Advice Required: Vendors appear to be delaying

harrup

mtjones wrote: »

How long do we wait until we go give them a "complete in 4 weeks or we're off" ultimatum?

Honestly?

As you clearly really WANT this house my advice and answer would be to hold fire until you are genuinely prepared to walk away from it. Frustrating and annoying as this must be, I would be cautious in issuing ultimatums that I'm not really prepared to stick to.

Who knows what exactly is going on in the vendor's heads ( incidentally, have you tried to discuss the exchange or completion time with them directly....or....was it just a to-ing and fro-ing involving the EA?).

What is clear, however, is that they aren't prepare to negotiate the price further. Be that because they stubbornly don't want to, or can't afford to, or because they now regret accepting your offer which, in hindsight, they deem to low...either way, regardless of the valuation, THIS house is going to cost you the mutually agreed offer.

The ONLY way you find out whether the sticking point really is the debated 3 K - and, TBH, I am not at all convinced that this really is the case - is to agree to honour the price you offered contingent on at least an exchange date...and see whether that gets the ball rolling.

IF the vendors then still dawdle about, are wishy-washy and unprepared to commit themselves....I wouldn't even bother with an ultimatum. Just just have to bite into the sour apple of realisation that they weren't serious about selling. Or at least not selling it to you at a given price. Happens. Galling, but nothing you can do about it.

I could be totally off track - but from what you wrote I got the feeling that there is more to it than the 3 K valuation issue. Either the vendor has had a total change of heart and no longer wants to sell at all....but at the same time doesn't want to pay the EA's commission either and thus strings you along until you run out if patience. Or, perhaps, they regret accepting an offer they felt coerced into by the EA and thus plan to let the current negotiations fizzle out in order to remarket the house with another EA at a higher pricer in due course. Who knows!

Agree to pay the original offer and thing's will become more transparent. And for what it's worth....I wouldn't be prepared to lose I house I really like over 3 K either.

Good luck and let us know how things proceed.

mtjones

Hi All,

It's been an eventful 5 or 6 days... but we have at least got an answer to our question of whether or not the vendors are serious about selling... and unfortunately they are not! :sad:

We went back to the vendors on Thursday and said we are prepared to progress at the agreed price of 250k on the basis of exchanging contracts within 4 weeks and a completion date to be agreed upon in due course. We had a positive response (well, we thought it was positive) in that they said they wanted the weekend to work out what they could do and come back to us today.

EA called this morning to say they are taking the property off the market.

So after 14 weeks we are back to square one - but at least we've not got a property to sell anymore!

We're bitterly disappointed but I suppose we at least now know where we stand!

The saga continues!

Better_Days

mtjones wrote: »

So after 14 weeks we are back to square one - but at least we've not got a property to sell anymore!

Thanks for updating the thread - it is always interesting to know what has happened. Actually you are not really back to square one. Being chain free puts you in a much better position when you find the right property, and it may even encourage the vendor to accept a lower offer. (Said with feeling as someone who was in a chain of 7 :mad:)

Consider getting all your 'ducks in a row' with regard to finances and conveyancing so that when you see a property you would like to offer on you can move as quickly as the vendor wants.

We are currently in rented while looking around for somewhere to buy and it takes a lot of the pressure off not having to tie up a sale and purchase at the same time.

GL with your search.

wannahouse

`What idiots!!!
Why do people put their property on the market, when they are going to sell it??
It just mucks people around, wastes their time, and costs them a whole load of money!

I think the law should be that if either side pulls out, they are responsible for the others incurred costs, as its ridiculous they way things are atm!
Sorry you have been disappointed, but hopefully in hindsight, when you do finally purchase something else, you are happy this one fell through!!!