Buyer woes...do we remarket given the upcoming referendum?(7 Posts)
We're in the midst of moving in order to have access to better schools for our kids, the first of which will be starting school next September.
We accepted an offer on our house mid Feb following an open day after a week on the market. In the end we went with the highest offer given the buyer had a 60% deposit so we though the risk of mortgage not being approved would be minimal.
A couple of weeks later the survey was done, searches came back and we thought all was progressing well. We also then found out our buyer was planning to cash in other investments so would become a full cash buyer.
We struggled to find a place to buy as our first offer on a house was not successful. Towards the end of March we found a place and had an offer accepted. Within 2 weeks, our survey was done and we received our mortgage offer.
That was when we had our first glimpse of something not going quite right...our buyer called the estate agent, after digesting the private home buyer survey he had done for some 3 weeks, to say he wanted a £10k reduction...That was on the basis that the survey mentioned there was no electrical or gas safety certificate. This was quickly batted back by EA as being a standard thing, especially on older properties.
Then the buyer suggested a £5k reduction due to the mention of asbestos which is 'expensive to fix'. Low and behold, all the survey said was that properties of this age (1930s) may have used asbestos in the build. There was nothing in particular called out. We rejected this also seeing as there really was nothing wrong with the house. We heard nothing more for weeks except that he was grateful for the free items we are leaving behind (fridge freezer, dining table etc)
Fast forward to now. I've been getting a feeling the buyer might have the jitters and is just not that reliable. He has been very hard to get hold of, ignores calls and texts and his English is rather limited so is difficult to read when he does reply.
I asked my solicitors to chase theirs and after a week and a half they finally received a response just to say the buyer has not confirmed what they want to do, in particular, with regards to the survey.
The EA has been trying to get hold of the buyer for 2 weeks now. Left messages, Sent texts and emails and not had one response to date.
We are worried of losing the house we are buying but luckily our sale happened so many weeks before we found a place I think we might be OK. Plus our vendors are clearly not rushing...there are still loads of o/s enquiries we raised well over a week ago.
The market definitely seems to have quietened down so we are not sure of its best to remarket or just hope our buyer is actually just a rubbish communicator...This house moving stuff is so damn stressful...the OH doesn't seem worried at all!
sod the referendum. Remarket. This will only get worse.
I wouldn't have put so much energy into chasing your buyer. You answered their queries and they didn't get the reduction they wanted. We were in a similar position last year and as soon as we caught wind something wasn't right we instructed the EA to remarked immediately and to inform the buyer it was going back on the market. Within two weeks we ended up with three couples bidding over the course of 48hrs - was ridiculous! Take control back.
yep - contact EA and ask to remarket immediately if no definite action.
[why does the referendum matter?]
I'd remarket. It sounds like he's gone cold on it.
If he comes back great, but don't waste any more time.
Thanks for the advice.
I think we will remarket and hope we get another credible offer on the table soon.
First time round we managed to secure 7 offers withing a week so I'm hoping that's a positive for sure.
Looking back maybe we did waste too much time and effort on our buyer. It should have been apparent when he speculatively asked for a reduction with no grounds to base it on.
With regards to the referendum, it seems prices and demand is softening a little. It's probably just in our minds!
I would also either ditch the agent or renegotiate a lower fee with them they should have been on top of this and have failed to do a good job.
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