Bit of an odd situation.
My Mum is downsizing and has some incredibly specific requirements (pretty much "it must be a flat in this building" ... where about 1 flat sells a year.) We're helping her with the whole thing because my Dad always used to do this stuff and she's a bit lost without him. By luck, a flat in the right place has come up and after a bit of dickering we've managed to get offer accepted. So far, so good.
Obviously we don't want to lose this flat because heaven knows when the next will come along. But in an ideal world she'd have found somewhere in a few months time, not now: the logistics of downsizing a lifetime's clutter into a small flat are daunting for her, plus there's some debate as to how to fund the purchase (she has the money, it's just a question of what to sell and what not to, and it is taking a while to work through).
It now turns out that the vendors don't have anywhere to go, despite having the flat on the market for nearly 6 months. The EA is telling me they had somewhere and it fell through, but she's giving me increasingly vague and flustered stories. On the one hand I'm suspecting that they are right at the edge of their budget and didn't want to even start looking till they were assured how much money they could get. On the other, maybe they are just utter flakes? Or maybe they have some other problem - I did ask whether the property (being very much a retirement flat) was subject to probate, which of course the EA said it was not, but it would make sense - it could easily be taking longer to get through probate than they expected.
So. I was thinking of proposing that we all delay for a couple of months: that we will hold our offer if they undertake to remove the flat from the market so we won't be gazumped. That will give them lots of time to find somewhere else and tbh if they haven't come up with anywhere after that time they probably aren't going to. The EA won't like it - I'm sure they would rather we exchange contracts with an infeasibly long completion date, and so lock in their commission - but getting to exchange is a bunch of work and hassle and I'm not sure the vendors have enough skin in the game at present to do their side properly, or indeed actually sign on the line when it comes to it.
Has anyone done anything like this before? Or maybe got some insight as to what is happening on the other side of the transaction?
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Options to delay exchange
9 replies
r3dh3d · 21/10/2016 15:59
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