Nothing happened for 5 weeks after accepting offer

A_Nice_Englishman

I am selling my house and accepted an offer about five weeks ago.

I am renting a flat in another part of the country near my place of work so the property is empty and as I am not looking to buy just yet and the buyers are first-timers there is no chain. However it is in effect costing me over £100 a week in lost interest on the money tied up in the property.

Checking with my solicitors and estate agents, it appears nothing has happened during the five weeks. The buyers initially said they would like to complete before Christmas but in the last conversation they had with the estate agent said they didn't want to do so until the end of January. They have not had a mortgage offer yet.

I agreed with my estate agent that I would give them three weeks to exchange and check in a week's time to see if they were on target to achieve this.

I got the impression that they might be struggling to raise the deposit so told the estate agent I would consider accepting a lower than normal deposit if that would help.

Anyone like to share experiences or offer advice?

Roma_3

The buyers really DO need to be contacted!! It is costing YOU a lot of money and nothing is happening ....chase it up is my advice and all the very best!!

A_Nice_Englishman

Thanks Roma. I did think about putting the house back on the market but it's unlikely that anyone else would be able to complete any earlier than the end of January now so i wouldn't gain anyting.

MortgageMamma

You pay the EA to do all this for you. The EA should be chasing the buyers at least weekly. Has a survey been carried out on the property yet? If not it is likely that the buyers are either not serious about buying your property or are having massive difficulties getting a mortgage. My advice? get your property back on the market and find a buyer who is more forthright, organised and commited.

Poppycat

I would also put it on the market, you have nothing to loose but everything to gain. It may be used to push the buyers into doing something

A_Nice_Englishman

Thanks for all the responses. I'm going to sleep on it, ring the estate agant tomorrow and see if he agrees that telling the buyers that I will put it back on the market if there is no progress within the next week.

Robert_Sterling

Your buyer has not sold his/her house.
Perhaps they are asking too much for it.
Perhaps if they drop their price they will not be able ton afford your house.
Your estate agent should keep you informed about their current position.

A_Nice_Englishman

Robert_Sterling wrote:

Your buyer has not sold his/her house.
Perhaps they are asking too much for it.
Perhaps if they drop their price they will not be able ton afford your house.
Your estate agent should keep you informed about their current position.

They are first time buyers (or if not they have lied).

I agree that my estate agant should have kept me informed. I naively assumed that 'no news was good news' but will be chasing them regularly from now on.

MortgageMamma

A_Nice_Englishman wrote:

They are first time buyers (or if not they have lied).

I agree that my estate agant should have kept me informed. I naively assumed that 'no news was good news' but will be chasing them regularly from now on.

Goodon you, make them work for their extortionate fees. Dont worry about offending anyone, its unlikely your paths will cross once you have completed the sale - give them hell I say!

A_Nice_Englishman

Thanks MortgageMamma.

I do feel the estate agent is partly to blame for the delay and therefore my financial loss as he did not keep me informed. I have no tie-in with him so I suppose I could 'un accept' the buyers offer, terminate the agreement with the estate agent and put it back on the market with another agent.

space_rider

I had the same problem and was naive. My buyer strung me along left right and centre but after being let down when I went to exchange contracts I put the house back on the market. I did complete last week with the same buyer but sometimes you just have to threaten them in order for them to act. That is ok as long as they are really serious about buying your house. If I were to sell a house again I would not take it off the market until the survey has been done.