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What Would You Do?

4 replies

Lolsyloo · 21/01/2024 07:24

We’ve been trying to sell our house for a year, our cash buyer made an offer in September (it’s now January) £5k under what we wanted and we accepted. We found a house to buy but turns out the seller has literally polished a turd. The property had spray foam in the loft and it took 2 months to persuade the seller to remove (no mortgage - no purchase!) we then had a survey completed and the property needs an entirely new roof, has ongoing movement, damp, needs new windows, has a lack of underfloor ventilation, needs new guttering has had a total re-wire but no electric certificate - the list is endless with so many red flags. We withdrew from the sale yesterday and made an offer on a new, bigger, more expensive property. Our offer hasn’t yet been accepted but we can offer asking is necessary (we went £2.5k under asking so we can afford the double legal fees comfortably - not that this is their problem) and if they accept our offer they’re looking to buy a vacant property so the chain would end with them. My worry is that we will lose our buyer. We need all the money from her offer but is there anything we can do to keep her on side/show her that we are very much keen to sell?

OP posts:
Twiglets1 · 21/01/2024 07:45

Lolsyloo · 21/01/2024 07:24

We’ve been trying to sell our house for a year, our cash buyer made an offer in September (it’s now January) £5k under what we wanted and we accepted. We found a house to buy but turns out the seller has literally polished a turd. The property had spray foam in the loft and it took 2 months to persuade the seller to remove (no mortgage - no purchase!) we then had a survey completed and the property needs an entirely new roof, has ongoing movement, damp, needs new windows, has a lack of underfloor ventilation, needs new guttering has had a total re-wire but no electric certificate - the list is endless with so many red flags. We withdrew from the sale yesterday and made an offer on a new, bigger, more expensive property. Our offer hasn’t yet been accepted but we can offer asking is necessary (we went £2.5k under asking so we can afford the double legal fees comfortably - not that this is their problem) and if they accept our offer they’re looking to buy a vacant property so the chain would end with them. My worry is that we will lose our buyer. We need all the money from her offer but is there anything we can do to keep her on side/show her that we are very much keen to sell?

Obviously it will be a worrying moment for your buyer when she finds out that you have withdrawn from your original purchase.

If your offer on the other house is accepted, you will be able to tell her both bits of news at the same time, you have pulled out of one purchase but are proceeding on another. That will sound a lot more positive.

The tricky thing will be if it takes your Sellers a long time to find a vacant property to buy. If they haven’t already found something and aren’t prepared to move into a rental, you may have to consider moving into a rental yourself in order to keep your buyer happy. They have already been very patient in waiting for you since September.

LindaDawn · 21/01/2024 09:56

What is this situation with your buyers? They may be happy with the longer wait especially as mortgage rates are coming down and it may also give them more time to save.

BlueMongoose · 21/01/2024 19:12

I'd always be honest. People appreciate it, and the more people understand a situation the more likely they are to put up with the downsides of it, IMO- they can plan accordingly. If they absolutely can't wait, you'll lose them anyway and the sooner you know the sooner you can remarket.

Lolsyloo · 22/01/2024 07:33

Their cash buyers following a divorce, planning on renting out property for 2 years before moving in herself.

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