Head says walk away - everything else screams desperation!

[stevieknicks]

We have spent £1500 so far on a full survey, mortgage application and searches thinking we were working towards a December exchange. The property we are buying is rented and while the owner is buying somewhere it wasn't strictly a chain.

Our EA got us in before it came on the market, it needs work but will be a lovely house in a good location.

Turns out now that the property info form has come through that the owner WON'T sell unless he buys, and that the property he is buying is probate.

SO either he lied or our EA is so desperate (he is also handling our buyers, who have been waiting since June for us to find somewhere) that he stuck his fingers in his ears at that bit.

We are desperate to move, have second DC and need more space/garden, but I feel like this guy may be a chancer .

At the minute nobody has a clue when we all can move, despite the 14 December being our vendor's date in the first place!

What would you do......?

If you really want it, wait. It won't kill your second DC not to have more space or a garden when it's just going into winter.

I would walk away before it drags on forever.

or

You could drop your offer substantially and say that is now your only offer should he decide to sell.

I should have added that this is the fourth house we have had offer accepted on since June - all others fell through out of our control! So yes, feeling desperate just never to have to think about moving again!
Worried if we try to wait it out our buyers will walk away

We are in a similar position although we have just lost our second set of buyers and the people we are buying from its we are their 3rd lot of buyers. I heard today from an EA that 75% of transactions are falling through at the moment.

First check that the property info is correct and give your EA an earful.

It depends if you really want the property or not. I can't see why he can't exchange on the house before buying the other one if he is not living in it - it may be that he wants to keep that mortgage but usually you have a 3 month leeway to transfering a mortgage. Ask more questions before pulling out.

Tell EA you are going to keep looking at property at book and make lots of viewings and that normally scares them!

Shocking stat fiddledee. That's why we want this to happen - on paper we have a chain free buyer with a big deposit, and we are buying from someone who is keen to get money in his bank. But in practice it is so stressful!
Where are you? We are in London, I don;t think prices have dropped as much round here, but banks are still as nervous

In London, I agree prices haven't dropped but not many people can get their chains to work. I would take the buyer of your property and run to be honest if you think you have a good price unless you are prepared not to move in the near future. I am very anti-renting but I can't face the time and effort it took for us to find a house to buy (lots of buyers at the time for our house) and then to lose it when our buyers pull out. We had a cash buyer for 2 months - wished i had exchanged earlier and not made a chain.

Sympathy sympathy OP. We are in our 4th chain since June and it SUCKS. Still hanging in for the house but feeling desperate too.

Meh.

Have decided to give him an ultimatum tomorrow, our chain breaks down unless he exchanges before xmas and completes in January. 24 hours to decide, then we walk.
I know it won't work though, he doesn't NEED to sell, but we flipping need to buy