Should i move home to break the chain?

dagrowler

or are my buyers being unreasonable? (or am i??)

So i had an offer on my house about a month ago, which i accepted, I subsequently put an offer in on a house which was also accepted...

My vendors haven't found anywhere to go yet (after 3 weeks of looking, which isn't majorly long I don't think).

I had no contact from buyers other than them instructing home buyers survey on the house and then nothing after that.

Today i get a call from my estate agent telling me that the buyers have said if i don't complete tomorrow and exchange on either the 21st may or the 4th June, they might pull out...

I've spoken to my vendors agents who tell me that they had an offer rejected on Monday on a house but are still looking.

i do have the option to move back with my parents but it would mean paying around £3000 in mortgage exit fee thingies, which i could claim back as long as my new house completed within 90 days (seems a long time but could go on forever). as well as living with my parents and paying to put all my stuff in storage! would this be worth doing or too risky?

olly300

How long did it take to find your buyers?

If it wasn't a long time and you told your buyers you were buying another property phone up your EA and tell them you can't complete tomorrow so they need to put the house back on the market.

dagrowler

Hmm, it was approx 3-4 weeks it was on the market and i got the asking price too. since mine sold though there are now about 5 more houses up for sale in my area... although i think mine is the most realistically priced.

I did say to the agent if they want to drop out its up to them, but they're the ones losing out - they've done the survey etc...

Addiscomber

Why are people so flippin' impatient these days?

When we decided to move, back in late 1991, we were advised by the estate agent not to put an offer in until we had a buyer for our house, on the basis that we weren't really in a position to buy until then, and she was proved right because we didn't get the first one that we looked at and offered for regardless. It was a vacant house and the seller got fed up waiting. If this 'sell' before you offer is repeated up the chain it will take time. Then too, completion was nearly always a month after exchange.

I'm not sure that I would want to go through the whole performance again if people as shirty as I read about on this board, and you only have a week when you are sure you are moving :eek:

Edited to say sorry I didn't answer your question. I don't see that anyone should make you feel guilty enough to complete early if it costs you £3000 in exit fees. 90 days is nothing in house buying terms.

Doozergirl

Some FTBs are totally crazy. Unfortunately, the world doesn't revolve around them.

Tell them it straight and give them the choice of waiting *as long as it takes* or simply put your house back on the market (you don't actually have to 'drop' them). They are just going to continue like this forever and make your life hell. At least if your vendors haven't found somewhere you have the opportunity to find someone else to buy yours.

Someone needs to sit your buyers down and explain exactly what is involved in the house buying process and that silly threats get you nowhere. They must have known you were buying somewhere, right? You're not one of those vendors who throw in "I'll rent if I need to" as a sweetener, are you?

Ems*Honie

I think I would enquire if they are willing to take on the cost's you would incurr, if not then no, I would not be happy they insisted I exchange the next day at all.

dagrowler

no i didnt mention that i could go home to my parents to them because i wasnt sure what costs would be involved (and my vendor did that to me when i bought and it was poo!). Once i checked the costs i thought it was a stupid idea, and yeah i agree 90 days is nothing!

I don't know why people can't be more patient, even if they'd said they want to exchange next week it wouldnt have been so silly, but today!

I jsut wonder what my agent is up to, they know the situation and they know i'm not jsut waiting for a laugh. we really love the house we're buying and luckily the people who currently own it are lovely and said if our buyers do drop out they wouldnt put it back on...

silly FTB!

silvercar

Agent is happy to put the pressure on you because as soon as you complete they get their commission.

Our first lot of buyer tried the same tactics with us. They wanted us to move into rented because they didn't want to lose their buyers and didn't want tot move to rented themselves. In the end we lost these buyers and had to find more.

90 days is far to short in house buying terms to risk £3,000.

olly300

dagrowler wrote: »

I jsut wonder what my agent is up to, they know the situation and they know i'm not jsut waiting for a laugh. we really love the house we're buying and luckily the people who currently own it are lovely and said if our buyers do drop out they wouldnt put it back on...

silly FTB!

May not even be the buyers may actually be your EA. It is odd for your buyers to be completely silent then suddenly demand a completion date.

So just be firm with them i.e. tell them not to ring you up with any threats by your buyers as you cannot control the completion date.

Someone else I know had an EA ringing up every two days hassling them about a sale. It then turned out the vendor the EA was representing was the one holding up the chain, and it was the vendor's EA putting the pressure everyone including solicitors not the vendor.

The only thing I can think of is that you EA maybe trying to get their commission by a certain date. I was told by a friend who use to work as an EA it took her 3 months after the completion of a property to get her share of the commission.

dagrowler

olly300 wrote: »

May not even be the buyers may actually be your EA. It is odd for your buyers to be completely silent then suddenly demand a completion date.

So just be firm with them i.e. tell them not to ring you up with any threats by your buyers as you cannot control the completion date.

Someone else I know had an EA ringing up every two days hassling them about a sale. It then turned out the vendor the EA was representing was the one holding up the chain, and it was the vendor's EA putting the pressure everyone including solicitors not the vendor.

The only thing I can think of is that you EA maybe trying to get their commission by a certain date. I was told by a friend who use to work as an EA it took her 3 months after the completion of a property to get her share of the commission.

ahh good point, i just spoke to my agent and he said he'd try and get hold of my vendors agents (which i've already done - they havent magically found anywhere overnight) and then the solicitors (which i've done). and then might call them this afternoon IF its a no.

I said it IS a no as i'm not losing £3000 and making myself have to move twice (once to parents then to new house) so to call them now, he said he might.

Rah!

littlesos

olly300 wrote: »

May not even be the buyers may actually be your EA. It is odd for your buyers to be completely silent then suddenly demand a completion date.

So just be firm with them i.e. tell them not to ring you up with any threats by your buyers as you cannot control the completion date.

Someone else I know had an EA ringing up every two days hassling them about a sale. It then turned out the vendor the EA was representing was the one holding up the chain, and it was the vendor's EA putting the pressure everyone including solicitors not the vendor.

The only thing I can think of is that you EA maybe trying to get their commission by a certain date. I was told by a friend who use to work as an EA it took her 3 months after the completion of a property to get her share of the commission.

It's not that odd. Exactly the same thing happened to us. We got a phonecall one day (about 5 weeks after accepting offer and hearing nothing)from the EA saying our buyer wanted to complete the next week or he would pull out. As it turns out he now has a problem with his buyer Ha Ha Ha (fate is a wonderful thing!) and here we are 5 weeks after his deadline, still going nowhere! It suits us cos it means our purchase has now caught up with our sale and we won't have to move in with the in-laws.