Buyer acting strange at crucial time - advice needed

[Phoenix89]

Hello. We are currently selling our house to a FTB and purchasing our dream home in a chain of just three. Originally we wanted to complete on 24th November and suggested this date from early October which all parties agreed to, but when it got to the required exchange time our buyer's solicitors suddenly had a new enquiry every day for over a week. We then agreed to aim for a new completion date of 6th December, for which we were supposed to exchange on the 1st. This didn't happen because solicitors were being slow, but the funds had been ordered by our buyer's solicitor and our solicitor so we were all ready to exchange the day before. Our house was all packed up and removals booked, but then on 5th December (day before completion) we got a call from our solicitor saying our vendor (who has never once been a problem and has been moved out of the property and ready to go for a while) had messed up their mortgage paperwork and needed the bank to issue a new one. It turned out that they were able to do this quickly and had the new paperwork ready again 3 days later, but of course everyone's moving plans were ruined. We were then aiming for exchange on Friday just gone and completion this coming Tuesday, but we received a call from our EA on Friday morning saying our buyer was so stressed out at the whole process that she is now going to stay with family abroad and doesn't want to exchange and complete for at least another month.

All we know about our buyer is that she is a FTB and not originally from the UK. We have been told she doesn't understand much about the whole process and has needed to be heavily guided by EAs the whole way through.

We basically don't know what to make of this sudden demand but to us it looks suspicious that she now doesn't want to even exchange for another month when last week she was ready to complete. She's even had post delivered here already.

We think we need to put some pressure on her to at least exchange contracts before Christmas, but at the same time if we lose her as a buyer by putting too much pressure on then we will likely lose our dream home too.

How can we persuade her to exchange contracts without risking losing her altogether?

Incredibly stressed, living out of boxes with no wifi and furniture in storage. Help!

Thanks for the advice all!

Just heard from our EA and apparently the buyer was scared to exchange because she thinks she will be financially liable if it all falls through before completion. After explaining to her that exchange actually means that can't happen, she has instructed her solicitor to exchange this coming Friday with completion in January.

Feel like this is kind of good news but then she could easily pull out on Thursday or Friday morning and leave us in the shit again!

Think we should put more pressure on or wait to see what happens come the end of the week?

That's a positive step, although waiting until Friday still isn't great. I'd be clear with EA that it would be going back on the market on Saturday if exchange doesn't happen on Friday.

We had similar. I go back with the message that Friday is fine for exchange but if it doesn't happen then the house will go back on the market

I would be questioning why she wants to wait till Friday.
I would be severely pissed off by now and would be playing hardball.
I would get my solicitor to phone hers and say that since you are prepared to wait until Jan to complete - despite her dreadful actions messing you all about- you are not prepared to wait to exchange. So exchange on Wed or you are putting the house back in the market. - and your EA has a list of FTB who are ready to go and who want to view your house. And you won't be selling to her so she will loose all money so far spent on this process.
I have sold and bought lots of properties and I'm never afraid to play hard. But ultimately it's up to you. I would just be nervous that she keeps prevaricating.

the buyer was scared to exchange because she thinks she will be financially liable if it all falls through before completion. After explaining to her that exchange actually means that can't happen,

But she would loose her 10% deposit....

Ask her for Thursday exchange. Friday is usually conveyancers' busiest day of the week so it's not a good time for chasing a 'nervous' buyer, they have plenty else to do.

Not if it isn't her fault she won't as she'll be able to claim that back.

I would also be questioning why is she waiting until friday just to exchange, Its a quick process especially in a chain so small. If shes serious surely she would be assuring you about the purchase by having a sooner exchange date. She doesnt sound serious.

Sorry meant to say she would loose her deposit if it fell thru because of her - is she getting the brexit wobbles ? maybe wants to think it through over xmas with family abroad? Would give her a deadline to exchange or put it back on the market before xmas - as busiest day for RM viewings is boxing day - get your EA all teed up to do this as there is a lead-time if they have to make edits etc to upload to RM. That will also make your EA earn their fee by smoking her out one way or another.

Have you exchanged op?

Did you exchange?