If you decided to walk away from a progressed house purchase...

[CherryFenton]

What was the last straw? I'm trying to get into the heads of our buyers who look like they are about to pull out of the purchase. We're at the point of exchange so they've invested both money and time - we've been trying to find somewhere to move since June. We've literally just found a chain-free empty property and we could all be in within weeks, but they've suddenly decided they've had enough waiting. It would mean that we have a few weeks to get to exchange on our side but then we're done.

They haven't pulled out yet but they are considering their options and viewing other things apparently. Anything else available in the location and price bracket has a chain (and is smaller, given that the market has risen here since June), so I really don't get it. They love the house and have been committed until now. Give me hope!

Do they know you've found a chain-free empty property? Have you had an offer accepted?

Would you be willing to commit to moving by a certain date (given that you've found a chain-free empty property), even if by that date you're not in/have changed your mind about the property/your seller pulls out, thus guaranteeing your purchasers a move in date and putting the risk of having to go into rented etc on yourself?

What's their backstory? Do they have a deadline that they're trying to meet for their own reasons? Do they have buyers who are also threatening to pull out? Is their employment situation precarious and they're worried about losing their mortgage offer if they don't move soon and not being able to get another one?

They know we have found a chain-free property, we have had an offer accepted and solicitors have been instructed.

We've given a specific date we'd move by, to be written in to the contract. They want earlier - we've agreed. We'd have to sofa surf for a bit potentially but happy to meet that date.

They are buying in cash. They are living in another property that they own so no particular pressure. I think they have another relative who will move in to their empty property but this relative apparently isn't under pressure to move out of their current accomodation, they just want to upgrade ASAP.

Sorry to be so cynical, but they are warming you up for a price reduction.

Don't waste your time and energy trying to understand

@DPotter a price reduction would be a pretty weird move. Properties have risen in price about £50k here since June. Several friends have told us to pull out ourselves and remarket. I have no interest in doing that, but the buyers can’t really think we’d take LESS in this market.

If they want an earlier date and you have agreed (with sofa surfing if necessary) then I’m not sure what their reasons would be.

My guess is that something else has come on which they may prefer and they are trying to decide. Nothing you can do really other than say if not exchanged by X date you will go back on the market - but since they’re not in a hurry that may backfire.

@minipie - thanks. It just feels like they started to get annoyed and playing hardball, and when we didn’t instantly capitulate on dates (we tried to negotiate, before agreeing) they started looking elsewhere. I guess if there IS something they prefer there’s nothing we can do 🤷‍♀️

I think in the current climate unless you’d be FCFS and don’t do searches or a survey a few weeks on this property you’ve just found is unrealistic…

@lastqueenofscotland - our solicitors (both for our sale and purchase, and our sellers solicitors) think we can all move quick enough to meet the exchange date the buyer has given. I guess we have to be in it to win it! Not sure what else we can do at this point but try.

We’re happy to do an indemnity for the mortgage company and not do searches as we’re basically moving in the same rd.

I don’t think it’s that hard to understand is it. They’ve been waiting for you to find somewhere since June, having no idea if this will be the top of the chain or not, and in the meantime they’ve got on with searches and mortgages etc, investing their own money whilst presumably you have committed nothing. I expect they are looking around in case you pull out of the sale. When we bought the house we are currently in we had three vendors pull out who couldn’t find anywhere to buy. We really wanted to move, so weren’t too fussed about paying out for more searches/survey. They might be at the point of exchange but you are obviously not, so they’re really no closer to moving than they would be on a new property.

Have you had an offer accepted on the new house? Would you be willing to break the chain?

Sorry I missed your other update. In that case it does sound like they might have found somewhere else they prefer, which is the risk you take when you take a while to find somewhere to buy.

Once you get into the mindset of wanting to move I think it is difficult to wait indefinitely even if your current property is ok. Can’t blame them for being impatient.

@Orangecrisp - I suppose what makes it hard to understand is the circumstances. The market is bonkers here. Anything that comes on is snapped up in a nanosecond. Anything in OUR price bracket we’ve lost out on in a bidding war, but it’s the same in theirs. There’s literally nothing to rent so no possibility of breaking the chain earlier than now, when we’d be just looking at a few weeks of camping on sofas with kids in tow. There’s now an end in sight and soon so it just feels a bit knee jerk…

But yes, I understand they are just pissed off with it now. I guess if they can fin

We waited three months for sellers to find a property to buy, held off doing the survey, survey came back with costly work needing to be done. Sellers didn't dispute this, but wouldn't budge at all so we pulled out (they later changed their minds and offered to reduce the price, but by then it was too late as we'd found another property). But in our case we made it clear why. What your buyers are doing sounds very odd indeed...

I'm a buyer and I've been waiting since early may. Property we offered on was supposed to be chain free but now isn't. There are now 2 above us and top of chain still hasn't found anything. So we are ACTIVELY looking for something else, and it will be my pleasure to pull out ...

If they are cash and you could stay with friends relatives - could you make sure the most important things are done & it is possible to exchange and complete on one day. Would that help or have I missed the point . Having either vendors or buyers at any one time to deal with does make things easier - but does rely on you having somewhere to live in the interim of course ( Professor of the bleeding obvious)

If your buyers are currently in a property they own is there a possibility of you renting that on a holiday let basis so you can complete your sale asap? If the family member isn't in a hurry to move in then it might be an option.