Buyer keeps going AWOL, not moving foward

bagpussbear

Hello, this is my first post on the forum, I would be very grateful if any folks could give me their opinion please on my situation.

I accepted an offer on my flat almost 6 weeks ago. Was told the buyer was a "cash buyer" and could "move quickly/money sorted". However he has proved to be neither, was told 2 weeks ago he is needing a small mortgage, and also despite having the "money in place" as the estate agent put it, he has still not arranged his survey on my flat.

He is having the survey done by the Nationwide (who I am told are very slow?), but we cannot pin him down to getting a date to do this.

He goes through periods of not answering calls, and not returning calls. My estate agents are pulling their hair out (not to mention us!) as on Weds they eventually got him on the phone, but it got cut off, he is not answering or returning any calls. Even his solicitor is not answering calls.

He appears to be a serious buyer - he is a buy to let investor, and owns a few other flats in my road. And we have been told he has already paid for searches.

Has this happened to anyone else please? why do buyers just go awol?!

We really dont know what to do other than chase our estate agent and they admit to being at a loss to what is happening.

What would you do in this situation please? We have found a place to buy, got the mortage offer, had the survey done, and all ready to proceed, so this sudden silence from our buyer is disconcerting.

thank you for listening

arbrighton

The AWOLness, unwillingness to talk to you and the change from cash to mortgage would all be ringing alarmbells for me. Time to tell solicitor to ask for papers back I think

betmunch

bagpussbear wrote: »

He appears to be a serious buyer

No he doesnt!!!

Get your EA to phone up and leave a message asking him to contact them to give an update urgently.

If he doesnt come back to them stick the place back on the market.

This will make him either pull his finger out, or pull out completely, but either way it will stop you wasting more time

DVardysShadow

arbrighton wrote: »

The AWOLness, unwillingness to talk to you and the change from cash to mortgage would all be ringing alarmbells for me. Time to tell solicitor to ask for papers back I think

I would certainly put the property back on the market - although I would not ask for papers back until I had secured another buyer.

Letter from solicitor advising that the property is being put back to market forthwith, due to lack of progress and buyer not communicating, although quite happy to exchange contracts if buyer will complete legal work.

oscarward

We had something similar some years ago. Even his own solicitor couldn't get hold of him so eventually we asked our solicitor to send a letter giving seven days to progress or it went back on the market. Never heard from them again.

pinkshoes

A serious buyer communicates. Tell the EA to continue remarketing it and find you another buyer!

Brallaqueen

My guess is that he is trying to string you along until you feel you have no other options. He will then drop the offer price and hoope that you, having not marketed and having no back up offer, will be pressured into the sale.

Thrugelmir

bagpussbear wrote: »

He appears to be a serious buyer - he is a buy to let investor, and owns a few other flats in my road. And we have been told he has already paid for searches.

Potential time waster.

As is more than likely looking at other properties as well as yours.

Suggest you keep yours on the market.

Ivana_Tinkle

Brallaqueen wrote: »

My guess is that he is trying to string you along until you feel you have no other options. He will then drop the offer price and hoope that you, having not marketed and having no back up offer, will be pressured into the sale.

Agree with this. This is exactly what gazunderers do - draw everything out for so long that everyone else in the chain is just desparate for it all to go through, then drop their offer. Gazundering a couple of weeks in is less likely to work because nobody's emotionally invested enough yet!

bagpussbear

Thank you everyone for your opinions and advice, which were very helpful and helped me form the opinion that I would indeed be wise to put back on the market now. Have decided to say that I want some sort of progress happening by the end of next week, and if there is no sort of satisfactory response, then the house goes back on the market the week after.