Made great offer - accepted - now seller making us wait until mid-2009!

PropertyPro

The selling agent needs to talk some sense into the owners.

It is a waste of everybody's time if they are not planning to move on until the middle of next year.

My opinion is that you should speak to the agent as soon as possible stating that you are happy to continue with the purchase as long as it completes within a reasonable timescale - 1st December should be ample time.

Stress that you are giving the vendors 48 hours to agree to your proposal or you will look elsewhere.

The agent will not want to lose the sale and will do what they can.

Good luck.

Mark

System

mizzbiz wrote: »

Perhaps they are hoping the market will rise and will gazump you but until they know which direction it's going, you are their security deposit. If they put it on the market next year, then they'd probably have to take an awful lot less if things continue to slide. Thanks to you, they don't have to worry about that.

6 weeks or no deal, or £1k off for every week you have to wait to move in thereafter :-)

Why didn't they mention this little clause whn you made the offer, or even before? If i'm honest, I would run, run run if I were you and thank yourself lucky you lost a grand only!

Thank you for all the replies.

Yes, it does feel like we are being used as a security deposit during the financial crisis, and it is really hard to tell what the housing market will be like in 8 months or so. We didn't consider this too much when we put the offer in, we liked the property and so we went for it, assuming we would be completing the sale some time this month.

When we made our initial offer in August the estate agent did mention that the seller could not move out until the end of this year. We said that this was too long, and the agent later told us that 'arrangements have been made' and that they could now move out earlier. That was the last we heard of it.

We have a feeling the sellers didn't realise that we would see a copy of their initial paperwork and were hoping to hold things off for as long as possible without our knowledge. Either that, or the estate agent lied to get a sale?

Datasafe_2

candyflossing wrote: »

Either that, or the estate agent lied to get a sale?

I'm sure estate agents a quite above that kind of thing ........;)

Trollfever

I would also walk away.

hethmar

£5k below asking price may look peanuts by the time they deign to move out. If you can take the loss of the survey etc. - which you should get back by buying the next lower price house , Id also give them a deadline and then walk. Have a look on findaproperty to see if there is anything else that catches your eye. And check out House Snake to see the percentages people are dropping prices in your area.

Neillgb

All very strange, seller must be mad in present circumstances. They should be chomping at the bit to get the sale sorted.

God knows where property prices will be mid 2009. Based on current trend, Halifax prices, about 15% lower in nine months! And that is very optimistic as most pundits feel rate of decline will accelerate.

Perhaps say OK but gonna take 2% off per month, or part thereof, from now. Obviously you may withdraw this offer at any time.That is if you really want the property and the hassle/delay. 90 % sure you won't be moving in on the timescale they want anyway, they will either agree to pull their finger out if you put pressure on, or pull out al together.

They must be mad!!!

Good luck.

kunekune

We have been in deals of this kind twice, once on either side. They suited us at the time - the more recent one, we had a sale agreed in June, and the buyer knew all along that we would be moving in late August as we were emigrating. However, it was safe for us - and them- to do it because it was in New Zealand where you have an enforceable agreement as soon as everything is signed and 'unconditional' (eg, the finance has been agreed). We all knew where we stood the whole time. It would not be a good idea in this system to do this unless you had exchanged contracts. But also, given the current market, you need to be able to be confident the house will still be a fair price at that time - and basically either you will have a good reason to pull out in 6 months time, or they will. It's not a good deal with falling prices and a shortage of mortgages. I agree with the people who say go back to their solicitors and say it's exchange and complete in your timescale or not at all. Also tell the EA as they might be annoyed to find that the effort has been put into a sale for a seller who doesn't really want to sell; they could have found you something else.

abaxas

Ok, here is what I'd do.

Go back to the market looking for a new house, while telling the current vendor that this works brilliantly with your timeframes (lie).

Then, when the vendor comes back asking you to buy, just tell them you are sorry but you've changed your mind. By this point you will have either secured another property OR be in a position to savagly gazunder.

They are treating you like dog, give them as much respect as they deserve.

macaque_2

candyflossing vbmenu_register("postmenu_14883209", true);

At first I wondered whether your post was a wind up but I am assuming it is genuine. We are in the middle of the biggest financial shock for more than 100 years. It was caused by inflated asset prices. You are buying one of these inflated assets. What you are doing is akin to negotiating for a larger cabin on the Titanic after the little ice berg incident. At the very least, you should wait to find out whether the ice berg made a hole in the hull.

I am not suggesting you pull out but I do strongly urge you to give yourself enough time to assess the impact of recent events. Over the past few weeks, there have been momentus and negative influences on the housing market.

In playing for time, your seller is being completely irrational. Any delays in exchanging contracts is entirely to your advantage in a market like this. It has to be a racing certainty that house prices will be at least 25% cheaper by mid 2009 and possbly as much as 60% lower than they are today.

Gorgeous_George

This should have been disclosed BEFORE the OP spent money on solicitors and surveyors.

I think it is safe to give up on buying this property and the money is lost. Tell them you will wait if they meet part of your costs.

Then, buy something else but do not tell them.

GG