Buying a house no longer under offer - what to do?

[Number Six]

Hi,

First post here!

I'm in the process of buying a house, which went under offer a few weeks back. Unfortunatley we've had a few issues on our side in relation to meeting all the conditions for the mortgage. We're approved in principal, but there's just been some sticking points getting it over the line. We should have everything done by next week, but the problem is now the estate agent has removed the under offer from the online advertisement.

This we feel is a tactic to move things along quicker, which we're trying to do anyway. My worry is now that someone else will come along and make an offer and we'll miss out.

Are these common tactics used by Estate Agents? And if so, can he now start to let the house be viewed by other potential buyers?

Help, in a little bit of a panic!!

Thanks!

 

[mf1]

You need to be clear. Until you can sign a contract, you are not Sale Agreed.

You've given off strong signals to the Estate Agent that you are committed to the purchase but you clearly have some way to go before you can sign contracts.

So, he has been instructed to continue to market the property and, yes, he may well get a better offer from someone else.

And, yes, he can show it to other people. It is not your house.

You need to get everything sorted and go back with your offer and see if it is accepted.

mf

 

[Number Six]

Thanks! That's what I'm afraid of. The offer has been accepted. It just feels like the bank has put one hurdle after another in front of us.

I got a friend to ring the estate agent this afternoon, and he's actually not accepting viewings at the moment, so hopefully that's a good sign. And it's only scare tactics at the moment!

 

[huskerdu]

Thanks! That's what I'm afraid of. The offer has been accepted. It just feels like the bank has put one hurdle after another in front of us.

I got a friend to ring the estate agent this afternoon, and he's actually not accepting viewings at the moment, so hopefully that's a good sign. And it's only scare tactics at the moment!

I am not surprised that you are scared. Most people are an emotional wreck by the time they get the keys of their house. Eventually, It'll happen and it'll be worth it.

If you look at it from the sellers point of view, they are just as scared as you ar that the deal is going to fall through and are worried that you are going to pull out and have asked the Estate agent to see if there are other potential buyers if you pull out because of financing issues.

The only thing you can do is jumo through all the hoops that you need to, to get your finance and keep in touch with the Estate Agent so they know what is happening. If the seller is reassured that you are going to sign very soon, they will prefer this to starting again with new buyers.