Objective opinions needed please

Toto

Hi everyone,

I need to ask some advice here because I really just don't know what to do with this house sale of mine anymore.

I accepted a low offer on my property back in October on the basis that my buyers were chain free cash buyers who could complete by mid November. They said they would have no problems completing in this time, it was all just depending on the solicitors doing their thing.

Well, weeks went on and not much was happening apart from multiple questions from the buyers solicitors about one daft thing after another (3 times they asked me what council tax band the house is, despite my buyer owning the house next door), mid november came and went and the end of November was drawing near so I really started to push for answers. It turns out my buyers were still waiting for their mortgage offer!!! I knew they were buying cash, stupid me, I didn't realise they meant the banks cash :mad:

Then we had the Chancel check thing where I told them to shove the insurance policy for that, it's all sillyness, we don't have a church within 3 miles of the house. At this point I told my solicitor to ask them to either exchange within the next 2 weeks or I would pull out.

My agent called the buyer who said he was ready to exchange now, so I waited. Today, I have been asked for another £225 for an insurance policy for some boundry thing. There is an old disused pathway which runs at the back of our row of houses. It's blocked off, can not be used, some houses have nicked this 3 foot bit of land but I haven't, it is fenced at the back, It was never included in the sale, deeds, plans or anything. It isn't mine to sell. He knows all of this because as I have said he owns the house next door. Once again I said no I would not pay for this new insurance thing.

So, I am losing the will to live with this sale. It seems like one stupid delay after another. I had a long chat with my agent today who is pushing for me to continue with the sale (well he would be, he wants his fee) I have an interest only mortgage so it costs me £40 dead money every single day this house doesn't complete. Now I know my mortgage isn't the buyers problem but his silly delays are. My agent/ solicitor say we could complete early January now, but the way I see it is I could still be here this time next year if this continues, there is no exchange yet and who knows what else the buyers solicitor will ask for.

So, my options are.

Pull out and put the house back on the market, in the hope I get a higher offer to cover the losses from this non sale. The agent said Mr Buyer will want his fees covering if I do that (I said he could knock on my door to personally ask for those, he should have thought of that before he lied to me in the beginning).

Pull out and rent the house for 6 months until the mortgage redemption runs out, but risk getting tenants who will trash the house costing me a fortune to get it back on the market again.

Stay with this sale because so I am told a bird in the hand, and all of that.

The trouble is, I just don't know what to do. I do want shot of the place, I am sick of it, I'm tired, I have a zillion other things going on, I'm working 22 hour days 7 days a week this month. But, every day is costing me and at this rate I will be left with a bus fare and a bag of chips out of the equity.

oh I don't know I could rant on for hours. Please give me your opinions, what would you do?

wigglygiggly

If it was me, I would give him two more weeks (and tell them that), then put it back on the market. Although I realise that the two weeks from now covers most of the Christmas holiday.

So sorry this has happened to you.

Generali

Personally I'd tell them to stick it and put it back on the market. I'm at the wrong end of a 12hr day though so I might be 'projecting'.

maninthestreet

Tell your agent (who is working for you, not the buyer), that if the sale falls through, you will market your house with a different agent. Also tell your agent that the buyer can sing for any costs if the sale does fall through - your agent should know that until contracts are exchanged, either side can pull out of the sale and not be liable for the costs of the other party. From the way your agent is behaving, I strongly suspect they have an interest in this particular buyer buying your property - maybe they stand to make some money from arranging his mortgage?

Mrs_Optimist

He has lied and been deceitful, I would pull out - no hesitation. If nothing else it will buck his ideas up and the sale may then proceed very quickly indeed. he is trying it on. Come January there will be a flood of new buyers on the market who may be more prepared to pay more money. If your Solicitor already has the deeds from the mortgage company, and presumably a draft contract, you should just pay for the local searches to be done on your house to submit sell on to the new buyers solicitors once a sale has been agreed. That will cut out a lot of time. Thats just my humble opinion.

hjb123

I would also tell him where to stick it, either put it back on the market or let it out. You could always get a letting agent to sort it out for you?

PoorDave

If you had particular deadlines in mind or they were discussed in the beginning, you should have got these put in writing before proceeding. Expect the worst and cover yourself.

I suggest you get a deadline put in place in writing, and if this is not achieved, you put it back on the market with a different agent, assuming your existing agreement has run out.

If you accept another low offer get your conditions of exchange and completion in writing from the start. Otherwise expect it to take 3 months or so like most other deals.

Toto

Thank you all, that is really helpful. I will call my solicitor in the morning and pull out. Of course there is a chance I won't get a higher offer but right now I would happily sell to someone honest for the same price.

I wouldn't mind so much if they had said from the outset they needed to sort their mortgage etc. It's the fact they lied and are now keep asking me for money for this, that and the other, I have the problem with.

And thanks for making me laugh Generali, I was worried I am projecting all of my december workload onto the house sale. The joys of owning an events business in December!

funky-footprints

We are selling 2 properties and both seem to of taken for ever, first has now fallen through after excuse after excuse, but the 2nd we signed and sealed last friday after similar promises to you op. it was supposed to be the end of september, but excuse after excuse was thrown at us, every friday we had promise after promise broken.

i wanted to pullout, I was getting too cheesed of, but my dh refused ! in the end we did throw an ultimatum and it worked (after final promise fell through, dh did actually give tongue in cheek threat to buyer that i was going to thier house, 8 1/2 months pregnant to fire off, as i knew where buyer lived ............ omg it worked, are men scared of us hormonal women or what ? ?)

thankfully money is in for christmas and i can pay off some over due bills, sorry to hear you are having similar nightmare. If i were you i'd pull the plug on it, my dh would however disagree.

xx

silvercar

Tell them to exchange by the end of this week or your remarketing it in the new year. Amazing how a deadline focusses peoples minds.

Toto

Now for once I wish I were pregnant :rotfl: but I could always threaten to send my very autistic 9 year old daughter round to let them know how she feels, she can tantrum for england. I am really pleased you have got your sale and the cash is in your bank. My OH is also wavering, but then his advice is as helpful as my dads (he thinks we should ask the agent to pay our motgage and that's all he has to say on the matter... yeah I know, flippin helpful that).

It would all be less frustrating if we were living in the house, but it's sitting empty. But maybe I will try one final, exchange in 2 weeks (with promise in writing) call to the solicitor/ agent, after all with christmas and new year it makes no difference because realistically the house won't get any new viewers until early January anyway. But there has to be a line drawn here one way or the other.