Delaying completion

snid

I think I posted on here before about how I was looking for a house, but didn't have the funds available till July.

Well we found a place, offered on it, increased our offer and eventually had an offer accepted. It all went much more quickly than I anticipated. However, as I am not able to complete for about 17 weeks (funds are released then) should I tell the EA/Seller? Well, of course I will have to tell them, but would it hurt if I waited a few weeks beforehand? I did think that I might get the survey done and then use any flaws (There are bound to be SOME, right?) as a bargaining point. Anyway the closer we get to July the less of a problem it will seem. Assuming the survey is not totally damning its a guaranteed sale - we aint gonna back out or anything and I'd be prepared to put down a non-refundable deposit to say so. Also, I have no objection to exchanging asap, its just the completion.

I should say that we already lost the chance of buying one house because we were honest about our position. Our offer on that one was accepted and then rejected a few days later when someone came along who was apparently in a position to proceed immediately.

Any comments from you guys - especially ones who are selling houses or have done so?

C_Mababejive

It must be the Spring weather but i saw the subject line and thought this was in the relationships forum..:o

G_M

Look your sellers are trying to move. They want to plan their lives, they want to coordinate their sale/purchase.

Why would you mess hem about deliberately if you know full well you cannot Complete for 17 weeks?

If you suddenly announced this to me several weeks /months down the line, or just dragged things out, I'd re-market my property and tell you to get lost.

Explain the situation. Offer to Exchange asap so both sides have certainty. Just fix a long gap between Exchange and Completion.

GAH

You def should tell the sellers, it certainly is not fair to keep something like this from people, this sort of lack of communication later down the line is the mian reason a lot of sales fall apart.

Tell them, they might be fine with it.

Really you shouldn't even be out offering on places in your position.

DVardysShadow

snid wrote: »

I should say that we already lost the chance of buying one house because we were honest about our position. Our offer on that one was accepted and then rejected a few days later when someone came along who was apparently in a position to proceed immediately.

Well, you were more than 17 weeks away in that case, you did the right thing by telling the vendors.

And you should have told you vendors at the time of offering on the present one. This is inexcusable bad faith on your part. You might be confident about getting your money in 17 weeks, but your vendor might think it was about as reliable as Billy Bunter's postal order. You are not only mucking your vendor about, you are mucking about with the whole upward chain.

snid

I do think you're being extremely harsh. Extra information I didn't share is that I did ask the EA if the sellers were in a hurry to move and was told not - they actually have already moved out by now & gone elsewhere. So there is no chain to upset. Also the house had been on the market for over 4 months, had been 'sold' once and the buyer had then pulled out.

I'm a committed buyer, ready to put his money where his mouth is in terms of a deposit. There are plenty of buyers who offer on a house & when its accepted they put in their mortgage application - who knows if will be accepted. Even with an AIP the mortgage Co still have to come up with their valuation and if that is short of the price everything falls apart.

Even if I had the money in my back pocket now I would not want to move before July due to the School Holidays.

Itismehonest

When you say "gone elsewhere" do you mean they have bought another property or, heaven forbid, they are in rented accommodation waiting on you to complete?

ognum

snid wrote: »

I do think you're being extremely harsh. Extra information I didn't share is that I did ask the EA if the sellers were in a hurry to move and was told not - they actually have already moved out by now & gone elsewhere. So there is no chain to upset. Also the house had been on the market for over 4 months, had been 'sold' once and the buyer had then pulled out.

I'm a committed buyer, ready to put his money where his mouth is in terms of a deposit. There are plenty of buyers who offer on a house & when its accepted they put in their mortgage application - who knows if will be accepted. Even with an AIP the mortgage Co still have to come up with their valuation and if that is short of the price everything falls apart.

Even if I had the money in my back pocket now I would not want to move before July due to the School Holidays.

As you have asked I will say what I feel

I would drop you as a buyer, it is unreasonable to the people selling that you offer and then hang it out.

It is not all about you and your need to move in the school holiday etc etc it's about an agreement between to parties to accommodate both sides.

you should be honest and upfront and at least let the sellers make an informed choice just like you are!

breadlinebetty

It sounds like you've never bought a property before?

Once you've Exchanged (which is a legally binding document) you're usually required to pay 10% deposit of the purchase price, and completion usually takes place two weeks after that.

You can sometimes complete later than that, but once youve exchanged you're legally bound to complete. If you don't, then you'll lose your 10% deposit - plus incur expenses for messing the people about including legal fees etc.

You must know you can't exhange until AFTER the survey - so forget that little get out!

If you don't have the money to complete until July (and the solicitors on both sides WILL check) it will be up to the vendors whether or not they'll agree to wait until July. They could insist you pay 3 months mortgage payments before you move in and complete....why should they possibly keep up the mortgage payments for 3 months becaus it's inconvenient for you to complete before July - and they're not even living in the property?!

You also have the added problem of not knowing for sure whether the final payment for completion will materialise......

Things can change very suddenly!:money:

niceguyed

snid wrote: »

I do think you're being extremely harsh. Extra information I didn't share is that I did ask the EA if the sellers were in a hurry to move and was told not - they actually have already moved out by now & gone elsewhere. So there is no chain to upset. Also the house had been on the market for over 4 months, had been 'sold' once and the buyer had then pulled out.

I'm a committed buyer, ready to put his money where his mouth is in terms of a deposit. There are plenty of buyers who offer on a house & when its accepted they put in their mortgage application - who knows if will be accepted. Even with an AIP the mortgage Co still have to come up with their valuation and if that is short of the price everything falls apart.

Even if I had the money in my back pocket now I would not want to move before July due to the School Holidays.

I still don't think you think you've done anything wrong do you? Fair enough you're willing to exchange but you're not a "committed" buyer. No one is until survey and exchange. Even if the survey does identify certain issues (and then it depends on what type of survey you have purchased) don't rely on that as a sole re-negotiation tool in terms of small repairs. Obviously for valuation purposes you have much more leverage.

Your little plan of not being wholly truthful could seriously backfire. So yes as others as have said tell the EA who will pass this on to the vendor. Sometimes you can't have your cake and eat it.

DVardysShadow

snid wrote: »

I do think you're being extremely harsh.

Build a nuclear bomb shelter for when your vendor finds out.