Buyers have cold feet?

[lustforlife]

Was in the process of selling our house to FTBs and buying a larger property before the coronavirus situation began. We got so close to exchanging and would have been all done now if it wasn't for rubbish solicitors (another rant entirely).

We were advised that as long as properties are vacant moves can still go ahead, so we told our solicitor we could make our house vacant. She came back saying she had been in touch with our buyer's solicitors and our buyers are "not signing anything until this situation is over". Of course this worried us as I am pregnant and we are desperate to get into the bigger house. We queried this further and was eventually told that our buyers cannot sign the contracts as they need an independent witness to this.

We have only bought once so are still new to this ourselves. How are other people still managing to move if this is the case regarding contracts? Do you think this sounds like they are making an excuse due to having second thoughts? I would understand if they are getting cold feet with the potential fall in prices and them being FTBs, but I'm really worried about it all

Sounds like cold feet - have heard of wills being witnessed over car bonnets with the witnesses at social distance then signing (different pen, and with their own bit of paper covering the rest of the will so they can sign without touching the will)

As a FTB in the same position, it seems likely they are waiting to see how this all plays out. We are desperate to move and were totally committed to the property until the lockdown, but everything is so up in the air at the moment it's a very difficult time to make such a big financial commitment. The threat of negative equity, impact on jobs, etc is real despite how keen we are to have the property.

I think all you can really do at this point is also wait and see. If prices do start to tank and this impacts on the offer for your property, you may be able to pass it up the chain as everyone will then be affected.

I would think any FTB would be very wise to pull out and not buy anything until seeing what happens to house prices.
You can't blame them for that.

If you are looking to up-size and your income is safe you might end up better off as the gap between your current property and a larger one will be less significant.

Surely you don't want to be in negative equity either?

I know it is hard because you a pregnant and need the space

Completely understandable. I would just wait and see, and unfortunately you won’t move for at lest 3-4 months realistically.

FTB are a very skittish bunch anyway but there excuse of not being able to find a witness is rubbish. They could manage it if they wanted to. That aside, you're not moving as the moving companies can't move you so it's all a moot point until lockdown is over. No-one is going anywhere!
Be understanding and patient and perhaps, maybe, they won't pull out

If I was a FTB, there’s not a chance I would be continuing with a purchase knowing the market is going to crash. Best bet is offering a significant discount which everyone in the chain contributes to equally to keep the chain alive.

Unfortunately for you I think your buyers are doing the right thing for them. House prices may or may not be about to crash, so it makes sense for them to see how this all plays out. Pretty crap for you though, especially if it should all have been done and dusted if your solicitors hadn't been rubbish.

Thanks for the advice all, think you've confirmed what I feared of course I understand their position and I would also be very cautious if I were a FTB. I'm just feeling very impatient because I want to start preparing for the baby and nesting, but I don't know which house we'll be in. The house we found was perfect so would be a shame to lose it, but it's our of our hands unfortunately!

@smarie123 we wouldn't be too worried if prices crashed as we were planning to be in the house for many years until we wanted to downsize after retirement. But yes I completely understand what you're saying

@Hiddentree122 thank you, I think that will probably be something we would have to consider as we really don't want to lose the house

Gutted a didn’t put my house on market earlier this year as I would not have been getting another because of personal circumstances atm. If I had of already sold I’d be sitting on a tasty wedge for when houses inevitably drop. Bad timing. Sometimes you win, sometimes you lose. If you’re moving up to a more expensive house though you should be probably wait too as you will gain more by paying less on a bigger house than you lose on your smaller house.