Sellers/Buyers Roll Call No 6

[Violetroselily]

New thread

Not sure how but I think I have got one of those most elusive of breeds - a nice buyer!!!!!!!

Having just found out that I cant complete until 3/4th October rather than early-mid September due to sodding Santander's rules, I was expecting threats of pulling out, refusals to co-operate, demands of price reduction etc. But he was really understanding and said fine but can we exchange asap so we are all tied in? OK its only a two week delay but buyers of previous houses have been so horrible at a similar delay that I wasn't expecting this!!

On the plus side it means I can really start planning for a set in stone completion date!!!!

Well I'm totally gutted. Just had a call from the vendors EA saying that they've pulled out of our offer as they've accepted an offer from someone who is in a better position (FTB). But our buyer is a FTB and we've had our bloody mortgage offer accepted today so surely we're in a better position as we're much more ready to move. Not to mention the fact that I'm due DC2 at the start of Nov so of course we want to go quickly.

Does anyone have any advice for making them reconsider? Or should we cut our losses? There's not many other properties like that so it'd be a long wait to get something similar. I'm so upset and angry.

We are back on the market. Our buyer didn't give an answer to Our reduced offer within the requested time frame so have remarketed. Can't believe that after all this time we are back to square one.

Oh Dummy, that sucks. I'm sorry.

Total change around here and our mortgage company have accepted everything and given authority to proceed! So we're off to sign our lives away this afternoon, and transfer our deposit, exchange date to be agreed in a couple of days 😁 we honestly thought it wasn't going to go through, and that we would basically have 4 weeks to pull it all together again before I go on maternity, so I'm literally that relieved I might have a little cry.

Sorry Dimmu, that autocorrected!

@mrbobloblaw wow that's awful behaviour from your vendors. I'm guessing it was a higher offer? If so, only suggestion would be to match or exceed it?

It was higher I assume but I can't imagine by much. The agent said it was because we had something to sell and they are concerned that he might pull out (he bloody might now!) but he's already started the process with his solicitors and sent off his mortgage application so dunno how much more committed he needs to show.

I'm trying to get hold of our solicitor to see if she can find out exactly how far along in the process he is and then if we put in a counter offer we can show his commitment. But the part of me thinks that they're absolute twats and that I don't want to deal with them anymore.

@MrBobLobLaw yes and if they're chasing money, I'd be concerned that they would do the same thing again. You sound like you're in a good position - I understand they want to limit the chain, but it's not like you're still on the market waiting for a buyer. What a pair of arseholes.

@Violetroselily what a nightmare. Ours is also useless, he’s awful at updating us

@Blobby10 great to hear you’ve got an understandable buyer.

@MrBobLobLaw no advice sorry but keeping my fingers crossed for you.

Sorry to hear you’re back to square one @dimmu 😔

@KnobJockey fab news!

The nervous wait to see if our offer is accepted begins!

God, this is exhausting isn’t it. So sorry @MrBobLobLaw, but sounds like they aren’t all that trustworthy and may still play silly buggers even if you up your offer. There’s no guarantee with FTBs anyway - their mortgage might get refused, they might get cold feet etc - grass isn’t always greener!

@Violetroselily your EA sounds infuriating, as if you’d call him to chase YOUR OWN solicitor 🙄

@KnobJockey wonderful news, so glad it worked out for you

@dimmu -sorry he didn’t come back to you, his loss & good luck.

@Blobby10- I’m a nice buyer! We aren’t all terrible 😘

@Fleabag123 I'm a nice buyer too!!! I know we exist just never in my previous experiences of selling a house . I just need my sellers to be equally agreeable and this could be a Happy House Move!!

@MrBobLobLaw that's such a horrible thing for them to do - you will probably end up better off and find a nicer/better house, the purchase of which will go much more smoothly as the sellers won't be complete arses! Good luck

Can I have a bit of advice?

Long story short, we now know there are major works on the block of flats and have been waiting around 5 weeks for confirmation of what the cost will be and when it will be payable. It is likely to be around 5-6k and may be an option to pay over 3 years, as the works are being completed over this period.

My solicitor initially advised to wait until we have confirmation of costs before I try to reduce my offer. Obviously this is now taking longer than we anticipated and I'm wondering whether I should just go in for a reduction now based on the estimate.

I dont want to be a CFer who waits right until exchange - whilst theres still a few enquiries to answer, exchange isnt too far off - and I would rather know now whether the vendor is willing to accept a lower price (unlikely) than right at the end of the line.

Should I bite the bullet and make a lower offer now just based on the estimate? Or would you wait for confirmed costs?

@Violetroselily we have two lots of major works coming up in the flat we are selling. 1. Major works that have been announced, consulted and will go ahead within a year. We agreed to reduce by the full amount for these works. 2. Major works that came up in the management pack. Nothing has been announced, not even what the works are for, and the management pack includes the worst case scenario. These works may cost a lot less and may take years to happen if at all. Works 2 is where we have fallen out with our buyer as he waited until the last minute to announce them, and wanted to reduce by full amount.
I would certainly not wait too long to discuss this as it would piss off the vendor. But think you are entitled to ask to reduce by the full amount. They may meet you half way or something.

@MrBobLobLaw sorry to hear this. Hope there is some room for negotiation.

So we remarketed and our buyer has made a comeback. He's offered a bit more but not enough. The EA is telling us to put all emotion aside and think what we really want. He suggested meeting the buyer half way just to get this sale as it has been on going for so long. We are already selling cheap so further reduction would be painful. But then again so would be paying both rent and mortgage and reselling and going through this process again, especially when our local searches can take 12 weeks again.
The flat is on the market again and there has been some interest but not a great deal.

