Delaying completion

smileytiger

Our house is going up for sale shortly and we want to move asap as we need somewhere with no stairs as OH is struggling & also as we are struggling financially only on my salary as OH can no longer work. We will be telling any prospective buyers that we want a quick sale and would expect them to be honest with us about how quick they could/would move given the circumstances.

As far as i can see you should have been up front about the delay when you offered - and your idea about stringing them along a bit before you tell them is downright underhand to me - only my personal opinion like n all that.

sonastin

So you've had an offer accepted and there has been a degree of passage of time (for things to "move quicker than expected"?) The vendors might be in a rental property because they had to relocate but can't afford to buy until this place is sold. They might have acted on your offer and started looking for a place to buy. They might have made an offer on a repossession because they thought, what with you having had *some time* to get going since your offer the deadline for completing on a repossession might not be unachievable. They might even have been daft enough to give notice on their repossession, stupidly having blind faith that their sale is now progressing swiftly. When they lose out on the house of their dreams because you won't buy until July, they might be vindictive and refuse to sell to you even though there is no other buyer lined up. Or another buyer might come along and resurrect their chances of buying the house they want and they drop you like a hot stone.

You can say it is all their fault because they shouldn't do anything until contracts have been exchanged. You can say that it is their own fault for being petty and vindictive. But you can put a stop to any misunderstanding and stop them getting carried away by being upfront about the situation. If it means you miss out, well your circumstances just don't suit their plans. If you're honest and they can accomodate your requirements you reduce the chance of them overreacting if you take them by surprise.

snid

I'm still surprised by the level of vitriol here. I expected things like " you should be up front about your plans", "tell them, they may well be fine about it." That's reasonable enough to jog my conscience.

All I can say is:
1) No they are not buying anywhere. (Elsewhere is not rented.)
2) No, they are not in a hurry to sell.
3) I don't believe they are paying much, if anything, in the way of mortgage, as they bought the house 10+ years ago.
4) I think the agreed price is not a bargain, but quite a reasonable price.
5) Unless the survey reveals something outrageous I was not intending to try and negotiate any reduction.
6) I'm aware that I ned to pay a deposit of 10% on exchange - in fact I am prepared to pay that NOW to secure the house.
7) Who is talking about 3 months delay? The delay on what I have seen quoted as an average time for completion would be (17-12) = 5 weeks.
8) I sold a house last year (funds for this one) which took about 4 months between offer and completion. (No complaints.)
9) Of course if sellers had asked for a quick process I would have respected that
10) I am prepared to pay more for the house if the sellers feel they are losing out. (But obviously I'm not going to just offer it to them to see if they would like more.)
11) If I wanted to be completely dishonest about it I could put slight delays on everything I do - instructing surveyore, solicitors, querying small items brought up in the survey, etc etc. Does anyone doubt that this would use up a big chunk of time?
12) The EAs have suggested that exchange ought to take place in around 6 weeks, but nothing about when completion is desired after that.
13) I don't see how I am not a committed buyer - I've already said that I would commit funds to this purchase, if I were to pull out, even before exchange!

No. What I would really like to do is commit myself by paying for a survey. Then informing the vendors of my situation. This means maybe 15 weeks to completion. If there is a problem I am prepared to pay - for mortgage payments for a month maybe, or to increase my offer maybe to take account of the 'inconvenience'.

Cue more opprobrium.....

niceguyed

I wouldn't call any post here vitriolic. Try not to be too sensitive.
1) You are underestimating the value of honesty in a transaction, this creates trust. You were not transparent. The vendors are not aware of your financial situation so you cannot pre-empt their thoughts and actions. What you need to understand is how one does business now is an indication of how one may do business in the future.
2) Point 5 doesn't tally with your original post.
3) What you want to pay the vendor money before exchange. Do you want to buy my house? £10k now and I'll think about selling it you.
4) Yes delays occur in conveyancing but you admit things are proceeding quickly. If you don't decide to tell the vendor what will you do?
5) Why pay for a survey then tell the vendors? Sounds like you want to be sure about the purchase before being pushed into telling them about your situation.

You make it sound like you didn't tell them because you wanted it off the market to avoid what happened to you previously. If the vendor is in no rush to sell then why not be totally transparent from the get go? Maybe some quiet reflection is needed as no one it seems supports your position.

Cue more excuses.....

Gonzo33

snid wrote: »

I'm still surprised by the level of vitriol here. I expected things like " you should be up front about your plans", "tell them, they may well be fine about it." That's reasonable enough to jog my conscience.

All I can say is:

1) No they are not buying anywhere. (Elsewhere is not rented.)

2) No, they are not in a hurry to sell.

3) I don't believe they are paying much, if anything, in the way of mortgage, as they bought the house 10+ years ago.

I bought my house 10 years ago. I am still paying a mortgage.

4) I think the agreed price is not a bargain, but quite a reasonable price.

Your opinion and theirs maybe 2 different things

5) Unless the survey reveals something outrageous I was not intending to try and negotiate any reduction.

Not how the OP sounded

6) I'm aware that I ned to pay a deposit of 10% on exchange - in fact I am prepared to pay that NOW to secure the house.

Makes you sound very naive

7) Who is talking about 3 months delay? The delay on what I have seen quoted as an average time for completion would be (17-12) = 5 weeks.

