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Original poster

Would you drop this buyer?

63 replies

Ehatshouldido · 14/04/2022 19:42

A week ago, we told our buyer we needed an exchange or else we were pulling out. I hated doing it, but the reason was that they’ve strung us along for five months now. There always seems to be a legitimate sounding reason for not exchanging - waiting on something from the bank, their solicitor having covid, etc - and I do believe that they try but that their solicitor isn’t very good. But now we’re on one week later and they STILL HAVEN’T exchanged!!

I’m finding it extremely stressful. We have school places for our children at the new school (well, we can’t take the places because we don’t live there yet - but I’m so paranoid another family will move and grab the spots before we get there!) and we’re renting before we buy in the new place and have missed the hard-to-find good rentals!

Today our buyers said that we’d be able to exchange on Tuesday - maybe - if all “goes well” and our EA (who has been very good) went on to defend our buyer’s position, probably because they don’t want to lose their commission.

But I don’t believe them about exchanging on Tuesday. We told them we’d drop them last week and we didn’t, so they called our bluff, I guess, although it wasn’t really a bluff - I just keep believing them when they tell me “in the next couple of days”.

What would you do? Obviously if we drop them we’re back to square one, but we’re in absolute no-man’s-land at the moment. Now tempted to let out our house and just rent in the new area. But we do have to sell it eventually and it’ll be harder to sell once tenants are in?

DH starts a new job on Monday and he’ll have to commute - it’s 2.5hrs each way, but luckily they’re being good about wfh part time. I’ve quit my job, last day last week with a big goodbye, and have nothing to go to as I was planning on settling in and then looking for a new role. And the kids have actually said goodbye to their school friends! They got goodbye cards and we had a little goodbye party for their best friends before the Easter holidays! (Although they still have their place and can go back on Tuesday, as embarrassing as that’ll be!).

I just don’t know what to do. I can’t believe how stressful it all is.

We can’t afford the mortgage and rent as well - our mortgage is £2k a month and rent is even more than that in the new place.

I think this might be the most stressed I’ve ever been!

OP posts:
NorthSouthcatlady · 14/04/2022 22:38

I would draw a line in the sand so they stop faffing about. Tuesday is probably now too soon because of the double bank holiday weekend. I would say a deadline of the end of Wednesday and then the property is re-marketed starting on the Thursday. We had to do similar at the end of last year thanks to the faffing about by other people in the chain. This was after 4 abortive attempts. Eventually after l lost my shit we completed on the 5th attempt

senua · 14/04/2022 22:41

Okay I will contact them in the morning and tell them to put it back on the open market until the buyers sort themselves out - or if they don’t, as least we’re lot losing any more time.
Good plan. It is, after all, Easter which is traditionally peak househunting time. Ask about strategy for an increase in price although this may not be crucial as people seem to be offering-over.
Get the hoover and windowlene out!
Good luck.

Kite22 · 14/04/2022 22:52

I asked the EA, who said the buyers say they have it ready to go. But how would the EA know for sure?

All my relatives had to provide evidence of this before they could even view a house, let alone have an offer accepted.
I mean, in theory I suppose you could have had it in your account at the time and then spent it, but it seems unlikely.

rrrrrreatt · 15/04/2022 01:09

@Kite22

I asked the EA, who said the buyers say they have it ready to go. But how would the EA know for sure?

All my relatives had to provide evidence of this before they could even view a house, let alone have an offer accepted.
I mean, in theory I suppose you could have had it in your account at the time and then spent it, but it seems unlikely.

I was going to say the same - most EAs won’t let us view without first sharinv our various financial documents to prove we’re good for the money. Even the lazy, rubbish agents don’t accept offers until after they’ve seen them.

If your agent is doing no checks and just trusting people they’re extremely unprofessional.

OberthursGrizzledSkipper · 15/04/2022 09:44

Well next week is still the Easter holidays in Bath so if I were you I'd rent there (if you can - notoriously difficult to find anywhere in Bath because of all the student houses) and start your children at school after the holidays the week after.

Would also give your buyers a deadline for next week and put it back on the market. Can you do an Open House the following weekend?

Original poster
Ehatshouldido · 15/04/2022 10:41

@OberthursGrizzledSkipper

Well next week is still the Easter holidays in Bath so if I were you I'd rent there (if you can - notoriously difficult to find anywhere in Bath because of all the student houses) and start your children at school after the holidays the week after.

