Am I being paranoid or is this buyer showing signs of dragging heels already

[KimGa]

Our new buyers viewed our house on 16 July. We previously had a buyer who dropped out because they got fed up with waiting for us to find an onward property. Our new buyers were asked to offer on the Monday after they saw it if they wanted it as we were going into best and finals situation for one we wanted. They didn’t. We didn’t win the best and finals on that one as we were not proceedable.

A week later they asked for a second view. At the same time two other potential buyers asked to view and one cash buyer gave a low offer. We then won best and final offers on another house we love. EA sorted out all three potential buyers on ours going to best and finals on Wednesday 27th July. We accepted this new buyer’s offer as it was 23k higher than the next best offer, even though that was from a cash buyer. Apparently they only need a 25% mortgage and are coming out of rented.

Today I asked our EA why we hadn’t had a memorandum of sale yet. Apparently they haven’t appointed a solicitor yet as they are still deciding which one to use (5 days after offer accepted). EA has told them they need to appoint one by tomorrow.

We really want to compete by 30 Oct (we have a previous mortgage offer which expires then and rate is so much better than now) but if not then by 9 Dec (last date to change address on school application).

Basically, I’ve got a bad feeling that our new buyers are going to be slow when we need them to be fast. They were slow to decide about offering on ours, but EA read me the offer email and they did genuinely seem to love it. But I’m already wondering if we should forfeit the 23k and take the cash buyer who was quick to offer and seemed organised (obviously no guarantee they would be).

We are moving purely for school catchment so not hitting the December deadline would be a disaster. If we don’t hit the Oct deadline it will cost us an extra £200 a month for the next 5 years due to interest rates, but will deal with that if we have to.

I don’t know if I’m being paranoid due to our previous buyer dropping out and anxious about tight timescales in general of whether I’m right to be worried. Should I start issuing ultimatums like if no survey booked by the end of this week we will go back to the other offer? The house we are buying has no chain. Our survey on that one has taken place today.

Maybe wait until Wednesday and if nothing then accept the cash offer.

As time is of the essence here, I'd definitely go with the cash offer, making sure they really do have the cash there ready and waiting.

Go with your gut, always!

You're not completing by the end of October if they haven't even appointed a solicitor.

Do they know about your timescales? Have they got a mortgage application underway?

we have been trying to buy recently & constantly outbid. The amount that have come back on the market after falling through is quite significant.

I think I’d just chill out a bit. You just accepted their offer 3 business days ago, during the summer holidays. I would assume they probably contacted preferred solicitors on Thursday or Friday. Today is Monday. I’d imagine they’re waiting for a response and it’s a time when lots of people, including all the admin staff who respond to these things are on leave.

If your priority is speed, you picked the wrong buyer. The cash buyer might fall through, but they at least have a chance.

Don't tell the buyers you're 'desperate' for a specific time, they may take advantage. If they don't get a shuffle on, just tell them that you will drop them if they don't get a move on as you have lost out before from a slow buyer and have no intentions of doing so again.

Bloody hell they are being slow, it would drive me mad dealing with people like that. Surely most sensible people would have already lined up things like solicitors before they put the offer in. I'd give them a hard deadline then cut your losses