Selling to first time buyers need I be worried?

[caracaramia]

I had several offers on my house and accepted one from first time buyers which wasn't the highest but I was promised by the estate agents they had their finances in order and could proceed quickly (this was the clincher for me because I will lose the house I want unless I move very quickly). However nearly 6 weeks on (and yes, I know we had Christmas but pre Christmas I would have thought solicitors, surveyors, estate agents would be sitting on their hands waiting for work) all that has happened is they have had a mortgage valuation. However, the estate agent let slip that they hadn't returned their mortgage application papers to them until 20 December. Hmm, I believed their mortgage had been sorted elsewhere.

As the estate agent is also selling me the house I want they are pressurising me to get moving on surveys etc so I don't lose the house I want. However, I have a limited moving budget and feel I need to see the first time buyers progressing before I splash out the cash which will be wasted if the chain breaks. (I am substantially downsizing so wont need to get a mortgage). I have paid my solicitor money and he is waiting for the other side to get in touch. Surely he should be pushing my buyers - the commission from the sale of my property will be higher than that from the one I am buying, plus if the sale doesn't go through he will lose his mortgage commission.

Does this timescale seem reasonable. I got the impression that if I accepted this offer I would be exchanging very quickly. I am also now concerned that my buyers increased their offer 3 times, from a very low one, whereas another buyer came in straight away higher but had not sold their own property.

Appreciate other people have bigger problems but am finding it all a bit stressful as this is my first move in 20 years and don't know what the 'rules' are these days.

One thing I remember from when we were first time buyers is that we were a bit clueless about the whole process and relying on our solicitor to guide us through the process; which they weren't really doing. So maybe a few phone calls might be in order?

Selling to first time buyers is the easiest way to sell in theory, but the reality can be much more stressful because they sometimes get cold feet and pull out, dither, have no real incentive to proceed quickly, or simply because when they say their finances are in place, they aren't actually in place at all. What you need to establish is whether your buyers have appointed a solicitor, and where they are in their mortgage application. If they've had a mortgage valuation, that's a good sign - make some enquiries about when they plan to have a survey carried out (assuming they want one). From your perspective it's less stressful when you can see your buyers incurring fees and investing in your property, so the survey is a good step in that direction.

Other things you can do are to press your solicitor to get a draft contract sent out and make sure that all the fixtures and fittings forms etc. have been completed by you and returned to your solicitor on the proviso that they be sent straight on to your buyer's solicitor. Also make sure your solicitor is aware of your expectations on the timetable. Solicitors often assume that you want your sale to proceed in tandem with your purchase, so if you want to speed up the sale to make sure it's secure before doing anything else, tell your solicitor that in no uncertain terms. I would also press your solicitor to be proactive - not to sit back waiting for your buyer to contact him/her. If you want your solicitor to be making calls and moving this forward, instruct him/her to do so (and if you have an email address for your solicitor, make good use of it!). Good luck, imo selling is the most stressful thing you can do even if things go smoothly.

I've always had to chase solicitors and agents. First time buyers may not know that. Can you chase on their behalf, via your side?

Thanks both.

I got all my fixtures and fittings and whatnot forms back to the solicitors within 2 days of receiving the offer. The first time buyers do want a full survey but still haven't booked this. At first the estate agents said they didn't want to ask, if they would have one because it would slow things up (??!) but now of course they do (and so would I in their circumstances) his tack has changed and he is backing them for wanting one (fine) but they haven't set the date yet, though he is pushing me to get mine done first.

I get the impression he hasn't really got my interests at heart because he's pushing me, though I have accepted a slightly lower offer for quick sale, but not pushing my buyers.

as the agent has the most to lose (two sales, two commissions) and can also talk to both solicitors (which you can't) tell him to get chasing. And also give your solicitor a kick to talk to the other one, start setting deadlines.

when I got stuck with a lazy buyer further down the chain, the agent was the man who got it moving for the above reasons.

I've always found the solicitors to be the slowest link in the chain. For this reason, I've always made a point of getting the buyers phone number so we can contact each other directly. This has highlighted how often the solicitors on both sides are being economical with the truth on how much they are pushing things along.

I would also tell your estate agent clearly that you aren't prepared to move your purchase along until you see movement from the sale side of things. It may incentivise the agent to put some pressure on the buyers.

Thanks again. I have told the estate agent that I am not prepared to move things etc without some give from the first time buyers but my intuition tells me there is something he is not telling me. I told my solicitor from the off that if nearer exchange (we are no way forward at this stage) the buyers decided they couldn't afford the price or wanted a discount or whatever I would definitely pull out because they are already getting a discount. I am wondering - and this is purely speculation on my part that as the FTBs originally twice offered much lower amounts the estate agents have promised them better funding by using their mortgage consultant and they may be feeling stretched.

I want to be fair to everyone - I think I will have to get the buyers' phone no. and speak to them. (Must admit I hate anything like this and getting increasingly annoyed with estate agent).

We're first time buyers and have managed to view house, offer and exchanged contracts in the space of 5 and a bit weeks so I think they're dragging their feet. This was all over the Christmas period too.

Thanks MM - I would have thought searches etc would have been a breeze before Christmas too, as so few people were requesting.