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Original poster

Why are our buyers delaying?

53 replies

Duckstar · 29/07/2015 12:10

Offer accepted on our house in May. It is lower then what we wanted, but our buyers are cash buyers (don't need mortgage, buy to let). They are not seasoned investors. First purchase. We also managed to offer on property and get a good deal. Our vendors accepted because of short chain.

Since then our buyers have delayed at every stage. 6 weeks to instruct solicitors for example.Apparently they are now deciding if they wish to get searches done! They are buying our house for 500k, who wouldn't spend a couple of hundred quid on searches?

Our vendors are now getting edgy and want completion asap.

We have chased why they are delaying. We get (through EA) that they apologise 100 percent committed. They then continue to delay.

Any ideas what might be going on? Why they are delaying?

My concern is if we say we are putting house back on market we will lose are purchase (which we probably have already paid 3k on because of sols fees etc). Our vendors need to move quick as they need to relocate.

OP posts:
ThroughThickAndThin01 · 12/08/2015 20:50

Very frustrating for you. Trying to think of a reason they're not telling you, as you sound so amenable.

amothersplaceisinthewrong · 12/08/2015 20:53

Pound to a penny (or £500K) this is to do with them not having the funding -

Estate agents will string you along for as long as they think there is a whiff of commission.

We have just sold my FILs house to cash buyers. From offer to completeion (including searches etc) was one month exactly.

Original poster
Duckstar · 12/08/2015 20:54

Have sent email to EA told them deal off. I'm sure I will get call first thing tomorrow from EA now trying to save deal. Buyers have choice they can walk away or they can come back and agree an exchange date and see if we will accept offer again.

There must be easier ways to buy a house!

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wowfudge · 12/08/2015 20:56

Well you reach a stage when you just want to know one way or the other. Fingers crossed they pull their finger out.

Original poster
Duckstar · 12/08/2015 20:57

Amothers I'm sure it must be money. They are waiting to get more funds. As you say cash buyers/BTL move quick. That's why we accepted lower offer. A property over the road sold last week the letting signs are already up (presumably a condition of sale they could advertise asap).

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Original poster
Duckstar · 12/08/2015 21:01

Wowfuge exactly. I'm back full time at work in 4 weeks. I have a high pressured job which means I can't be chasing sols and EAs. Also pregnant with DC3. I have enough going on without some buyer messing me around!

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ppandj · 12/08/2015 21:01

Duckstar this happened to us in the Spring. Had it all gone to plan we would have moved in a month before my due date but our buyers (similar situation as they were novice investors too) delayed the process so much that we ended up moving when DS was 4 weeks old.
Towards the end I basically rang our solicitor and our EA every day asking them to chivvy the buyers and their solicitor along. It did get sorted in the end and we have our lovely new house. Just wanted to give you hope!

Pico2 · 13/08/2015 00:40

I know this is a massive generalisation, but if you have £500k in cash, aren't you the type of people who have a solicitor you regularly use for things? So instructing one to buy a house would be 1 call/email.

Original poster
Duckstar · 13/08/2015 05:49

Pico2 I agree. Or you certainly would think you have enough business acumen to know first thing you do when buying a house is instruct a solicitor asap. As I say, it's all been these ridiculous delays. Our house is a new build under NHBC warranty so no issues structurally etc so they just seen to be delaying other ways.

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Original poster
Duckstar · 13/08/2015 12:31

Update EAs running round like headless chickens trying to get buyers to agree date. I got a lot of spheel about us being so close, apparently there were enquiries outstanding, oh and they didn't have searches back (well that's what happens when you don't raise them for months). Then, apparently, there are some "sensitive issues" in background, and I said, "I don't care. I'd have some sympathy if they hadn't messed us round for months, but I bet this is just another delaying tactic".

They said they will get in contact with buyers and get straight back to us. They have till 3.

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SevenOfNineTrue · 13/08/2015 12:38

Give them a deadline of two weeks to get things sorted or tell them you'll pull out and put it back on the market.

