Hi, this isn't regarding myself, but my DM who was/is in the process of selling and buying.
Her buyer was a bit dodgy from the start. Buyer's sister lives across the road from my DM, the sister was a little too involved with the purchase. She tried to get my DM to sell privately at a low price because her brother is a property investor. DM refused as the price was too low, planning to put house on the market officially. Then the brother himself came round and offered asking price, so DM accepted. He said he was a cash buyer.
There were quite a few delays over the weeks, his solicitors receiving no response from him with paperwork etc. Eventually it all moved ahead. DM found a house she liked and started that process as well.
Close to exchange, buyer's sister came round and asked DM if they could stall slightly because buyer wanted to get a mortgage approved. DM said no, because he said he was a cash buyer. After some deliberation this was accepted and sister went away. In the meantime, same buyer had agreed purchase of DM's next door neighbour's house (they've been on the market for years). So that process also began.
Fast forward to yesterday, the date of completion. No monies came through. DM had arranged removal van and everything was taken to new house, solicitor said monies should be in by end of day. This didn't happen. Vendor of DM's new house (already moved out) said she could put her things in the house and could stay over assuming completion happened the next day (today). Today, completion also didn't happen.
Solicitor tried and failed numerous times to contact buyer. DM went to see buyer's sister and she apparently couldn't get in touch either (though didn't sound surprised about non completion). Eventually got hold of buyer and he said he couldn't complete because his child is sick. This has been the excuse today too. Solicitor insisted he complete tomorrow morning and he said 'I'm not sure.'
I didn't trust him from the beginning with the stuff he tried to pull - but I'm not sure what he's planning to achieve right now, other than a reduced price at the final hour. I'm not sure if the costs incurred in failing to complete actually bother him (they don't seem to, as he has obviously been warned). There is also a chance he is still trying to get a mortgage, but obviously this wasn't agreed as part of the sale.
I'm just not sure where DM goes from here, other than waiting and relying on the solicitor. Obviously we can't force the buyer to complete, but DM is in a situation too. She can take her stuff back to the old house, but only later this week, and also return the keys (she is currently going to be staying at her sister's).
Obviously the vendor of her new house is very pissed off, he understands what the situation is, but either way he hasn't received the monies from DM.
Any advice, other than just waiting it out? I know where DM should stand legally, but what worries me is that this buyer is a seasoned property investor. I'm concerned that he's pulled this sort of thing off before and got away with it, or he wouldn't have tried it again.
Thanks in advance for any thoughts.