Vendors too slow, advice on how to proceed...

lelole

Hi,

We made an offer on a house a month ago, and we made clear we wanted to move quite quickly with it, and we stated that the deadline for our buyers is end of November.

Initially it was the same old story, saying they would go into rented if they couldn't find anywhere. Well it'll be 6 weeks since our offer was accepted this Friday and we still don't have a definite answer.

Last week I phoned and told the EA that we had started looking again, and agreed a deadline of yesterday to tell us their plans. We made it clear that any purchase would now have to have no chain as we still needed to complete by the end of November. From our limited knowledge of the process, it would still take about 8 weeks for them to complete on an empty property as they still need a mortgage.

By 3pm yesterday we had heard nothing so we rang and the EA told us they had found somewhere and were negotiating, and that it was chain free and with this same EA, and that they would ring as soon as it was finalised.
Well we still haven't heard anything, and the house is still not SSTC on the website, so we are feeling a bit fed up to say the least...

I wanted to just phone them tomorrow morning and throw the toys out of the pram, but the other half has just said there's no point because they will just do what they did on Monday - ie "don't worry it's taken a little bit longer than expected but they are in negotiation etc. etc."...

So how do we protect ourselves? We are not opposed to renting, but feel that we shouldn't be the ones having to. We do like this house and it does fit the bill, but we don't want to lose our buyers, or end up having to rent for only a short time...

Thanks in advance for any help...and if the vendors are reading GET A MOVE ON!!

Lelole

tek-monkey

Set a timeframe and a penalty clause, £1k off the house price for each week late they complete perhaps? make this payable even if they pull out, but not if you do obviously.

If they refuse to agree, pull the plug immediately. Their home is their problem, not yours. If they want to wait then the price can't be fixed, why should you fund their indecision?

G_M

House buying is stressfull, always slower than people want/expect and full of complications.

Either you accept this ( ie that there will be extra costs, delays, problems), try to relax, and just let it happen, or you 'throw your toys out of the pram,'.

I'm not saying which way you should go. Sometimes people mess you around so much that walking away is the best thing. Only you can decide.

1echidna

More stress for everyone if people try to pressurise on time, unless there are very good reasons. We had someone in our chain trying to get a very short period between exchange and completion and threatening to go 'nuclear' if they didn't get their way. We called their bluff as in reality it would have only delayed their move further if they had pulled out. Why the hell do people have to be unreasonable with regard to short timetables?

tek-monkey

There is unreasonable, and there is within predetermined timescales. If a timescale was agreed and the vendor is not complying, and especially if the OP is risking his sale by waiting, I would be kicking off. The vendor is of course also risking his sale, you'd think they'd be worried.

Some people just have no consideration, and need a gentle kick sometimes.

lelole

Hi,

Thanks for your replies... We do understand that house buying is stressful and unpredictable, but we have a very clear deadline, and have from the start. We don't want to pull out, but equally as we have a small child and I work from home, we don't want to rent for a short period only.

Having some sort of penalty sounds good, and we have already discussed the idea of reducing the offer if we have to rent, but not sure whether we are at that point.

Thanks
Lelole

tek-monkey

They may think you're bluffing, or may just not care. Make the deadline part of your offer, reinforce this to the EA. Ask what else he has in the same area, to make sure he realises you are serious.

Hell, even drop a % off the offer for them messing you about. Prices are falling, don't get locked in when another bargain could be around the corner.

1echidna

It seems to me that a predetermination on something that is by its nature very uncertain is rather a silly approach. Impatience may be an understandable emotion but in my view often best ignored. When people pressure in an unreasonable way on timescales often it may also be a demonstration of a rather unpleasant tendency to try and dominate the proceedings at other peoples' inconvenience. Of course the reverse may be true but unlikely as most people want to get the difficult and stressful business of selling and buying resolved in the least time reasonably possible.

lelole

Hi, There us a good reason for the time pressure. Our buyer has stated their timeframe, based on the fact they are a cash buyer buying for commercial reasons. We have been upfront about this from the start, and the vendors I am talking about knew this and agreed to go into rented if they could not find.

Part of the reason I have put this thread forward is because I don't want to throw the baby out with the bathwater, but if our sale is jeopardised then I am afraid we will pull out. I would rather we all know where we are now, before we all spend £££s only to have things fall apart later because they do not understand the situation now.

Lelole

lelole

Maybe I have miunderstood the norm, but I thought that taking 6 weeks to find somewhere when you have agreed to find somewhere quickly, or rent is a bit unreasonable? My buyer has set the timescale but I don't feel that was unreasonable as they were clear upfront, and if we had not found this house we would on the way to exchange and into rented with no arguments.

Opinions are all different on these things and I appreciate hearing what you all have to say.

Thanks
lelole

1echidna

OK I can see you have compelling reasons and thanks for not getting impatient with me. Unfortunately you don't, I think, have any legal agreement with your vendors to force them to go into rented accommodation.