It is the only way you'll know if they are serious or not. The property market is still buoyant in most areas.

Good luck.

wowfudge · 13/08/2015 13:05

They've had long enough. If these things were actually going on and delaying matters then why the hell didn't they say so? Sensitive matters = we haven't got all the money together.

Pico2 · 13/08/2015 15:08

Will you instruct a new agent?

QuiteLikely5 · 13/08/2015 15:17

Duck star

Why not contact your solicitor and ask them to ring your buyers solicitor in order to find out what is really going on? Their sol will be able to tell you how far along in the process they are?

I don't understand why you haven't done this already

Original poster
Duckstar · 13/08/2015 16:54

QuiteLikely we do know how far they are along. They didn't raise searches till last week so they are not due back till 19th August. They have raised more enquiries to my solicitor yesterday. Draft contracts went out last night.

My sol says could complete in a week or two if they wanted, but the problem is they are saying they can't agree date to even aim for. The date we have suggested is 3 weeks away so have built in a contingency, and I am aware that isn't a legally binding date. It's just attempt to get everyone moving.

EA have said they "verbally" agreed to 4th September, but because of sensitive issue can't get back by way of email.

I still think we should pull out, but need to discuss with DH tonight.

Any thoughts if it makes a difference if we put on market now or on 4th September. Market is very dead here (i.e lack of stock on market). Not sure if better to wait to beginning of September though to re-list.

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Original poster
Duckstar · 13/08/2015 16:56

Pico2 plan is to list with same agent for 4 weeks and then take off market completely for 6 months - 1 year. Have DC 3 and try to sell again next year. House is fine. We can all fit in. It's typical new build. Lots of bedrooms, but not enough living space.

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Original poster
Duckstar · 13/08/2015 16:56

QuiteLikely their sol has also said they do not need any pressure put on them, because of their "sensitive issue".

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LIZS · 13/08/2015 17:03

Ime a sensitive issue leads to pulling out. We had a couple with young child really keen, came to measure up just prior to exchange , contracts ready then sudden silence and withdrawal . Apparently an issue arose which meant they wouldn't be buying for a year or two.

Pico2 · 13/08/2015 18:42

I don't think they have the cash.

LIZS · 13/08/2015 18:55

Maybe reliant on inheritance or family loan which is in the balance. Or one of them is being made redundant.

Spickle · 13/08/2015 19:13

When you say "draft contracts have been sent out", do you mean sent out to the buyer's solicitors or to the buyers themselves for signing? If the solicitors for your buyers have raised more enquiries, do you know what those enquiries were about? Is it something that your solicitors needs to ask of a third party? If so, which third party? All these things point to you not being very far along the process at all and therefore too early to be suggesting dates. Don't forget, once the searches are back, yet more enquiries may be made based on the search results. To be honest, if it has taken since May to get to this point I'm not surprised you're upset.

I'm a conveyancing assistant so am aware of the process involved.

Clutterbugsmum · 13/08/2015 19:18

I'd stick with they complete to your time frame, with contacts signed by XX date. If they are unable to do so, then pull out from the sale. As you know that things will go quite again until after the 7th September at the earliest and you will still be in this position come the beginning of October.

Original poster
Duckstar · 13/08/2015 19:46

Spickle thanks for your advice. Contracts have gone out to them to sign. Enquiries are predominantly regarding our management company (house, but on a managed estate). They also want original plans for development which they will either need from developer or the council.

Our concern is if we don't agree a date this is just going to drag on for more months.

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Original poster
Duckstar · 14/08/2015 14:35

Update: Ultimatum given to buyers that we wanted agreement on an exchange date. They are now just ignoring my EAs calls and emails. So house has gone back on market. Thanks for everyones advice. An expensive experience, but a lot of lessons learnt!

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Clutterbugsmum · 14/08/2015 15:57

Sorry to hear that Duckstar, but hopefully your next buyer will be better.

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