We accepted a lower than asking price offer 2 weeks ago on the basis that they are cash buyers with nothing to sell. The people we are buying from also accepted a lower offer from us (rather than an asking price offer from a buyer with a house to sell first).
Our buyers are getting a survey done, but to our knowledge have done nothing about it as yet. Until they do, we don’t know if they want to proceed or if they are happy with the agreed price. (They made some remarks about the roof being old, so I am expecting them to want a further reduction following survey).
Even if they book their survey tomorrow, we are probably going to be around 4 weeks in before we know the outcome. We hoped to be moved within 6 weeks as the property we are buying is vacant.
Our solicitor doesn’t operate on a no sale no fee basis, which is understandable, so we are holding back on the paperwork. We have agreed a mortgage in principal, and gone through the full application process, but have yet to sign and return forms digitally as there is a fee to pay on application.
I have asked our agent for an update but he said it’s only been a week since the buyer’s solicitor received the memorandum of sale, as there had been some issues and it needed to be resent. I hadn’t realised that buyers wait for memorandum of sale before booking the survey.
The process of negotiation with our buyers was extremely lengthy, starting with an offer 100k under asking, then upped it considerably which we accepted in return for a quick sale. However, I don’t feel we have gained any advantage from having a cash buyer in terms of moving quickly. Our buyers have expressed a concern that we will lose out to the asking offer people and have nowhere to move to..yet it seems they are dragging their heels..
Any advice?