Buyers want valuation before exchange

[everycloudandallthatjazz]

Some hand holding please. Messy split with me and ex... We are about a week away from exchange on our property and so far it has been plain sailing....

Our (cash) buyers initially said they didn't want a survey done as house is relatively new build.

Now they have told us the conveyancers told them they may be overpaying and told them to get a Home Buyers. They allegedly said to the agent (when we said we won't drop the price if that's what they're angling for) that if the survey valuation comes back low they will just walk away. What the hell??

Would you be alarmed by this? I feel sick with worry!

I reckon they might be holding out on giving you an answer because they are waiting for a bid on another property to be accepted. Don't show how anxious you are to close the deal.

That crossed my mind too - that they may be stringing two sellers along to get the best deal It would go some way to explaining why the heck they didn't do a survey on this place earlier on in the process.

If they have their own property to sell then they are not cash buyers in the true sense - they are relying on selling their own property to be able to buy yours without a mortgage rather than having the cash sat in the bank ready to go.

Perhaps their own buyer's survey has flagged up issues and a lower valuation and they've now decided that a second opinion on yours would be prudent - nobody wants to overpay.

If it is ongoing for six weeks, does the signed contract have a final closing date on it? You could contact the EA and ask how they wish to proceed. If they are withdrawing their offer you will need to put the property back on the market. It might go either way but at least you will have an answer.

No the contract doesn't have a date on it. EA is saying the buyers will give us a decision today but they said that yesterday... I have a horrible feeling they will drag this on until Monday

Call their bluff and say if you haven't a definitive answer by 6pm today, the house is going back on the market.

This is what I want to do - put the house back on the market until exchange as this whole dithering business is something we didn't sign up to when we accepted the offer. My ex would have to agree to that too though.

Did you speak with the EA? You could make the threat anyway to see if it will move them towards a final decision.

Yes, it's all going ahead!! I'm so relieved. The surveyor's report was fine and they were happy with it

Well done. Great to finally have your answer so you can start planning your own new home

Thank you xx

It is quite usual in England for contracts to be signed and then be held by each solicitor until exchange. At exchange they are then dated and the completion date inserted.

The client signing the document does not create a contract until they are actually exchanged!

Hopefully it is just the case that someone scared them by saying well if you haven't had a valuation how do you not know you're overpaying. Hopefully everything will be fine and you'll exchange imminently.

We hoped to exchange on Friday but looks like Monday or Tuesday now as they are awaiting a revised mortgage offer

oops - should have read all the way through the thread!!

Yes, waiting for a mortgage offer lower down in the chain too... I want to exchange already!! Fingers crossed for you.