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Would you pull out of this sale?

104 replies

Trainfromredhill · 26/08/2022 13:54

House ‘sold’ in early June- went to closed bids. 4 offers, lowest and highest chain free. We went for the highest. Was considerably over guide price (3 of the 4 were over guide price). Was assured they wanted a quick purchase- they were in rented. Mortgage and searches all done within 6 weeks. As far as we were concerned we were ready to exchange, and by this time we had moved out. 2 weeks later they announced they were booking their structural survey!!! I’d presumed they weren’t having one as it hadn’t been mentioned before. 10 weeks on from the offer the survey gets done, then they want a full heating and electrics survey. All done, few issues raised, conversation with EA along the lines of ‘you might need to accept a reduced offer’, but nothing official. Multiple emails from us begging for an exchange date……there is no reason to hold up any longer……but then there is. The buyers have equity in another property, they need this money to buy ours. The equity transfer hasn’t been completed. It’s going to be ‘a few weeks’. So they aren’t and never were chain free. The purchasers have also written to our EA telling them not to contact them for the next 10 days as they are ‘very stressed and on a holiday we really need’ and don’t want bothered with the purchase over this time. Im stunned with the breathtaking arrogance. DH thinks they are going to reduce their offer at the 11th hour and wants to pull out of the sale now and restart the process with a different EA. I think we should hang on for a month with the deadline to exchange in 3rd week of sept with completion within a week and inform the EA that if reduction in offer is mentioned we’ll pull out. I think both the EA and purchaser have behaved appallingly but pulling out now is potentially more stress and hassle for us than hanging in there. Thoughts?

OP posts:
Mildura · 12/09/2022 21:50

That is great news.
if they’ve exchanged you can be 99.9% certain it will go through, it’s exceptionally rare for a sale to fall apart after exchange.

Trainfromredhill · 12/09/2022 22:47

@mummabubs we couldn’t get any new EAs to come before the end of this week, they’d offered 15% over asking, and new pp went in last week for the field opposite- which we think would put quite a few buyers off. It seemed silly to pull out when there wasn’t even another offer, and we seemed so close.

OP posts:
TheTeenageYears · 13/09/2022 00:19

Have they physically handed over the 10% deposit on exchange or signed an agreement for that instead? If they pull out and the money wasn't handed over on exchange you'll have to sue them to ever see it. I really really hope your solicitors insisted on actual cash.

mummabubs · 13/09/2022 06:53

@Trainfromredhill As long as it's the right decision for you that's all that matters. 😊 I just hope it's not coming from probate monies and that your completion date doesn't drag into 2023! At least now they're legally obliged to continue but I'm just mindful that the completion date isn't a fixed legality, I'm curious as to why they've stretched it out so much if they're confident that the money will materialise quickly.

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