Would also give your buyers a deadline for next week and put it back on the market. Can you do an Open House the following weekend?

I didn’t realise it was still Easter holidays in Bath next week - that’s really good to know! At least that means we’ve got another week of school places not being allocated elsewhere. (Our holidays end on Monday.)

Yes finding a nice rental is really hard.

We can do an open house anytime, I’m so desperate.

The problem is, we can’t afford our mortgage AND rent of a new place, if that makes sense.

OP posts:
BitOutOfPractice · 15/04/2022 10:48

I think 5 months is actually quick right now. I think your EA was talking absolute nonsense to say you’d complete in February! Why do EAs tell such ridiculous lies?

As for their funds, that can’t be the problem because they’ll have had to give proof of funds to the solicitor months ago.

Original poster
Ehatshouldido · 15/04/2022 10:52

@BitOutOfPractice

I think 5 months is actually quick right now. I think your EA was talking absolute nonsense to say you’d complete in February! Why do EAs tell such ridiculous lies?

As for their funds, that can’t be the problem because they’ll have had to give proof of funds to the solicitor months ago.

I suppose I’m not really sure why it’s taken so long - searches are back, all paperwork is in place and have been for weeks. I think it probably took (not that this is how it happened!) a couple of days of work max from the conveyancers.

So why is five months normal? A backlog of sales? I thought it was long - it took us 3 months max for our two previous purchases.

But really the maddening thing is being told for weeks that it could be “any day now”, which is why we’ve said our goodbyes and set our expectations.

OP posts:
Wheresmywoolyjumpers · 15/04/2022 11:17

Cut your losses. Tell the EA it will need to be relisted on Wednesday if the exchange is not on Tuesday. Had to do this with my last house and it worked. But if it doesnt, you will benefit from rising prices.

RidingMyBike · 15/04/2022 14:45

Five months isn't normal at all - we sold our house at end of last year to go into rental in new area. It took 30 days to get from offer to completion! Whilst that is super speedy, our solicitor said at the time 3-4 months was 'normal' and yours sounds like it should be a relatively straightforward sale?

We're well past the backlog caused by the stamp duty holiday now so that isn't a reason any longer. It ended more than six months ago.

The house we're buying in new area looks like it'll be 12 weeks from offer to completion. And that's only slow because our vendor is moving into a retirement place that's waiting for probate to be granted, otherwise we'd have been about 7-8 weeks.

RidingMyBike · 15/04/2022 14:48

The previous house I sold took about six weeks to get from offer to completion (buyers were expecting twins and v keen to get on with it). Again, that time I'd already moved into rental and they were FTB so reasonably straightforward.

DH's flat sold at the same time took about 3 months as it was more complicated as leasehold.

Whereas both times my Mum has sold she's ended up faffing around for at least six months if not longer. I think because she doesn't push and chivvy things along.

RidingMyBike · 15/04/2022 14:53

I'd get hold of the EA - they should be working at some point over the weekend as it's peak viewing time - and tell them to relist it if exchange doesn't happen on Tuesday. It'll take them a moment as they'll already have the details etc.

They're unlikely to get any viewings booked until a couple of days after that, so either the buyer will suddenly get their act together or you'll know you have interest in it.

BitOutOfPractice · 15/04/2022 16:40

It might not be delays with your sale but further down the chain.

Trust me I feel your pain, our buyers lost their buyers four days before exchange in March. We just managed to exchange yesterday. We sold the house in October...

Original poster
Ehatshouldido · 15/04/2022 18:10

@BitOutOfPractice

It might not be delays with your sale but further down the chain.

Trust me I feel your pain, our buyers lost their buyers four days before exchange in March. We just managed to exchange yesterday. We sold the house in October...

