walk away from offer?

[Patterncarmen]

We would like to buy a property. The sellers are in a hurry to sell for some personal reasons (downsizing for retirement). We would be able to buy it cash once one of our other properties is sold…we have an offer from a cash buyer which was confirmed with the estate agent and seller. we told the estate agent and seller this from the beginning, having our first viewing of the property we want to buy a week ago. We also provided evidence of other assets to show we have the cash for the remainder.

Now the seller is complaining after they accepted our offer it will take too long for the other property to sell!

The property is really nice and would be very good for us after a long search, but I’m getting ready just to pull out. We cannot make the paperwork go any faster, and I’m figuring by the time we have surveys and conveyancing etc, it is going to take 3-4 months anyhow.

Time to walk away? It has been suggested that we take a mortgage out on another property out that we own so they can have the cash faster, but I don’t really want to do that.

I wouldn’t pull out. If the sellers have decided it’s taking too long, then let them pull out and find another buyer. That will likely take them longer.

Thank you. The way it is set up we are going to have to pay over the odds on stamp duty, and then be refunded a chunk of it in the end. I would just really like to be able to sell the other property, get the sellers the cash, and sort it. I cannot move any faster.

Interestingly when just I mentioned to the agent that if the sellers were unhappy we could pull out, the tune changed. You have to laugh sometimes. Frankly, I thought a week between viewings, offer given, offer accepted, and all the financials in order is pretty quick. Now for the fun part...the survey.

Depends what you said to the sellers of the house. If you went in and just made an offer claiming to be "cash buyers" but didn't say that you had a house to sell then they have every right to be annoyed. That would have been misleading them about exactly what the deal on the table was.

Cash buyers is different from cash from sale buyers and perhaps they didn’t realise it was the latter.

My FIL is a cash buyer and it's taking just as long to purchase ( now on week 7 and not exchanged) - the idea that it will automatically be done and dusted in 6 weeks is for the birds these days!!

Not the case. We were honest with them at the viewing from the beginning before the offer, as well as with the estate agent when we made the offer, and we provided all the details up front…name/details of buyer, price agreed, etc. We also provided all the documents requested by the estate agent showing cash balances in accounts, etc.

Yes, of course. We will see what happens. It just takes some time.

Maybe, but I’d be surprised…we outlined the situation with everyone right from the beginning. The buyer of our other property doesn’t need a mortgage, she is qualified to do the conveyancing, and she’s very wealthy. She has the cash…we just need to do paperwork.

House buying in the UK is really complicated, and I’m not sure why it has to be this way, that is for sure.

It’s certainly become even more complicated in the last few years. Nothing happens with any sort of expediency.