What would you do?

azkaban420

Hi all,

I've posted a thread about delays in exchanging/completion and am no further forward since then. I accepted an offer on my house in May, with the understanding that we would exchange/complete in August so that we could move to a new city and our kids could start school. Our buyer had already 'sold' their house to an FTB, so it is a small chain. Fast forward to today and the FTB at the bottom still hasn't got a mortgage approved and has been providing proof of income/high deposit but still nothing.

Our buyers came in with a single, low offer and wouldn't budge, but the EA promised me that they, and their FTB were 'chomping at the bit' to move things fast way back in May. I've had to move into a rented annexe in the city I need to be in so that the kids could start schools. My house still has a mortgage/bills running even though it's empty now, as I can't cancel anything till we complete.

Every week I've been told by the EA 'we should exchange this week' now even they are not calling me as often as they have nothing more to tell me. My solicitor chases daily and is also told nothing.

Should I pull out and find another buyer? I know how hard it is to find a buyer in this current market, but I can't pay for rent and mortgage for much longer. I've also suggested to the EA that if my buyer really wants my house, that perhaps they should increase their price to me so that I can cover my costs to effectively 'wait' for them to complete their chain, and then complete on mine. If my costs are covered for the double-payouts I'm having to make, then it's not so bad, but I can't really go on like this. EA hasn't responded to this (sent email two days ago).

My solicitor suggested I pulled the plug last week. My EA has also supposedly told the EA below that we're thinking of pulling out. I have asked him to confirm to me in writing that since my buyers aren't proceedable at present that if I do pull out, can he confirm there are no costs/fees applicable (and he's ignored this twice).

Any ideas aside from me tearing my hair out?

Az

jiggy.jay

sorry to hear about your situation,
have you spoken to the branch manager? sometimes EA need a kick in the Ar$£, and remind them that they are ment to be working for you and your interests.

the manager would have more power to wave charges

azkaban420

Thanks Jiggy-Jay, it's not so much that I have a problem with my EAs, it's just that no-one seems to be able to do anything until the FTB at the bottom can get moving with the mortgage for his purchase.

I've just spoken to my EA and they have suggested that we go back on the market as a back-up, but he will speak to my buyer to ask if she wants me to hold on, and if so we need to re-negotiate the price, albeit at a slight increase.

Let's see what happens....just so fed up of it all.

Az

sonastin

For once, I agree with the EA. Unless they increase their offer, put it back on the market. There is no need to "pull out" completely unless / until you have something else lined up but you can't afford to wait around any longer.

azkaban420

Hi Sonastin, in all honesty both suggestions have come from me and my sol, and it's just now that the EA is realising that this is the way to go...the 'back-up' bit was their suggestion

I've asked him to speak to the buyer about a price increase to see what they say. If they agree, we'll keep it off the market and give them more time. If they don't it goes back on...

Hate, hate, hate being in this situation

Az

G_M

Instruct the EA to put your property back on the market - that will incentivise your buyer... and their buyer.

Also consider getting another agent involved. Are you tied in to a sole agency agreement and if so for what period and with what notice period? Going multi agency will incentivise the original EA who will hate the idea of another agent coming up with a buyer and going off with your commission!!!

azkaban420

Hi GM, funnily enough I was with another agent before I took these ones on as well, so I had a MA deal with both of them..these were the guys who found the buyer in the end. I may contact the original EA and see if they're happy to go MA again with the same deal of 'winner takes all' commission, so I'd only have to pay one EA, whoever gets it.

Just makes me feel a bit sick that I've got to go through it all again

Az

G_M

azkaban420 wrote: »

Hi GM, funnily enough I was with another agent before I took these ones on as well, so I had a MA deal with both of them..these were the guys who found the buyer in the end. I may contact the original EA and see if they're happy to go MA again with the same deal of 'winner takes all' commission, so I'd only have to pay one EA, whoever gets it.

Just makes me feel a bit sick that I've got to go through it all again

Az

You may not need to "go through it all again ". Quite likely taking these actions will spur all parties into getting moving....

azkaban420

I SO hope/wish/pray that's what will happen GM!!

Az

shabby_chic

You have my sympathy - four months seems a long time to wait for the FTB to get their mortgage sorted. Maybe the threat to withdraw from the sale may be enough to get them moving.

It is probably a good idea for you to ask the EA to start marketing your house again, maybe there has been interest while you have been SSTC so somebody may be waiting to view (hopefully).

Perhaps your buyer could put their place back on the market if things don't progress soon. Don't think I would pull out of your sale though as your buyers may end up finding a new buyer and become proceedable quickly.


Good luck with it all:)

FTBFun

What is the FTB doing? It took me about 10 days to get my mortgage approved.

Some good advice here, so good luck!