Vendors now reluctant to sell?

lyssa123

Hi,

We have had an offer accepted by the vendors to buy a very nice property (initial accepted offer was £8000 below asking price, and subsequently re-negociated and accepted at £9000 below the asking price due to some minor work needing done and the valuation). We are currently ready to move (first time buyers) and have mortgage, legal work etc all ready.

However, the vendors have now informed us (via their estate agent) that they are still looking for somewhere to move to - we were under the impression that they had had an offer accepted and were ready to move.

Now, they are being incredibly sluggish - have not forwarded documents to our solicitors and won't commit give us a completion date. We fear that they don't really want to sell (we have the impression that they think the house is worth more).

We are not sure about how to approach this - should we be pushing hard (through our solicitor) to get a completion date, or might this just encourage them to pull out completely? Any suggestions as to how we can exert a little gentle pressure?

Many thanks

poppysarah

They could spend forever not moving.
Tell them your offer will be pulled if they do not agree a completion date soon.

They should go into rented if they've not found anywhere and don't want to rush.

diable

Tell the estate agent that you have found something similar at another agents and you are considering that property.

If he see's his commission vanishing then he will work them.

lyssa123

Thanks very much for the helpful advice - will update how it goes.

stevie_wonder

lyssa123 wrote: »

Hi,

We have had an offer accepted by the vendors to buy a very nice property (initial accepted offer was £8000 below asking price, and subsequently re-negociated and accepted at £9000 below the asking price due to some minor work needing done and the valuation). We are currently ready to move (first time buyers) and have mortgage, legal work etc all ready.

However, the vendors have now informed us (via their estate agent) that they are still looking for somewhere to move to - we were under the impression that they had had an offer accepted and were ready to move.

Now, they are being incredibly sluggish - have not forwarded documents to our solicitors and won't commit give us a completion date. We fear that they don't really want to sell (we have the impression that they think the house is worth more).

We are not sure about how to approach this - should we be pushing hard (through our solicitor) to get a completion date, or might this just encourage them to pull out completely? Any suggestions as to how we can exert a little gentle pressure?

Many thanks

Speak to the EA and find out the vendors situation. No point making hard and fast decisions without knowing what is going on. Also if you make an them an ultimatum (complete by June or we go elsewhere) you have to be prepared to follow it through.

LandyAndy

Do you have to move by a certain date or are you just being a little impatient?

housesitter

In exactly the same boat and have been for 8 months now.
It's easy to say find something else but in the area there is nothing which compares. I have been actively looking. Their purchase genuinely fell through. Now at the mercy of the market and what they can find.
Still saving so at least the mortgage is getting cheaper every month