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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Flat sale nightmare - WWYD?

40 replies

OneMoreFrog · 15/08/2017 18:00

This is more of a WWYD...

The sale of our flat has fallen through twice, we have a related purchase - they have stuck with us but are really losing patience, we are onto buyer number 3 now. Our solicitor is very good and is trying to move things very quickly for us. We have reduced our price by 15K for a quick sale and I met the buyers on the viewing and told them this. They said they understand and are able to move quickly. So far it has taken them 4 days to instruct their solicitor and they have not yet given the monies for searches. Our solicitor called theirs and they said 'I know your client wants to move quickly but my client is a first time buyer and is not in a rush, and wants things done properly'. I understand they want things done properly, but we were a day from exchange with our previous buyers so all the property information, management pack, enquiries, searches were conducted. Our solicitor has said two weeks is a reasonable timeframe for exchange. I asked our solicitor to ask for their phone number/email so we can talk directly to them and make sure we are all on the same page - the buyers declined saying they will only speak to us through the solicitor or estate agent. So I have written an email as below:

We have had a series of miscommunications from the estate agent acting on our behalf which is why we wanted to speak directly. We have been told that your solicitor was instructed and searches bought last Friday but it appears that this is not the case.

We are coming under huge pressure with the sellers of the property we wish to purchase. They are threatening to pull out if we do not have movement of our sale in the next week.

We have recently received an offer from another buyer who has said they are able to proceed immediately, we have told them that we are already under offer as we wish to honour this sale and I felt that you were genuinely keen to move quickly having met you both at the initial viewing. We would be willing to complete up to a month after exchanging contracts as I know you are in rented accommodation so I understand you might not want to pay rent and mortgage payments at the same time but we would like to exchange in the next couple of weeks. My solicitor has informed me this is perfectly plausible as nearly all the paperwork required was completed during the previous sale and we were within days of exchange.

Please can you clarify your feelings on timescales for this?

My contact details are below if you wish to speak directly:

Please can you tell me if I am being unreasonable in pushing this? DH says we should just leave it, but if we do, it will be too late if it falls through again.

Another buyer got back to us a day later than when we accepted this offer, offering 5K more and said they had just had a purchase fallen through and want to move quickly. I'm not so bothered about the 5K - I just want a sale that goes through to completion!!! But I think they might be a better bet, though they are young and might need parental input and change their minds?

Our previous sale fell through because there are roof works proposed on our flat for 10K and the parents of the buyers said that they are extending themselves too far and they tried to renegotiate down, but we found out about the roof works after the fall of our initial sale and had already taken 10K off and told them about it on the viewing so we said no... I don't want that to happen again...the latest buyer we have accepted are older but had only been looking for a flat for a week and apparently had told the estate agent they do not want to look at any one bedroom but 'fell in love with ours' which is one bedroom. So I am also nervous they might change their mind about not wanting a one bedroom....

I just don't know what to do, please give me advice!! if you got through all this!!!

OP posts:

Gizlotsmum · 15/08/2017 18:02

Honestly I'd take the other offer.

BarbarianMum · 15/08/2017 18:05

If they are forst time buyers they are likely to be nervous and want to do things 'by the book'. I'd take the other offer too.

honeysucklejasmine · 15/08/2017 18:05

I'd take the other offer too. Did you give them a timescale to respond by?

AtHomeDadGlos · 15/08/2017 18:06

Yep. Go with whoever can exchange first. So accept both and have them both moving to exchange. Then exchange with one and not the other. All it needs is your solicitor to only exchange with one party.

peachgreen · 15/08/2017 18:10

I don't see how two weeks is realistic unless either of them is a cash buyer... it took us longer than that to get mortgage / surveys arranged and get the reports back, and we were really hustling!

Original poster

OneMoreFrog · 15/08/2017 18:15

Thanks for all the responses so far [honey] I didn't give a timescale, it's still a draft so I'll ask for them to respond by the end of the day? They are both first time buyers but the one we accepted is in rented and the other are living with their parents and just got back from honeymoon and want somewhere to live!!

OP posts:

aaaaargghhhhelpme · 15/08/2017 18:17

I'd go with the other offer. You were upfront with them when you met them. They knew the deal. They were getting a good deal. Not helpful that they've decided to go on radio silence after the offer was accepted

Hope all goes well

MyKingdomForBrie · 15/08/2017 18:18

You can't accept both!

