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

lelole

Sweetcaz wrote: »

I feel your pain having recently been in the same situation!

I had a cash buyer for my property and the vendors were going into rented. 8 weeks in they had an offer accepted on a house and a week later my cash buyer said complete next week or I pull out. I managed to stall them for a few more weeks but then the same threat was made and my vendors said I would just have to wait as they want to tie their purchase up with their sale and are no longer going into rented - so basically tough my problem!!

We did not want to lose out buyer so 4 weeks ago completed and moved in with parents. We are still there and still awaiting a completion date - not even exchanged!

It seems to me threatening to pull out only has any effect if you are a cash buyer and makes little difference when caught up in the middle of the chain - or as I prefer to call it stuck between a rock and a hard place, LOL!!

Stuck between a rock and a hard place is bloomin right! You poor thing, I would be climbing the walls in your situation... Have you at least got a complete chain and getting near to exchange?

This is exactly the kind of situation we are worried about that led me to write this thread in the first place... The thing is, this house isn't absolutely perfect, it's nice and we like it, but one of the reasons we went for it was because it ticked a lot (but not all) boxes for us, and they were happy to move quickly with our timescales... I think if that if we end up renting we will just pull out.

Good luck
Lelole

lelole

tek-monkey wrote: »

Not a religios person, but that is pretty much what I live by.

If I don't like something, I change it.
If I can't change it, I stop worrying as there's nothing I can do.
If I can change it but don't, stop whinging as its my own fault (kind of)

Works well.

I tend to TRY to do this too, but the changing things comes more naturally to me than the not worrying!!

lelole

terryya wrote: »

I've been in this situation where the sellers EA keep saying "tomorrow" or "next week" but tomorrow or next week never comes, and weeks turn into months. We obviously like to house to put an offer in but eventually got to the point where we had had enough and advised the Estate Agent we were getting fed up and would withdrew our offer if progress wasn't made - surprise, surprise, a few dasy later a date was set to complete. This was a few years ago when houses were selling before they were in the EAs window so not a decision we took lightly.

I'm not saying that this will work for you, just that I think eventually it is worth just walking away - even if just to keep you sanity!

Yes, we are slowly getting to that point now, at the moment there is nothing else we like though, but at the same time, it's better to end up in rented with no ties and free to choose a house, than having spent a fortune on conveyancing and surveys and still end up in rented.

lelole

DVardysShadow wrote: »

Time for you to rethink this from the base?

You have a buyer B for house L
You have an accepted offer for house V but vendor cannot proceed due to not having found another property
You are not prepared to rent, because you could require to move in and out before Christmas.

Now put the following objectives in order of preference

1. I do not wish to lose buyer B
2. I do not wish to lose house V
3. I do not wish to go into rented accommodation

The reason for this is that you will be lucky to get 2 out of the 3 - you should be planning to get at least 2 and be prepared to compromise on the 3rd.

On 1], your buyer could walk away, but there are others. Or your buyer could be making a fuss in order to get in for Christmas, but have no real need.

On 2], your vendor has a nice house, otherwise you would not be offering. So you could expect them to want an even nicer house and for it to take some time to find it - and for it to take even more time ad infinitum up a chain.

On 3], once it comes to this, it is unlikely you will be in and out before christmas, and about your only leverage with your vendor is that once you go into rented, you will be in no hurry and will expect to stay put for christmas. Which could encourage them to dump you as a buyer, but frankly there would be little prospect of them finding another buyer and completing before christmas. Plus, you never know, perhaps they are reallyplanning not to move before christmas.

But never mind the detail of the above, what is realy needed is your priority ordering for the above.

Hi sorry I thought I had replied yesterday but it did not appear!

It's a very logical way to look at it, and the thing is, our main priorities are

1.not to lose our buyer (B)
2. not to find ourselves homeless/ in a hobsons choice type situation as buyer (B) wants to complete, but vendor (V) is not ready, but will not rent and we have paid loads in conveyancing/survey fees so reluctant to pull out.
3. Lastly is our desire for house (V)

We actually are quite happy to rent for a bit, but we would want to take this decision sooner rather than later, so we are not financially tied to this purchase at that point. So I guess we allow things to continue until it looks like we risk 1. or 2. occuring... then bailing and renting!

Think that makes sense! It's so complicated...thanks for trying to add a bit of logic to this confusing process...

Leah

Sweetcaz_2

lelole wrote: »

Stuck between a rock and a hard place is bloomin right! You poor thing, I would be climbing the walls in your situation... Have you at least got a complete chain and getting near to exchange?

This is exactly the kind of situation we are worried about that led me to write this thread in the first place... The thing is, this house isn't absolutely perfect, it's nice and we like it, but one of the reasons we went for it was because it ticked a lot (but not all) boxes for us, and they were happy to move quickly with our timescales... I think if that if we end up renting we will just pull out.

Good luck
Lelole

Yes the chain has been complete for about 5-6 weeks now and we were told completion may be this Friday however when I rang my solicitor on Wednesday he had no clue what was going on, as usual!! :mad:

The whole thing is starting to become as joke and we are tempted to start looking for something else.:o

lelole

Do you know what, I think you bloomin well should, I think they are taking the p*ss, and they are relying on the idea that you would rather wait a little bit longer for them, than start the whole process again - well that applies to them too.

Why not get out, see if you can find another house you like and make an offer - you can always withdraw it if this pushes yours forward. Then you can go to them and say you have had an offer accepted on a different house, but seeing as you have gone so far in this process, you will carry on with them as long as they complete by date X.

Alternatively, you could phone them up and say that you are no longer able to stay with family as of next week, so unless they complete, you will be forced to rent formally with a 6 month contract, and will be reducing the price you are planning to pay them accordingly. It's a brave move, but may make them jump!

The more I think about it, the more I realise that the reason that cash buyers have so much power is it is usually just business for them, and they don'thave to pay the mortgage fees, so they feel more confident to make these demands because to them if they lose the house they just get another with not a lot of financial loss...

Anyway keep me up to date with what is happening,

Take Care

Lelole

Sweetcaz_2

Thanks Lelole I will keep you posted. :beer:

Yeah my cash buyer did not even bother getting a survey done as my house was just a modern 2 bed starter home so he could easily of pulled out and not lost much in doing so.

I think we may have to do the rounds of the local EAs this weekend and see what else is out there and, even if we do not find anything we like, call the EA next week and say we have and will be making an offer if they do not fix a date that week!!

I have now booked a couple of days off work as after 3 months waiting to book a week off to move the stress has finally got to me and I am feeling less than human right now.

I wish you luck also and hope you get some movement soon