@MrBobLobLaw I’m so sorry! Yes I would counter offer and show how far along the process both you and your buyer are. That’s so cheeky, I would never do that to a buyer.

@Blobby10 glad to hear they’re being decent about it. Actually exchange right away sounds like a dream as you’ll have all the security but loads of time to organise.

DH called the EA yesterday. Apparently the hold up is at the bottom of the chain - our buyer’s buyer who is a FTB. EA has promised to chase their EA today and find out what. It’s all gone so smoothly ‘til now I’m waiting with baited breath.

On our bit of chain we are ready to exchange with our seller, and our buyer has had all enquiries answered - just waiting to hear if they’re satisfied. Not giving up the dream of moving in august!

Adding my situation as I've followed this and the previous thread for a while.
We accepted an offer on our house over 4 months ago, and had our offer on our dream home accepted a week or so later (4 months this week). We then lost our buyers as they didn't have finances in place, our vendors gave us 2 weeks to find new ones otherwise they would go back on the market. Buyers came back, finances all sound.
We have now lost those buyers because we're holding on for this cottage and our vendors can't agree on any of the almost 50 (Kirsty and Phil need to get involved!) houses they've seen!
This is a huge, once in a lifetime, everything is changing permanently move for us so we are ok to hang on and wait BUT obviously we're now back on the market and I'm worried that our vendors will change their mind about selling if they can't find what they want. We've started looking again, just to keep an eye out, but it's a 250 mile move so it's not that easy to pop over and nose around of an evening.
Not after any advice really, just needed to get that all written down as a bit of stress relief! There are other factors involved that are winding me up but this is the main one - our vendors (well, Mr, Mrs had apparently seen several she likes) is fussy. We've paid for all searches, all paperwork is ready. Now we need them to leave..........

Thats so frustrating jelly. It looks like the market is softening, wonder if they'd consider going into rented? What a pain.

Sorry that others are having a tricky time of it too. Thank you for all the advice and kind words. I cried a lot yesterday (whilst trying to hold it together in front of my toddler) and got no sleep last night.. but I do feel weirdly positive today.

We're actually in an even better position than I thought with our buyer:
He sent in his mortgage application last week, we've sent him our contract and the enquires came back yesterday (yet to hear them but hoping the solicitor can let us know this morning).
Our solicitor has sent out the searches.
Our mortgage application was accepted yesterday.

So really.. starting from the beginning with FTM would take longer and our buyer is proving incredibly committed and willing. Hopefully that information coupled with £5k extra will be enough for them to reconsider but I feel so angry having to do it. I really don't need the stress when 6 months pregnant!! My spidey senses are telling me something else is afoot.

What do you think you'll do then @dimmu? Wonder why your buyer came back after the 24hrs you gave him? He seems a bit slimey to me but I appreciate you probably just want to sell at this point. It's such a mind fuck isn't it.

@Violetroselily could you put forward a reduction on the proviso that if the reduced costs were higher that everyone would be happy to reconsider? Or a reduction based on estimates + 10% "insurance" in case in was more?

@dimmu thanks, I think I'm going to start the negotiations today - like you say, the longer I leave it, the more likely I am to piss the vendor off (even though he's been a massive PITA so far). Its tricky because these works have been consulted on and seemingly the invoicing has started, but we just don't have the whole picture because the vendors solicitor just isnt responding to enquiries properly. Its large scale works costing about £350k altogether so there was a suggestion that the invoicing and works would take place over 3 years in order to make the costs more manageable for the leaseholders.

I fully expect them to refuse to reduce the cost, because he is an arsehole, but I'd rather know that now.

What are you feeling about your buyers latest offer?

@Violetroselily do you think he might be more open to retention of sorts? If the works have already been consulted about and the invoicing has started surely he must have been aware of them for a while?

We said no to the latest offer but have offered to meet him half way.

Does anyone know if you may get any problems with your mortgage company if you move out and your home is left empty?

@dimmu our flat has been empty since December and mortgage company know so as long as you have buildings insurance it should be fine, just check with them first though. I'm pleased your making progress with the twat buyer, although it's not ideal it's better than waiting for another 3-4 months.

I'm going to call solicitor again today, starting to feel embarrassed as I'm like a stalker, I just want the questions done so we can arrange exchange.

@MrBobLobLaw all fingers crossed for you, I've cried many times over this whole process so your not alone. Our vendors have waited for us since November and they are elderly with health conditions but have been so patient and understanding, it's just awful what yours have done.

@dimmu given that he has refused a few hushed on retention for last years service charge accounts, I don't have high hopes that he will agree to any reduction or retention. The consultation started at the end of last year, so he put it on the market knowing that the works were going to be undertaken. As far as I'm concerned yhe asking price and the offer we've agreed aren't reflective of the costs (unlike you as you already factored this into your price) so I don't think I should have to foot the whole bill.

Fingers crossed your buyer comes back to you today with an answer

Annoyingly I can't contact the agent until tomorrow as he doesn't work on Wednesdays. I've sent him an email so hopefully he gets back to me tomorrow morning and that the vendors consider our offer but tbh I think they're going to stick with the FTB, despite us being so close to exchanging with our buyer.

There's nothing else on the market at the moment either so we feel really lost. We could still go ahead with the sale and try and rent somewhere but with a baby due at the start of November I just don't know if that's the best thing to do. I'm just so angry with them!!!

Any word from your buyer @dimmu?

*poowillybumbum - nope, they refuse point blank as they've been mortgage free for years and wish to remain so. I'm so fed up, it feels like our dream is slipping away (very dramatic but that's just how it feels today).