5rivers7hills · 15/08/2017 18:19

Oh just go with the other offer

aaaaargghhhhelpme · 15/08/2017 18:19

Peach - surely they'd have a mortgage agreement in principle? We did before we went looking - otherwise what's to stop people from putting In offers then realising they just can't get the money?

Our bank was pretty speedy once or offer was accepted too. Well, speedy for a bank!

5rivers7hills · 15/08/2017 18:19

It 2 weeks isn't realistic unless your new buyer is cash

wowfudge · 15/08/2017 18:29

2 weeks is not unrealistic if the buyers can sort out their mortgage offer, they buy the surveys from the previous buyer and any queries are resolved. Right but doable, but only if they are willing to push things themselves.

wowfudge · 15/08/2017 18:29

Tight but doable

Goingtobeawesome · 15/08/2017 18:30

The do things properly prbabaly means they are worried hey won't really own the flat if things are done too quick. They aren't understanding that the work has already been done as you've almost sold twice before.

Solicitors and estate agents are there to advise, and make money, but this is your life and you should do what is right for you.

BumbleNova · 15/08/2017 18:35

tell both its a contract race - the first person to get to the position of exchange gets the flat. be honest with both and say time is of the essence. if your previous purchasers are dragging their heels despite you being clear i think its fair enough.

GrandDesespoir · 15/08/2017 18:35

What the hell are they doing fannying about for four days before even instructing their solicitor? Or are you counting the weekend in those four days?

Do they understand that you need things to move quickly?

I think I'd go with the other offer as well, I'm afraid.

Original poster

OneMoreFrog · 15/08/2017 18:37

Four working days Grand :(

Do you think if we tell them both it's a contracts race we might alienate both?

OP posts:

FinallyHere · 15/08/2017 18:40

I'd take the other offer.

As a buyer, I would always pull out of a contracts race.

wowfudge · 15/08/2017 18:41

I wouldn't say it's a contract race - you'll piss them both off. Get your EA to speak to the buyers and explain the situation. There's a risk they will not believe them or think there is something else going on, but offer them your contact details if they want to discuss.

Give them a deadline of the end of the week or you'll go with the other offer. My guess is that they are having second thoughts about it being a one bed and may well have viewed other things over the weekend.

peekyboo · 15/08/2017 18:42

I'm a first time buyer (moving tomorrow!) and one element was that I used the Help to Buy scheme which means the govt contributes an extra 25% of whatever you save. This can take an extra week by itself, but also if your buyers are part of it and they hang on til Sept they'll get another month's 25% towards their purchase.

Also, they might be scurrying to draw the rest of the deposit together as you can have an agreement in principle without your deposit being in place.

honeyroar · 15/08/2017 18:58

I wouldn't get into a contract race either!

Tell them you want X to be done by Y, otherwise you're pulling out (but make it a reasonable timescale - it's not their fault your other buyer pulled out or your seller is pushing you, and as first time buyers they will be a bit nervous..).

peachgreen · 15/08/2017 20:52

@aaaaargghhhhelpme Yes we did too but we still had to have a survey and go through the full application process. It took them a week to sort the survey and then another to get the report.

peachgreen · 15/08/2017 20:54

And that's not even considering if they decide to get a fuller survey (they'd be mad not to imo). Also yes, Help to Buy will slow things down too.

aaaaargghhhhelpme · 15/08/2017 20:58

Peach - ahh yeah. It's been a while since we moved...it's all coming flooding back to me! I would get the full survey done - ours took a while to organise and I had to chase them at every turn

But I guess that's the problem with these buyers - they knew it was cheaper as they need a quick sale and they take four days to instruct their solicitor? I'd be worried they don't seem to know much in the way of how long things take and the need for speed here.

NotSoNewbie · 15/08/2017 21:03

You don't know that the other buyer will proceed any faster. I tried to sell a flat and the first buyer pulled out after SEVEN MONTHS of faffing by solicitors. I put it back on the market for 20K more (its actual market value at the times rather than a lower price for quicker sale) and I accepted the first offer after that, and we exchanged 3 months later....which seemed rather swift in comparison. I wouldn't write to the buyers directly. It's usually the estate agents/solicitors who are slow to act but of course will blame the buyers!

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