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AIBU to set exchange of contracts deadline for the purchasers from Hell ?

(140 Posts)
AmandaJanePisces Thu 22-Oct-15 18:50:04

Sorry can't be too specific about the tale of woe, but have discovered that the purchasers we chose as 'quickly procedable' have told various downright lies & are trying to gazunder us knowing that we need to relocate for FIL's health & have got new schools lined up for our DC etc.

Stress angry

Has anyone done this (given the pathetic-ness of our EA) ? Did it work for you ? Our conveyancer thinks they're out of order.

Thanks for reading. Need wine

RoisinIwanttofightyourfather Thu 22-Oct-15 18:57:41

Be careful Amanda. I have friends who were screwed by their purchasers on the day of their move.
My advice is to not agree to any price drop or throw in furniture etc to sweeten the deal.
How far along in the process are you?

RoisinIwanttofightyourfather Thu 22-Oct-15 18:58:21

Whoops. Forgot your wine

Daffydil Thu 22-Oct-15 18:59:29

We were on the other side, buying, not selling, but the process was taking forever and we forced things a bit by setting a date when we exchanged. Exchanged in Aug, set the completion date for end of October. Only a week to go now...

Daffydil Thu 22-Oct-15 19:00:04

Setting a deadline, sorry.

AmandaJanePisces Thu 22-Oct-15 19:05:06

Thanks for your replies, esp Roisin.

We're so preoccupied by DC's disruption & FIL's situation & the purchasers are taking full advantage.

Glad it worked for you Daffy ... Did you set the deadline, or the vendor ?

Daffydil Thu 22-Oct-15 19:29:38

We did. We were getting totally fed up!

AmandaJanePisces Thu 22-Oct-15 19:35:53

Right, I'm going to tell them tomorrow that we want exchange by end of November. Thanks Daffy.

Can you also suggest or impose the completion date ? Am worried about our DC having to start new school after start of next term & FIL's care plan relying on us. 2nd wine is numbing the pain !

Idefix Thu 22-Oct-15 19:44:50

Watching with interest Amanda, we are similar position as buyers.

We were chain free and vendors were stating the same as intending to go into rented. At vendors request we speeded through to be ready to exchange to be told the day that this was the case that the vendors had decided to buy and had had an offer accepted.

Now in a chain angry with the vendors ignoring their ea and their solictor is also being evasive. We were never in a rush but pushed at the vendors behest, now scared we could be stuck for months whilst the people at the top of the chain look for somewhere to purchase.

BugPlaster Thu 22-Oct-15 19:49:31

I did this, same as. Our buyers' solicitors said they could complete in 5 weeks as cash buyers and no chain (we were going into rented), then they were repeating answered questions at 6 weeks. Told my ea I wanted to set ex date with view to completion within a week and after some minor quibbles, it did happen. But my ea was helpful in applying some 'you said you could move quickly' pressure.

AmandaJanePisces Thu 22-Oct-15 19:55:57

Omg, Ide that's awful! what lying PITAs your vendors are sad

Glad it worked for you Bug, well done. I've discovered that our purchasers told some heavy-duty untruths to get their girls into the 5x over-subscribed school 3 mins from us, so we know they do want our place, despite living miles from catchment, so cannot see them as trustworthy ...

MrsSparkles Thu 22-Oct-15 20:07:02

Hmmm, when we were buying our first house our sellers stalled and stalled eventually telling us 2 days before we were due to exchange they couldn't, we had given notice on our rental etc, so we had our solicitor write saying if they couldn't exchange (and therefore agree a completion date) we would drop our offer 10k - surprise surprise they managed it.

The completion date will be set when you exchange and is unmoveable, I would hold your ground, and get your solicitor to chase how far off exchange they are and what the hold up is. Are you all ready to exchange?

specialsubject Thu 22-Oct-15 20:07:46

give away no more - set a date or say you are remarketing. You've nothing to lose.

best of luck!