For a chain-free average completion I would say it would normally take no more than 8 weeks unless searches or reports take longer to come back. So more like 9 weeks additional delay

8) I sold a house last year (funds for this one) which took about 4 months between offer and completion. (No complaints.)

9) Of course if sellers had asked for a quick process I would have respected that

10) I am prepared to pay more for the house if the sellers feel they are losing out. (But obviously I'm not going to just offer it to them to see if they would like more.)

11) If I wanted to be completely dishonest about it I could put slight delays on everything I do - instructing surveyore, solicitors, querying small items brought up in the survey, etc etc. Does anyone doubt that this would use up a big chunk of time?

You are still not being transparent though. As a vendor I would be very peed off if my buyer announced that they are waiting on cleared funds for another 9 weeks before we could complete. Also, I would be suprised if your solicitor allowed you to exchange without cleared funds to buy.

12) The EAs have suggested that exchange ought to take place in around 6 weeks, but nothing about when completion is desired after that.

13) I don't see how I am not a committed buyer - I've already said that I would commit funds to this purchase, if I were to pull out, even before exchange!

Naive

No. What I would really like to do is commit myself by paying for a survey. Stupidest thing I ever heard Then informing the vendors of my situation. This means maybe 15 weeks to completion. If there is a problem I am prepared to pay - for mortgage payments for a month maybe, or to increase my offer maybe to take account of the 'inconvenience'.

Cue more opprobrium.....

I think my bold covers how I would feel.

DVardysShadow

snid wrote: »

I'm still surprised by the level of vitriol here. I expected things like " you should be up front about your plans", "tell them, they may well be fine about it." That's reasonable enough to jog my conscience.

All I can say is:
1) No they are not buying anywhere. (Elsewhere is not rented.)
2) No, they are not in a hurry to sell.
3) I don't believe they are paying much, if anything, in the way of mortgage, as they bought the house 10+ years ago.
4) I think the agreed price is not a bargain, but quite a reasonable price.
5) Unless the survey reveals something outrageous I was not intending to try and negotiate any reduction.
6) I'm aware that I ned to pay a deposit of 10% on exchange - in fact I am prepared to pay that NOW to secure the house.
7) Who is talking about 3 months delay? The delay on what I have seen quoted as an average time for completion would be (17-12) = 5 weeks.
8) I sold a house last year (funds for this one) which took about 4 months between offer and completion. (No complaints.)
9) Of course if sellers had asked for a quick process I would have respected that
10) I am prepared to pay more for the house if the sellers feel they are losing out. (But obviously I'm not going to just offer it to them to see if they would like more.)
11) If I wanted to be completely dishonest about it I could put slight delays on everything I do - instructing surveyore, solicitors, querying small items brought up in the survey, etc etc. Does anyone doubt that this would use up a big chunk of time?
12) The EAs have suggested that exchange ought to take place in around 6 weeks, but nothing about when completion is desired after that.
13) I don't see how I am not a committed buyer - I've already said that I would commit funds to this purchase, if I were to pull out, even before exchange!

No. What I would really like to do is commit myself by paying for a survey. Then informing the vendors of my situation. This means maybe 15 weeks to completion. If there is a problem I am prepared to pay - for mortgage payments for a month maybe, or to increase my offer maybe to take account of the 'inconvenience'.

Cue more opprobrium.....

You asked and people told you honestly how they felt. Emotions have been engaged on this one. You cannot reasonably criticise people for posting from the feeling you have stirred up. Much of your post looks like self justification. But it does not convince me of anything other than your hope to get support for your position.

People are being straight with you about how they would feel. Don't knock it. People might fear that you would incorporate any sugar coating in your self justification, so you have been given faithful answers.

ognum

It is interesting how many people post here just to prove to themselves what they are doing is fine.

When they get sensible and reasoned argument suggesting it is not they change the story slightly and suggest poster are being vitriolic.

Oh dear, maybe just go your own sweet way in the future!

lizzyshep

I'm afraid I agree with the others. If you are so sure a delayed completion won't bother them, why haven't you told them? Do you really know so much about their circumstances? Even if you do, things can change. From my point of view, I am selling and buying and about to exchange - if one of the parties turned round now and refused to complete until July, I would be devastated, as it would probably cause either the sale or purchase to fall through, also we have a baby on the way! I really think you need to be honest - if everything you say about their situation is true, you have nothing to worry about as they may be happy to wait.

sirmosh

To be honest you should have included the expected completion date as part of your offer, in the same way having funds available and having no chain behind you could get them to accept a lower offer having to wait so long could mean they would have only accepted a higher offer from you.

I would tell them as soon as possible since they may get fed up of waiting and go back on the market unless they have assurances as to when you'll be ready to go.

drummer_666

what you are doing is totally ridiculous.

the vendors may not be in a rush, but it doesn't mean they want the sale dragged out until June!

You shouldn't have offered on a house that you are not able to buy. And you're not able to buy it. You don't have the funds for 4 months!! That's a long time.

I strongly suggest telling them your situation monday... seriously, that's only fair. At least they then have the choice whether to reject your offer.

Also, why would they not be paying a mortgage or paying virtually nothing after only 10 years of owning the house?