How long would you wait for buyer?

dodgy

Hi.

We've been selling our unoccupied house for several months now. We found a buyer after a couple of weeks on the market who pulled out, and then we found a new buyer only a couple of weeks after that. This buyer was chain free and living in rented and wanted a quick sale, so we agreed a price that reflected that. This was in late August 09.

Since then the buyer has been making excuse after excuse about lost paperwork, needing to reapply for their mortgage, and a million other things and has been going in "next week" to sign contracts for weeks. They commissioned a survey in November, we know they have received a mortgage offer for the property, yet still they haven't signed or exchanged. The latest was that the homebuyers survey suggested a routine check on the Gas, Electricity and Drains (as they always do), and now the buyer wants us to pay for that - something they have only just thought to mention despite the survey being complete in November. Needless to say we've told him politely to fund those himself if he wants them done.

I was wondering how long you would give someone. As the house is now costing us council tax again, we're keen to finally sell it, but not sure how many second chances to give this buyer before we move on and find someone else.

Any advice, or your experience, would be gratefully received.

dgerati

Sounds to me like you need to weigh up the cost of pursuing this buyer verses the cost of keeping it on the market until another buyer comes along.

Did you take it off the market when you accepted the offer? What about suggesting you are happy to pay for the checks as long as buyer is happy for you to put it back on the open market? See what buyer thinks of that?

boots_babe

We had the exact same situation on our sale a couple of years ago. Agreed a relatively low price as buyer was chain free, ready to proceed etc.

4 months later, NO progress, and my gentle attempts at asking what was going on (treading carefully so as not to upset them) ended up with them accusing us of all sorts - I think they were just totally unhinged!

Anyhow, my point is, looking back, we shoudl have made acceptance of the low offer on condition of exchanging within set time period. And if this didn't occur, we should have put back on market whilst the buyer sorted themselves out.

Sounds like your buyer either has cold feet, or has geniune issues with trying to arrange the purchase. And you don't want to be waiting around for either of these cases, you'd be best to put it back on the market.

Chinkle

You should definately have set a timescale for exchange/completion at the outset.

Sounds like you have a very nervous FTB on your hands. Suggest you now set a tight deadline and threaten to put the house back on the market if this expires.

mlz1413

I'd put it back on the market or at very least give the buyer a deadline before putting back on market.

Make it clear that you are happy to continue with their purchase but you feel that 5 months is long enough to have exchanged and set a completion date.

dodgy

Thanks to all for the suggestions,we need to have a long think if this guy will ever exchange.

I agree a near-term deadline is probably the way to go.