Why would the Vendor be stalling on completing?

icemaiden_69

Just a question - I put in an offer (which was accepted by the vendor) on a flat over 3 months ago and the Vendor appears to be stalling the deal. The estate agent says that the delay is due to his dealing with the bank apparently when I ask what's taking so long because it's a much lower price than the Vendor paid for it so he's losing out (I don't see why that's my problem but anyway..) but he just won't complete - the flat is currently empty and we are ready to move in - I can't understand why he is just delaying and delaying - unless he is hoping that we will get fed up and pull out of the deal so he can move someone who's made a higher off in? Am I being cynical or does this delay look dodgy to anyone else too?:(

DRP

icemaiden_69 wrote: »

snip//unless he is hoping that we will get fed up and pull out of the deal so he can move someone who's made a higher off in? Am I being cynical or does this delay look dodgy to anyone else too?:(

the vendor is under no obligation to sell the house to you - if he has received a better offer it would be simpler for him to have simply pulled out of your deal and gone with the better one.

kingstreet

If the vendor is selling for less than the current mortgage value, he will be awaiting written permission from the lender to complete. They will not give permission for their charge to be removed until the borrower has made acceptable arrangements to clear the deficit in the future.

Fire_Fox

Welcome! If the vendor is in negative equity the lender may be refusing to allow the sale because that is converting a secured debt which is being paid to an unsecured debt.

moneyistooshorttomention

Personal take on it? Well...I've "been there, done that" and the vendor never ever would continue with the sale. I don't know to this day (many years later) just what-the-heck game he was playing at. I just had to take my cue from the fact that he wouldn't continue with the process no matter what I did to try and get him "back on course and moving at steady speed".

I just had to think "What a (expletive deleted) little ******" and get on with buying another property in the end...darn him.

Hope you manage to get your property out of your vendor and prove me wrong - but I never managed to get mine personally in those circumstances so don't get your hopes too high.

Mr_Moo_2

Set a deadline, and if no progress by then withdraw your offer and move on.....

more_money_for_me

3 months is by no means excessive to get to exchange. I would be concerned if they haven't instructed solicitors. Have you had a survey done yet? If they have solicitors instructed then get your solicitor to get answers from their solicitor, thats what you are paying them for. Our sale took over 6 months from accepting the offer to the new owner moving in, I wouldn't be over worried at this stage. Look at it this way, your vendor has found a proceedable buyer, not a simple thing in the current market, they are unlikely to want to throw that away.