Buyer dragging feet - any comeback?

movingsucks

After several difficult months we found a buyer who is now dragging his/her feet, to the extent that we've missed 4 contract exchange dates and look set to miss today's as well. Anyone know if there's a way we can stop this person messing us around? My understanding is that the contract must be in writing so the right to sue doesn't arise until exchange. Thanks.

PasturesNew

This is part of the buying process. Until exchange they're not pinned down and can pull out or drag their feet or anything.

besonders1

I would put the house back on the market, as they are probably just pull out at the last minute.

dander

The sensible thing you can do is put the house back on the market and look for another buyer. You've got to wonder why this one is being so slow, and whether they'll actually ever exchange, or if they intend to gazunder once they've got you really desperate.

Mutton_Geoff

Give them a date to exchange/complete by and tell them if this isn't complied with, you will withdraw from the sale/sell to someone else/remarket the property etc etc.

Dualcyclone

Pull the plug on them and put your house back on the market - I don't think there will be any loved lost in this process.

When I was buying my house, the sellers solicitor was rubbish; we kept sending draft contracts for them to amend and send back, and they'd never come back. Then we'd send the contract to be signed, and they'd never get signed.

I was getting fed up waiting when the seller told the estate agent they were going to pull out and put it back on the market - I went and had a word with the estate agent, and told him that we've been waiting for this guys half bit solicitor to pull his finger out.

If he had actually called his solicitor to check their progress, we may have exchanged months before!

Speak to your solicitor and see if they can put some pressure on them through their solicitor. But no harm in putting the house back on the market in the mean time.

Richard_Webster

Give them a date to exchange/complete by and tell them if this isn't complied with, you will withdraw from the sale/sell to someone else/remarket the property etc etc.

A very believable threat! Buyer will probably say: "OK go ahead".

Property goes back on market, OP gets nobody else interested and original buyer comes back in a few weeks time and offers a few thousand less!

besonders1

Richard_Webster wrote: »

A very believable threat! Buyer will probably say: "OK go ahead".

Property goes back on market, OP gets nobody else interested and original buyer comes back in a few weeks time and offers a few thousand less!

sadly that is what the buyer is probably playing at.

bootalishus

hi
ours is going exactly the same way. accepted offer in August, gazundered us in november, accepted on basis exchanged within one week. still no exchange and he has decided to look for a new mortgage offer as his one hasn't adjusted for the 3% fall in rates, so i am now waiting for a new survey. Lots of stress, colds and mouth ulcers but the little s**t has the upper hand and unfortunately is using it to his full advantage. If you want to sell you will just have to carry on as you are and hope the sale goes through in the end. Fingers crossed.

dander

You don't have to withdraw from the first sale to get the place back on the market. You aren't obliged to give the buyer exclusivity, so it just means you're covering your own back.

benood

How about taking the bull by the horns and tell them that you'll give them £1,000 off if they exchange by Friday, if they don't you'll come off the market until March - The retailers are offering this sort of thing at the moment perhaps it could work for you!