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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!! Flowers if you got through all this!!!

OP posts:
peachgreen · 15/08/2017 21:04

But we didn't instruct our solicitor until after we'd got the survey done... (although our solicitor is a friend so he was aware it was coming!) I just think OP's solicitor has set really unrealistic expectations with two weeks and she could end up losing her buyer because of it.

ScissorBow · 15/08/2017 21:07

Take the other offer.

OneMoreFrog · 15/08/2017 21:43

To all those that suggest we take the other offer, please can you tell me your reasoning? Just so I can understand why there is such a consensus... I don't want to lose this one and the other one be just as slow, these ones said they could proceed immediately but have turned out to be slow so I wonder if the other ones will be any different...

OP posts:
peekyboo · 15/08/2017 21:48

Re taking the other offer, I think that waiting 4 working days to instruct a solicitor rings alarm bells for how they'll behave from now on.

peachgreen · 15/08/2017 21:54

I honestly don't think them not having instructed a solicitor yet is a sign of anything. We didn't until we'd had our mortgage company survey, a private survey and got the results - probably 2 weeks in total! We'd already experienced losing £800 when we instructed the solicitor too early and then had to pull out due to a (truly terrible) survey and weren't going to risk it again.

There's no guarantee the new buyers will be any quicker I'm afraid.

Gizlotsmum · 16/08/2017 06:50

For me the fact that they have just had a purchase fall through means they have been burnt once so will be keen to confirm asap this time. The ones in rented will also have to give notice. I agree that it doesn't mean they are not serious just because they haven't instructed a solicitor. We are waiting on our mortgage valuation before instructing ours as otherwise we lose a lot of money for nothing ( and waste a lot of time). We are deadly serious about getting the house tho, just heard horror stories about mortgages being declined/ terms and conditions changed after surveys.

loaferloveforyou · 16/08/2017 07:41

From a first time buyers point of view I wouldn't want to rush a sale and exchange within a couples of weeks - especially if we had only been looking for a week. I know you said you wanted a quick sale but did they realise how quick it would be?

My betting is they will get spooked and pull out, especially as they didn't want a one bed flat in the first place.

The second buyers are likely to still be in the honeymoon phase and eager to get their own place so would be a better bet IMO.

I personally wouldn't enter in a contract race as a buyer and if they are the same you may risk losing them both. Someone tried to do this with us and a bowed out and let the other person "win".

coriliavijvaad · 16/08/2017 09:27

Don't go for a contracts race but I agree with the others that the honeymoon couple are a better be to get to actual completion quickly. The current buyers will be slow and may yet pull out.

Bluntness100 · 16/08/2017 09:32

I'd also go with the second buyer, but I'd be asking the question how quick they can act. The fact yours have told you one thing and then told the solicitor another would concern me.

ScissorBow · 24/08/2017 21:54

So what did you do @OneMoreFrog?

Allthebestnamesareused · 24/08/2017 22:02

2 weeks is unrealistic for a number of reasons:

It will take longer than that for the mortgage offer to come through.

The roof issue will arise again if not already disclosed.

Even though the enquiries had been answered before it does not mean the new buyer's solicitor won't have more or different ones.

The local searches will probably need to be redone rather than sold on.

Papafran · 24/08/2017 22:11

It will definitely take longer than 2 weeks for the mortgage to come through. The mortgage company needs to do a valuation and they will need to do their own survey etc. I would say 4-6 weeks is more realistic and that is moving quite quick. Remember that the buyers may be in rental accommodation and need to give notice to their landlord.

I would also not send the email. They have already said they only want to speak via the solicitors. If the other offer is prepared to move forward immediately, then tell their solicitor that unless you have a firm date for exchange, you will be going with the other buyer.

It's horrible, but you may have to accept that your related purchase will fall through.

BlackThumb · 24/08/2017 22:15

I would go with the other offer. I understand people saying things take a min amount of time, and they do, but to me having told them the urgency of the sale and them not having instructed solicitors within 4 days (or told you why they haven't) is unacceptable.

What have you got to lose trying the other offer? Even as a first time buyer I got my arse in gear and didn't faff for four days. Things can be done "properly" to a deadline.

NoKidsTwoCats · 24/08/2017 22:16

Two weeks is very, very fast even with a lot of stuff in place. The survey and mortgage offer alone usually take that. Searches can take a few weeks (I imagine your buyer's solicitors will want to conduct their own). Then you have enquiries etc...

Can you tell your buyers you've had another offer and say unless you get confirmation of solicitor, fees being paid, survey booked by x date, you'll go with the alternative buyer?

NoKidsTwoCats · 24/08/2017 22:28

Op you've nailed it with this:

To all those that suggest we take the other offer, please can you tell me your reasoning? Just so I can understand why there is such a consensus... I don't want to lose this one and the other one be just as slow, these ones said they could proceed immediately but have turned out to be slow so I wonder if the other ones will be any different..

In a previous life I had a lot of involvement with buyers and sellers and people will say anything to seal the deal - including promises to exchange within x days that then turned into 6 months. So there's no guarantee the others will be better. I'd suggest giving current buyers a soft ultimatum as in my last post and seeing the reaction. If they've never done this before they may not be aware of the process and what they need to do their end. Let them know what you expect and by when, and go elsewhere if they muck about then.

Fwiw, I don't think I've ever seen an exchange in two weeks - a first time buyer buying a new build can probably be done that fast but that's extreme and as they're not buying a new build it will be a little more complex.

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