Hughpughbarneymagrew Thu 22-Oct-15 20:09:10

Not wanting to be gloomy about this but... Setting a date only works if accompanied by a specific threat - exchange by (date) or we put the house back on the market AND you have to be willing to go through with that threat or else if they miss the target date they will think they can also ignore any subsequent date you set.

You have to get them frightened enough that they think they are going to lose the deal or no amount of ultimatums will make any difference.

Babytookacupwoo Thu 22-Oct-15 20:12:05

I think the problem is you can't really do anything. All you can do is put it back on the market 1st December (bit pointless as its Xmas?) so it's not really... Well anything. Personally I'd set a smaller deadline (whatever is outstanding- survey, mortgage confirmation etc) by the end of next week. You need to know quickly whether they are going to buy. Don't give them 5 weeks.

AmandaJanePisces Thu 22-Oct-15 20:20:02

They've had all searches back, have their mortgage offer, survey completed. Not aware of anything else outstanding. I think I've gone off them due to the range of untruths they've told & their opportunistic gazundering attempts (now I see why they asked such delving questions about our DCs having to change schools & FIL's health, they know we're time-limited & reliant on them). This process sure turns you into a cynic sad

Thanks to all for support & advice. Nice to get other perspectives.

Babytookacupwoo Thu 22-Oct-15 20:23:50

Then they've paid out the money. You are in the driving seaT. Say you want a date for exchange, within November, set my 30th October otherwise viewings start again on 1st November and you'll take any better offer

Imperialleather2 Thu 22-Oct-15 20:24:58

Simply say exchange of contracts by close of business next Friday or you will remarketing.

You're not pulling papers but just giving yourself options

AmandaJanePisces Thu 22-Oct-15 20:31:32

I'm thinking that will make them show their hand, I'm guessing that a week is not unreasonable given that everything is completed ?

If they don't like it, I don't think it will be hard to re-sell.

AmandaJanePisces Thu 22-Oct-15 20:37:49

Baby & Imperial I agree! am going for next Fri now smile
wine talking !

Meatycankles Thu 22-Oct-15 20:46:39

Hi, this happened to us, we were buying a new build. We had several offers for our existing house but accepted the one who said they were able to move quickly, no chain etc. They delayed and delayed exchange,, until we were in danger of losing our reservation, then when we gave them an ultimatum to exchange or we would put it back on the market, they came back at the deadline and said they were dropping their offer by £20,000!
There was no reason for this, the survey was fine. They were just trying it on. I said no, and put it back on the market, for a higher price than originally, and we got another (higher) offer quite quickly. Our estate agent was really unhappy with the people who messed us around, and he said it gave him great satisfaction to tell the guy concerned that we had now sold the house to someone else, as he kept pestering the estate agent to make us "see sense" and accept his crappy offer. So it worked out for us in the end. Good luck with whatever you decide!

CrapBag Thu 22-Oct-15 20:51:58

You hold the cards OP. You have the house they need to buy because of their lies about school.

Tell them exchange now or the deal is off. Get in there before they come along with "we want you to drop price by X amount --because we know you are desperate--"

They will see then that you won't be pushed around and hopefully won't even try to reduce the price.

AmandaJanePisces Thu 22-Oct-15 20:55:44

We're really disappointed with our bollock-less EA who's contributed to the problem. After learning about experiences like yours meaty, we want to see if these purchasers are serious sooner rather than later. This system is crap, gazundering should be illegal sad

Fizrim Thu 22-Oct-15 20:57:23

Have they used your address to apply for school places? I would be stating that if they don't exchange by next Friday your children will not be able to move to their new school blah will need to inform the school/admissions that they will be remaining at that address blah and see if that motivates them!

Good luck with the move - and Meaty, that is a heartwarming story!

AmandaJanePisces Thu 22-Oct-15 20:59:54

Thanks crapbag : I'd love to know how they got their girls into the school. Having got away with that, they seem to have a real sense of entitlement. What a shame it would be if they lost our house & had to send their kids to school in the (rough) town where they actually live thlwink

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