Buyer is pushing for exchange before xmas but we are not yet ready!!!(12 Posts)
Our buyer (via EA) is threatening to pull out if we dont exchange before xmas although he is ok to set the completion date 2-3 months in the future. They have been waiting patiently for 4months while our previously vendor sold his house to someone else so I have been searching for another property. Now that I have found a place and my offered accepted this week and ready to get the ball rolling, the buyer still insists on exchange pre-xmas. Spoke to my solicitor who hasn't heard anything from their end regarding this request.
The fact that it will take 2-3 months to complete the process on my new house - mortgage, survey etc and it should be ok to hit the preset completion date but this is a risk we can't take because we have a young family, def want to avoid moving into rental and move twice. Effectively, the buyer wants the security because he is renting and his contract ends this month. But regardless of exchanging this month or not, he still has to sort out his accommodation. This only benefits him while putting alot of risk on my side. So we firmly said No. We rather lose the buyer and the new house than to go down this route.
This has always been communicated via the agent. Initially I thought he is playing us and pushing to exchange to get his comm before xmas. Our solicitor thinks the EA is making things up because he would have def heard something from the buyer's solicitor for this sort of request.
Am I doing the right thing here? Is EA just being a AH?
If they have already been waiting for 4 months I can see why they are pushing for things to move. I do understand your point too, your buyer is just trying to make sure they are going to get the house they have waited so long for
Yes totally understand their frustration. Hopefully they can understand that things will move quickly from this point on and accept to move forward together, although it still carries certain amount of risk, well, any property transaction does.
If you want to sell, just do it. Waiting about for the house you have just found isn't really the problem of your buyers. I'd complete before Christmas, Exchange in the New year and move to a short term rental or in with family just to get it done. It also puts you in a better position with buying the new house as you aren't stuck in a change beneath you.
You're doing the right thing especially as his solicitor hasn't heard anything. There's no particular benefit to exchanging before your own purchase is under way.
Moving twice, into rented etc, sounds hellish. If his rental contracts ending soon it should turn into a rolling contract making notice much simpler.
We're in a similar position, except that our buyer has been waiting 6 months! Our first purchase fell through and we're now in the process of buying another house but it is not progressing as quickly as our buyer would like. So, we've decided to exchange on our sale this befor Xmas with a completion date of the end of March. We're going to keep everything crossed that our own purchase will complete in the same timeframe. Otherwise, we will have to move into rented accommodation. Although it's risky, we didn't want to lose our buyer and could also understand their frustration.
Your solicitor will strongly advise you not to exchange before all the relevant legalities have been satisfactorily dealt with. Your buyer cannot demand exchange just because he has waited so long already, that's not how it works. If he walks away, he is still going to have the problem of accommodation when his contract is due to end and it is unlikely he will purchase another property before the end of the month when he has to vacate. Please don't be bullied into signing anything or moving into temporary accommodation just to suit him.
It is, of course, frustrating for him but this is what happens sometimes. EA's do not understand the role of solicitors and think that because they can communicate up and down the chain, they call the shots. They don't. What they do do is wind up sellers and purchasers and the solicitors. The fact that his solicitor has not communicated anything to your solicitor suggests that they and he knows you can't exchange on a property before the survey, searches and enquiries are back, and you would be foolish to consider it.
We bought our house chain free and will sell it the same way (moving country) but OMG it is utterly ridiculous in this country!
Does anyone know why the rules arent changed? ?
OP you need their solicitor to contact yours. If they said it and mean it you will have to work out what is more important, selling or not having to move to rental.
Can l just point out that in other countries when you sell your house you agree a date to move out when you put in an offer and its accepted and it's legally binding.
Im with you PossumPoo the way it's done and drags on for so many months here is just ridiculous. It needs to change all this gazumping and walking away if you can't have this or that or dropping out after buyers have spent money on surveys is archaic.
Thanks everyone for your comments/suggestion.
Spickle - yes, thats what my solicitor suggested me. He was so chilled about this whole situation and told me "don't worry, if this buyer pulls out, then a new buyer will come along". Hell, the EA fee is so high and I will instantly fire him if the buyer decides to leave the party.
PossumPoo - should I proactively ask my solicitor to contact the other party and find out if thats their real intention?
I was the buyer in this situation earlier this year. It was just bluster. My seller DIDNT exchange contracts so I walked away... Then came back with my tail between my legs!
If they've waited 4 months, they obviously love your house and it ticks all their boxes. I'd stand firm. Don't push to sell before you've bought - you don't need to.
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