Buyer has no deposit

Traceie_Lou

I posted before about exchanging & completing on same day (today!!!!)

We its not going to happen, we sold our house subject to contact in the middle of August, found a house to buy but it fell through after survey pointed out property had subsidence damage, found another house offer accepted mid September.

Was told mid October our buyers where ready to go, pushed our venders for a completion as soon as possible everyone agreed 10th Novemeber.

Buyers then advised would not exhange till completion 10th November.

No one could get in contact with buyers until 9th Novemeber when they went to see there solicitor to sign some paper work still hadn't paid deposit, completion off.

So today came EA had phoned buyers Solictor to find out what is going on buyers still want to buy our house but have no deposit and will not be able to get the £6,000 until at least 1st Dec. EA advised us and dared to sugguest that we and our vendors go halves on the six grand to pay their deposit (don't even have £3,000 even if I was supid enough to do it) EA also approach our Vendor who is flying to Australia on weds to start a new life and is extremly annoyed (rightly so, not their problem) and are theatherning to put house back on market).

I sat here typeing this holding back the tears, I just don't know what to do, will they ever get the deposit.

prudryden

Traceie_Lou wrote:

I posted before about exchanging & completing on same day (today!!!!)

We its not going to happen, we sold our house subject to contact in the middle of August, found a house to buy but it fell through after survey pointed out property had subsidence damage, found another house offer accepted mid September.

Was told mid October our buyers where ready to go, pushed our venders for a completion as soon as possible everyone agreed 10th Novemeber.

Buyers then advised would not exhange till completion 10th November.

No one could get in contact with buyers until 9th Novemeber when they went to see there solicitor to sign some paper work still hadn't paid deposit, completion off.

So today came EA had phoned buyers Solictor to find out what is going on buyers still want to buy our house but have no deposit and will not be able to get the £6,000 until at least 1st Dec. EA advised us and dared to sugguest that we and our vendors go halves on the six grand to pay their deposit (don't even have £3,000 even if I was supid enough to do it) EA also approach our Vendor who is flying to Australia on weds to start a new life and is extremly annoyed (rightly so, not their problem) and are theatherning to put house back on market).

I sat here typeing this holding back the tears, I just don't know what to do, will they ever get the deposit.

Tell them - NICE TRY!! That's a typical ploy in America.

pawpurrs

If they dont have a deposit then this should have been made clear to you when their offer was put forward to you.

Its not ideal, but will you not accept exchannge and completion on the same day?

Some mortgage companies allow a small amount to be drawn early to act as a deposit, find out via sol if this is a possibility.

HTH

Traceie_Lou

ok they now have deposit but a family member has died and they have to fly abroad for the fueneal and will not paid it till they get back on the 1st of December.

Are we just being played what are they up to?

clutton_2

the mind boggles - why did the EA not not establish this months back ????

my heart goes out to you - all this house-buying-selling malarky is SO stressful, its undescribable. you will get there in the end, you really will.

fishpond

Call me cynical, but it seems to me like you are being taken for a ride.
They should still pay the deposit so that you hold the property for them.

Traceie_Lou

I feel think telling them to **** off first they where ready to move then they have no deposit when they find out we wont pay there deposit they say they have depost but wont paiy till 1st of december. all this on the day we were meant to move into our new home

WestonDave

Where is this funeral - Mars!

It doesn't take three weeks to go to a funeral and get back. I think EA needs a bit of a lecture on his responsibilities in terms of delivering a decent buyer not a time wasting chancer. I'd be very tempted to threaten to put the house back on the market and demand a rebate on the EA's fees for their ineptitude - start piling the pressure back down the chain because you need to stop this game playing now or it'll just be one delay after another.

bap98189

I think someone is telling porkies. Funerals are held with a few days of someone dying. If they are going to a funeral they will be flying out this weekend or early next week. Why on earth would they stay there for 3 weeks.

It sounds to me as though they are having problems raising the money. I think if I were you I would ask the estate agent to put the house back on the market before any more time is lost.

prudryden

bap98189 wrote:

I think someone is telling porkies. Funerals are held with a few days of someone dying. If they are going to a funeral they will be flying out this weekend or early next week. Why on earth would they stay there for 3 weeks.

It sounds to me as though they are having problems raising the money. I think if I were you I would ask the estate agent to put the house back on the market before any more time is lost.

I second that motion.:T

goldbyron

Can I just ask - if no deposit today why couldn't you still exchange and complete on the same day (today)? I thought you didn't need a deposit if you did it on the same day...is there another reason why they want to postpone until the 01/12? I would put it back on the market and state they can still have the house if they find the deposit IF you don't receive any better offers in the meantime. That might put a rockey up them!