Q: I have buyers or unreasonable? (or am I?)
So I had an offer on my house about one months ago, I accepted every one I bid on a house that was also accepted .
My sellers have not yet found somewhere to go (after 3 weeks of looking, not majorly long I do not).
I had no contact from them other than instruct buyers homebuyers survey on the house and then nothing thereafter.
Today I get a call from my broker telling me that the buyers have said if I do not fully tomorrow and exchange on both May 21 and June 4, they can pull .
Ive speaking my vendors tell me that agents who rejected an offer on a house Monday, but are still looking.
i no option to go back with my parents, but it would pay around ￡ 3,000 in mortgage exit costs things, that as long as I get my new house completed within 90 days could claim (seems a long time, but could always go). and living with my parents and pay for all my stuff in storage! It would be worthwhile or too risky?
He said they're happy to "stick with it". I'm pretty sure they're still looking around at other houses (i would if i was them coz i know how annoying it is). But if they drop out I'm confident that I'd get another buyer relatively soon. the other houses in my area aren't as nice as mine and are overpriced (one has been on for about 3 months).
They told me to keep putting pressure on my vendors, which is a bit annoying as, although I'd love them to move so i can have my dream house, i don't want to force them into a panic buy which they then might drop out of further down the line. The area they're looking in is really sought after so obviously its going to be hard.
I just don't get why people are so impatient, it takes time…
So just be firm with them i.e. tell them not to ring you up with any threats by your buyers as you cannot control the completion date.
Someone else I know had an EA ringing up every two days hassling them about a sale. It then turned out the vendor the EA was representing was the one holding up the chain, and it was the vendor's EA putting the pressure everyone including solicitors not the vendor.
The only thing I can think of is that you EA maybe trying to get their commission by a certain date. I was told by a friend who use to work as an EA it took her 3 months after the completion of a property to get her share of the commission.
It's not that odd. Exactly the same thing happened to us. We got a phonecall one day (about 5 weeks after accepting offer and hearing nothing)from the EA saying our buyer wanted to complete the next week or he would pull out. As it turns out he now has a problem with his buyer Ha Ha Ha (fate is a wonderful thing!) and here we are 5 weeks after his deadline, still going nowhere! It suits us cos it means our purchase has now caught up with our sale and we won't have to move in with the in-laws.
So just be firm with them i.e. tell them not to ring you up with any threats by your buyers as you cannot control the completion date.
Someone else I know had an EA ringing up every two days hassling them about a sale. It then turned out the vendor the EA was representing was the one holding up the chain, and it was the vendor's EA putting the pressure everyone including solicitors not the vendor.
The only thing I can think of is that you EA maybe trying to get their commission by a certain date. I was told by a friend who use to work as an EA it took her 3 months after the completion of a property to get her share of the commission.
ahh good point, i just spoke to my agent and he said he'd try and get hold of my vendors agents (which i've already done – they havent magically found anywhere overnight) and then the solicitors (which i've done). and then might call them this afternoon IF its a no.
I said it IS a no as i'm not losing ￡3000 and making myself have to move twice (once to parents then to new house) so to call them now, he said he might.
Rah!
silly FTB!
May not even be the buyers may actually be your EA. It is odd for your buyers to be completely silent then suddenly demand a completion date.
So just be firm with them i.e. tell them not to ring you up with any threats by your buyers as you cannot control the completion date.
Someone else I know had an EA ringing up every two days hassling them about a sale. It then turned out the vendor the EA was representing was the one holding up the chain, and it was the vendor's EA putting the pressure everyone including solicitors not the vendor.
The only thing I can think of is that you EA maybe trying to get their commission by a certain date. I was told by a friend who use to work as an EA it took her 3 months after the completion of a property to get her share of the commission.
Our first lot of buyer tried the same tactics with us. They wanted us to move into rented because they didn't want to lose their buyers and didn't want tot move to rented themselves. In the end we lost these buyers and had to find more.
90 days is far to short in house buying terms to risk £3,000.
I don't know why people can't be more patient, even if they'd said they want to exchange next week it wouldnt have been so silly, but today!
I jsut wonder what my agent is up to, they know the situation and they know i'm not jsut waiting for a laugh. we really love the house we're buying and luckily the people who currently own it are lovely and said if our buyers do drop out they wouldnt put it back on…
silly FTB!
Tell them it straight and give them the choice of waiting *as long as it takes* or simply put your house back on the market (you don't actually have to 'drop' them). They are just going to continue like this forever and make your life hell. At least if your vendors haven't found somewhere you have the opportunity to find someone else to buy yours.
Someone needs to sit your buyers down and explain exactly what is involved in the house buying process and that silly threats get you nowhere. They must have known you were buying somewhere, right? You're not one of those vendors who throw in "I'll rent if I need to" as a sweetener, are you?
When we decided to move, back in late 1991, we were advised by the estate agent not to put an offer in until we had a buyer for our house, on the basis that we weren't really in a position to buy until then, and she was proved right because we didn't get the first one that we looked at and offered for regardless. It was a vacant house and the seller got fed up waiting. If this 'sell' before you offer is repeated up the chain it will take time. Then too, completion was nearly always a month after exchange.
I'm not sure that I would want to go through the whole performance again if people as shirty as I read about on this board, and you only have a week when you are sure you are moving
Edited to say sorry I didn't answer your question. I don't see that anyone should make you feel guilty enough to complete early if it costs you £3000 in exit fees. 90 days is nothing in house buying terms.
I did say to the agent if they want to drop out its up to them, but they're the ones losing out – they've done the survey etc…
If it wasn't a long time and you told your buyers you were buying another property phone up your EA and tell them you can't complete tomorrow so they need to put the house back on the market.