer is unable to give you an offer.

[betterman]

they have paid for a survey, not full structural, i had to be in the house at time,this was 9 weeks ago though.

[Reverandfunk]

Put it back on the market

[redcrx]

well why not tell them they have until friday to get their mortgage sorted or you will market elsewhere.

Its in the agents best interest to get things moving.

[gina32]

i would still get in touch with estate agent and solicitors and tell them youre fed up with waiting and the house is going back on the market, this may just give them the push thats needed and if not then youve nothing to lose, in 14 weeks you should have moved house, not be any further than day one. have you got a house to go to?

[Reverandfunk]

As a first time buyer a few years ago, i moved into the new house in 5 weeks and that included xmas. They can't get a mortgage. Dont even bother telling them, they've taken the pi%% out of you so return the favour.

[betterman]

i have had offer accepted on my next house, my solicitors are just waiting on these buyers.

[rabbitygirl]

It could be they have been caught up in the tightening mortgage situation, but 14 weeks is pushing it. Your estate agents assume you will wait until this mortgage rolls in under its own steam, but it is you who instruct them and pay them and they cannot assume they have sold your house under these circumstances. Until the money changes hands it is not sold. Agents often order the sold sign prematurely.

You need to remind the agents that you are their client, give your buyers a deadline - a tight one - and stick to it. Or put it back on the market today. You may lose these buyers. Have they had a survey done? The risk of losing some money may get them moving. I know its tough and you dont want to scare them off but are they really doing you any good? It is a sticky situation out there at the moment and another buyer may not be so quick onto the scene. But I think you have been patient enough and your suspicions, and those of your solicitor, should move you into some action.

[gina32]

i dont think your vendors will be to happy to have to keep waiting, phone estate agents and tell them your putting house back on market, i would be inclined to tell them you are going with another agent and then instruct one, thjey are making a fool out of you good luck, keep us informed

[EverClean]

Get your solicitor to ask for an agreement in principl;e from a lender for the buyers. This will show in the first instance that they have been accepted by a lender, subject to certain conditions. Explain to the Estate Agent, that as their client you have the right to ask for updates as often as you like - if they don't like this then you'll take your business elsewhere.

Give the buyers a short timescale to exchange contracts or you won't deal with them any more.

In the meantime ensure that the property is still marketed.

[jedimistress]

It took me 6 months for a mortgage to go through once with th Northern Rock. Now I will not touch them with a bargepole. Luckily we bought from a developer and there was no ongoing chain like in your situation, and the house hadn't yet been built. Maybe these folks are panicking too, maybe the lender is faffing them about. Perhaps I'm too trusting. Is there any way you can get in touch with them directly? Estate agents aren't always known to tell the truth.

Isnt an mortgage offer one of the first stages in the process? I can't remember back that far.

[exdonkey]

You are being fobbed off by everybody.
It does not take 14 weeks to get a mortgage offer if you have a reasonable credit history - within reason, most people can get a mortgage so your purchasers either have a very very poor credit profile or they are being choosy with any offer they may have had. The current "mortgage crisis" is just an excuse ( yes - I am in the business!)
Strongly recommend you re-market the property straight away ( this does not stop the existing prospective purchasers continuing with the purchase if they so wish). The existing purchasers have made no commitment to you so they could decide not to proceed anyway.
I would also consider using a different agent as your current one does not appear to be giving you any decent advice - a fresh market appraisal may even give you a pleasant surprise!

[PrinceRainie]

I completely agree with exdonkey...you are being taken for a ride, and as I work in the industry also..14 weeks is way too long even if they have a very poor credit history...a sub-prime mortgage doesnt take 14 weeks to get agreed..!
You estate agents are hopeless...and dont forget that they are working for YOU...!!
I would give them a deadline of a week to get it sorted..also give them notice of your intention to move to another estate agent...that sometimes kicks their a$$ into gear....if not move agents
good luck