Buyer can’t exchange

[user1471542288]

We’re supposed to be exchanging contracts this week and now fear our buyer hasn’t got the money for the deposit. They have tried to knock money off the sale price throughout the process and used delaying tactics. If it doesn’t happen by the end of tomorrow we’re withdrawing.

You hear about these nightmare situations but never think you’ll be in the middle of one!

How upsetting OP. Hope it works out but you must be so upset.

Why do you think they don’t have the deposit? Their solicitor should have proof of funds already.
They may be delaying for other reasons but I’d be surprised it’s because of the deposit.
Best to play hard ball with your solicitor and be prepared to walk away from the sale, for e their hand.

Our house buying process is really appaling, it shouldnt be allowed to get this far through a sale without finances being confirmed.
I hope it all works out for you OP.

You poor thing, it's a stressful process anyway even in a chain with everyone pulling in the same direction.

Have you spoken to your Estate Agent they should be all over this for you especially if your solicitor is busy? We had to provide proof of funds at the very beginning of the process so it might be something different.

I hope it all works out for you.

Due to events this week we think it may be money related but neither buyer or solicitor are communicating the reason. Just want to move on from this now one way or other. Fortunately still seems to be a seller’s market.

As a last ditch effort before walking away I would ask to speak to them directly - you have nothing to lose at this point.

Agree with the other posters. I recently bought my first house and the application wouldn’t move any further until I provided proof of funds for the deposit. I also had to show my mortgage in principle to show I could afford to buy the property and pay back the loan. Hopefully it sorts itself out but if they continue being difficult, pull out of the sale!

I would make sure you know the complete story before pulling out and wasting more time, I just say that because I am buying at the moment and the estate agents keeps asking why I am 'delaying' but I'm literally waiting for their solicitor to answer my solicitors queries. I have told the EA this but he seems to have made false promises re timelines and is now trying to cover himself.

The first thing the estate agent and my solicitor asked for once my offer had been accepted was a bank statement proving I had funds and where it had come from, so I'd be surprisedif yours hasn't done the same. Just because your buyer has been difficult doesn't mean they don't have the money. Good luck.