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Buyer gone AWOL - urgent advice please

nublue
nublue Posts: 241 Forumite
edited 10 November 2009 pm30 1:25PM in House buying, renting & selling
Hi, in a chain of 4 with cash buyer below us, and off to rent at the top...

Our vendors had difficulty finding somewhere to move to intially, so the whole chain had delays. When that became apparent, in order to not lose our buyer unnecessarily we asked our EA to explain that we were keen to not upset them, so could they let us know their expected timeframe, so we could pull out of our purchase and opt for rented if it were looking like things were going awry. They said not to worry they were fine until the last week of November/1st week of December.

We have been very careful to pressure people all the way through to ensure we meet this deadline. Finally it looks like things were set to complete by 27th Nov or earlier... EA phoned to tell them on Friday, thinking they would be pleased, and they came back with " No way, 16th Nov completion or we pull out".

We asked EA to go back and say something along the lines of - we have been working to an agreed timeline, 16th would make us homeless and we have checked with all parties and a week later would be doable. Can you give us a week?

They agreed to think about it over the weekend, and even texted the EA on Sat to say they'll tell us Monday. Then Monday has come and gone...

The EA has attempted to get hold of them, and no reply - even their solicitor is not sure what is going on...

I am so worried that they are just pulling out, but cannot understand why they would not tell us what is going on...

We now have the appt to sign contracts on Thursday, so could probably get it done early next week if they want it... is there anything else we can do??

Thanks,

Comments

  • pie81
    pie81 Posts: 530 Forumite
    My gut reaction is that they are very unlikely to pull out (unless there is some really pressing reason they need to complete by 16th? is there?) ... more likely they are just impatient and want to pressure you to ensure the 27th doesn't slip further ... or I suppose they might be positioning themselves to gazunder at the last minute.

    To be honest I can't think of anything else you can do except get everything as ready as possible for exchange and continue to chase the buyers. Try not to appear desperate as that will strengthen their willingness to chance a gazunder - take the firm position that they always said end of Nov was fine for them.
  • Either they are letting you stew, having put the wind up you [27th is so close,now, you should ignore this] or they are going to disappear. Either way, there is little you can influence, so let it happen.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • nublue
    nublue Posts: 241 Forumite
    I have gone all the way from they are completely pulling out, to got fingers in other pies and hedging bets - but never thought about gazundering! I am not sure what we would do if they did that... it's playing on people's fear of the unknown I guess...

    My initial instinct was the same as you, pie81, that they are just putting on the pressure and showing us who's boss so it doesn't drift, and I kept thinking that all the way through yesterday (Mon) but it is nearly the end of Tuesday now, and nothing. In my mind, if that were the case, they would have come back to us and either rolled over or insisted for the 16th?

    To be honest we are close to just putting it back on the market! I assuming that we will not hear from them tomorrow, if not should we go ahead and sign contracts, or just wait until they bother to let us know?

    Or just go quiet ourselves, and wait for them to contact?

    I am one of those unfortunate people who has no idea how not to be totally straightforward, so am completely confused by mindgames, and my OH is the same!
  • nublue wrote: »
    ... I am one of those unfortunate people who has no idea how not to be totally straightforward, so am completely confused by mindgames, and my OH is the same!
    It is the best way. Just don't play the mind games. You are fortunate really.

    Just give it time. If your buyers are in a hurry to move in, they will do their bit in time. And if not, you will know they are playing games. If there is no contact by the 16th, a gentle question to your Agent and to your solicitor, followed by a letter from your solicitor telling them to exchange in 7 days. There is no real point in being more proactive - if your buyers lack resolve, there is little influence you can have.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • nublue
    nublue Posts: 241 Forumite
    Thanks for your help,

    Patience is not my strongest suit, but I guess we have no option! We have discussed our position and have decided to ask our EA to not push any more, and just wait. Should we still sign the contracts on Thursday? Or should we wait until they make their position clear?
  • Sign. Your solicitor keeps the contract and it does not come into force until it is exchanged. Check with your solicitor for what instructions he requires to exchange.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • nublue
    nublue Posts: 241 Forumite
    Thank you. We really appreciate your advice...
This discussion has been closed.
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