thinking of pulling out when buying a house - advice needed(19 Posts)
Hi hope someone can offer advice from an outsiders point of view.
We had an offer accepted in November and mortgage was agreed in December. The sellers asked if they could stay in the house for Christmas and we agreed.
They were not part of a chain at this point.
The moving date was set for 28th February and the sellers are now part of a chain.
We were due to exchange contracts around about 20th February and it emerged they were now part of a chain.
On 26th February, they said further up the chain wasnt ready to exchange.
We have since agreed to exchange on 3rd March, 7th March, and today for a completion on 14th.
After speaking to estate agents and solicitors, no one can get hold of the sellers our sellers are buying from.
It appears he is holding things up deliberately and every time we agree an exchange date, no one can get hold of him or he says he isnt ready.
Is it time to just walk away?
How much have you spent on surveys ans how much do you want the house?
Sometimes just giving a date and saying if you haven't exchanged by then you are pulling out or asking to view other properties is enough to kick things into touch bit yes I have walked away from one property after waiting FIVE MONTHS to move in!
Give your seller an absolute deadline first. If they want the sale, they'll have to decide whether to move into rented (where were they going to go after Christmas?), put a rocket up the arse of their sellers, or find somewhere else.
Problem is that house prices are rising and depending in your area, you may find you can afford less now than you could back in November, so I wouldn't walk away without trying to put some pressure on first.
Try to see if you sellers will break the chain first. They might be willing to move into rented not to lose the house they are waiting for. Are you in a rising market?
Thank you for all your advice.
We pulled out on 28th amd the next day we were called back and assured that everyone was exchanging
IIWY I would walk away. You have been more than reasonable while they have not.
We were called back and assured that everyone was exchanging = they are not being honest with you.
Sorry that wasnt finished now my bl00dy phone is playing up.
We pulled out on 28th and then recieved a call the next day assuring us exchange of contracts would happen 7th with completion on 14th.
Exchange of contracts still hasnt happened and I spent all day friday and today so far chasing but apparently no one can get hold of this seller whom our sellers are buying from.
How badly do you want this house?
In your shoes I would probably start and look at other properties, but until you find one that suits you as well, there is nothing to be lost by hanging on for this one. If they are still messing you about and you find another that you really like you could withdraw from this house at that stage.
I have never bought in less than 4 months, especially when there is a chain.
You are in a strong position if you are a ftb - although is the property one that only ftb would be buying? Anyway, you are in a strong position.
I wouldn't just pull out for the sake of it. They might all be ready to go the day after you pull out.
We stand to lose about 1500 pound. I am just concerned that this cycle is going to go on and until its convenient for this seller further up the chain. I think he has a date in mind and that its not the 14th but he is going to promise a date then go back on it each time until its the date he wants. Rather than just being upfront and saying where we stand
I don't think you normally agree an exchange date, all sides exchange contracts when everyone is ready - even on the day of completion when they are waiting for last one final bit of information which they'll sure will be available on the day.
I know it's hard, but try to hang in there. You could speak to the agent and say you feel this has unfairly been dragged out and, although, you love the house are getting to the stage where you'll start viewing other properties unless you hear something in the next week, even if that's only what's happening at the top of the chain - ie they're waiting for a particular piece of information.
we had one of these in our chain, everyone else was just considered little people and could wait until madam was ready. We were at the top and going to rental, which I am very glad about.
our buyers (whom madam was buying from) put theirs back on the market and suddenly it all happened. After heavy chasing from the estate agent.
someone needs to issue an ultimatum.
I must admit have been the vendor like this.
With one of the buyers I was just looking in a very narrow area, until my buyer got fed up after several months and pulled out.
With one of the buyers I said I was going to go into rental, but when started counting my losses for rent, mortgage early repayment fee etc, it became not viable financially so I had to delay the process by having to find somewhere to buy.
Now after I have found something to buy (a compromise property), all of a sudden my marriage has broken down and after agonizing for 2 weeks I am now writing an email to the agency that I am pulling out.
So just to show that there are various circumstances.
Look around for other properties, but hold on on that string for this one.
Well the exchange didnt happen yesterday as promised but ive been assured that it will happen today and everyone wants to complete on 14th.
We will see.
Thouroughly sick of being told it will definitely be tomorrow every day.
Littlecrystal - sorry to hear about your situation. Hope things pick up for you soon.
Were in a similar position op and I've had enough! It's taking a lot or wrangling and people are frankly being arseholes with regards to what they want and changing their mind.
Apparently this is all part of the 'fun'. I'm not laughing. We are supposed to be exchanging this Friday. At the moment that's not going to happen and if I'm pushed anymore by either side I'm pulling out all together.
It's simply not worth the stress. The system needs to change
Omg we exchanged today. Moving friday. Thought it would never happen!
Congratulations op! I hope your move goes well.
After a very sleepless night its ultimatum time. I'm not a bloody charity and my family comes first.
Excellent news - good luck with the move and enjoy your new house.
These delays are very very common and very frustrating where there is a chain and unfortunately mostly you just have to hold your nerve and avoid cuting off your nose to spite your face.
I have never bought and sold in less than 3 or 4 months, tbh.
A good tip is to sell surveys you've had done to a potential new buyer (if you have pulled out yourself). You can tell the Seller's solicitor about this and ask them to offer it. I worked as a conveyancer in the past and did this a few times. It is an opportunity to re-coup some of the money back.
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