We have no chain! We’re moving into rental and our buyers are first time buyers who are currently renting. I think that's what’s so maddening about it.
OP posts:
Iamtired2022 · 15/04/2022 18:17

I would not send your children back to their old school where you are now. They've said their goodbyes and will only make it more harder if it is only another week. EA will be open tomorrow (Saturday) I would ring them then assuming they were closed today and give them until Weds to exchange (to account for 2 Bank Holidays) I would also be ringing their solicitors even though you aren't suppose too! Good Luck keep us posted

larkstar · 15/04/2022 18:45

Definitely tell (not ask) the EA to put it on the market again but state that if the current buyer does manage to get their sh*t together and is in a position to exchange then you will be happy to do so. I have posted about my recent experience on here - I was far too accommodating and understanding - the buyers problems were all plausible and not really their fault as such - it was just the complex financial situation they and their buyer was in - there was just the 3 in the chain - I did not do the right thing by agreeing to wait - an offer accepted on 4th Aug 2021 only completed on 3st Mar 2022 - about 2 weeks before that I made it clear I wanted the house back on the market and if the buyers still wanted it I said they'd have to get a bridging loan or a bigger mortgage or whatever it was going to take to complete by the end of the month - that did the trick and suddenly they sorted things out. Given the same situation again I would not wait longer than about 4-5 months. I was surprised how quickly things got sorted out after I was completely blunt and said I'd had enough of their problems - needed to get the house off my hands. Just do it.

Roselilly36 · 16/04/2022 09:39

@Wheresmywoolyjumpers

Cut your losses. Tell the EA it will need to be relisted on Wednesday if the exchange is not on Tuesday. Had to do this with my last house and it worked. But if it doesnt, you will benefit from rising prices.
Exactly what I would do, in the circumstances.

Good luck OP, it’s a really stressful process, but you will get there.

DancingUnderTheLights · 17/04/2022 10:45

We have no chain! We’re moving into rental and our buyers are first time buyers who are currently renting. I think that's what’s so maddening about it.

That shouldn’t take months. We sold our place to first time buyers and moved in with family. It was about 5-6 weeks from accepting offer to completion. The new place our offer has been accepted on will take (hopefully) the same time.

Daisydoesnt · 17/04/2022 11:18

OP you need to get some very specific answers to the question what are your buyers and their solicitor waiting on? Which specific enquiries are they waiting for? or is it something else?

I have to say I think you are actually being very laid back about it - I know you say you are stressed - but you don't actually know what's going on. And if you don't know what's going on, you don't know how long it's going to put right; how you can help the situations along; or indeed if it is not fixable (eg the buyers are having problems with deposit or mortgage).

Daisydoesnt · 17/04/2022 11:20

Oh and BTW OP, never mind the EA our solicitor is actually working/ answering emails this weekend (we're also buying). I'd get busy if I were you.

Original poster
Ehatshouldido · 17/04/2022 12:31

Thank you for all this advice - it has helped a lot!

You were right, the EA was working yesterday and I have told him to put it back on the market, and that the buyers are welcome to carry on, but we can’t aimlessly wait for them any longer.

To my surprise, he said that he didn’t blame us in the least. He suggested not changing the price, but expects that it would go for more because prices have risen. (His reason for not listing as more as that it hadn’t gone from Rightmove at the other price.)

More is great, but I really just want to move on with our life! So the best case scenario is to exchange on Tuesday, to be honest. The EA has told the buyers, and our listing has gone from “under offer” to not. He said we’ll start the viewings (if any request, he expects they will) on Thursday onwards if no exchange on Tuesday!

OP posts:
Daisydoesnt · 17/04/2022 13:44

BTW OP when we were selling and moving into rented, our solicitor wouldn't let us exchange until we had signed the contract on our rental, even though we'd already agreed with our buyers a 1 month period between exchange and completion. Her words: I cannot commit you to completing in 1 months time if you haven't got a confirmed home to move to.

My question to you: have you actually got a rental lined up if your buyers turn around on Tuesday and say yes, let's exchange?

RidingMyBike · 17/04/2022 14:15

Good luck for Tuesday!

Original poster
Ehatshouldido · 19/04/2022 16:00

Well it’s 4pm now and no word from our buyer. The EA has chased, but nothing. Our solicitor has chased theirs, but nothing. I guess they were never serious!

I can’t believe they wasted five months of our time on a purchase they were never serious about. I’m so angry I could cry (and have!).

But the property is relisted!

OP posts:
Heronwatcher · 19/04/2022 16:09

Good luck, you’ve done the right thing. I am sure you’ll find a new buyer really quickly. Just a thought, if prices have risen could you find the money to pay for a 6 month rental of something basic in your new area (a 2 bed flat or something) so your kids can take the school places and your DH can avoid the commute? You’d probably save a substantial amount on petrol and at least the school situation would be one less thing to worry about. You could come back to London for weekends?