Property Sale Cash Buyer falling through

[EarthMutha]

So we relocated just before Covid times to a new area, we weren't sure at the time if it would be long term so rented out our house.
Come 2021 we know we're happy so decide to sell our original house to fund renovations on our new place, we got a decent offer from a cash buyer in August 21 and accepted but everything is proceeding so slowly we're still no further forward.
They are foreign purchasers and their solicitor is now only just checking their finances to make sure it's all legit. I really don't understand why it's all taking so long, they are 1st time cash buyers, we've already moved, there is no chain, no mortgage applications etc...
I want to instruct our EA to put in back on the market but my DH wants to wait, he's hoping it all pulls through, I'm not so optimistic.
WWYD?

Set a deadline and then market again? Our buyers had cash buyers pull out twice before they found a buyer that stuck. The disadvantage of a cash buyer is they can take their cash anywhere and buy somewhere else, they aren’t trying to hold a chain together or depending on a mortgage valuation linked to a particular property so can be a bit flaky.

I would have thought your EA would have asked for proof of funds when the offer was accepted? If not and they haven’t got what they need in place it does seem like a very long delay at their end.

Ughhhh, I feel your pain. I’m in the process of loosing my dream home because of a cash buyer who’s pulled out last minute. All money for surveys etc lost. This is the second time this has happened to me in 5 years.

My experience of cash buyers is that they are flakey-either because they have no financial commitment until last minute, or because they don’t understand the process.

Apologies if you are one….

Oh god, just relist the house now. Cash buyers should move quickly and if they can't, move on.

I am always suspicious of cash buyers - it is a term bandied about but very often doesn't quite mean what you think and some form of finance/resale is often involved.

I can't believe you've waited this long.

What country are the buyers from, are they moving to the UK? Money laundering checks are in place for good reason, but still would not take this long.

So our EA checked back in Aug that they had the funds in their account but the problem seems to be that some of it was gifted to them, I guess the solicitors are trying to trace exactly where it came from?
The buyers are from China, I'm guessing all the funds do to but I can't be sure.
To be honest, we let it slide until the end of the year because we had early repayment charges until then but I can see our naivety about it all has came back to bite us on the butt. Here we were delighted with a cash buyer, if only we'd known 🙄
We've spoken to the EA this morning so it should be back on Rightmove this afternoon/tomorrow.

It's probably worth more now? I would re-list. If cash buyers can't move quickly then they lose their appeal

I think you’ve done the right thing by re-listing.

Good luck going forward.