Help, advice on slow buyer!

Job81

Hi, we accepted an offer on our house about 3.5 weeks ago from a cash investment buyer, at the same time we had an offer accepted on the house we wanted (which has no onward chain). We have got to the point where we are ready to exchange on the purchase, but ince our solicitor sent the contract to our buyer it has all gone a bit quiet, although there was a survey done on our house earlier in the week. It turns out, when our etate agents finally got hold of our buyer that he wont pay the solicitor to do anything (i.e searches) until he has read the survey. I am now a bit concerned, as the house we are sellng is 6 yrs old, so i am a bit confused why he is so concerned about the survey. I am now thinking somethings wrong. Has anyone else experienced anything like this ? just to confirm, my concern is that he hasnt even started with the searches etc, so its really holding things up and i am worried he may pull out. Thanks

rrtt

Job81 wrote: »

Hi, we accepted an offer on our house about 3.5 weeks ago from a cash investment buyer, at the same time we had an offer accepted on the house we wanted (which has no onward chain). We have got to the point where we are ready to exchange on the purchase, but ince our solicitor sent the contract to our buyer it has all gone a bit quiet, although there was a survey done on our house earlier in the week. It turns out, when our etate agents finally got hold of our buyer that he wont pay the solicitor to do anything (i.e searches) until he has read the survey. I am now a bit concerned, as the house we are sellng is 6 yrs old, so i am a bit confused why he is so concerned about the survey. I am now thinking somethings wrong. Has anyone else experienced anything like this ? just to confirm, my concern is that he hasnt even started with the searches etc, so its really holding things up and i am worried he may pull out. Thanks

He may just be ultra-cautious? esp if he's over-extended himself as a "cash investment buyer" with other properties ... To instruct a solicitor to start the searches is to start racking up costs. And altho surveyors will sometimes give quick, brief verbal feedback to buyers, the one I've used in the past much preferred to explain everything fully in the written report, and this can take a few days to prepare. Anxious time for you of course, but I wouldn't start panicking just yet if it were me, and I'm a born worrier

Guest101

I must agree, i would never start work until i got the survey back. 3.5 weeks is quite quick for you to have contracts ready, and maybe even put him on the back foot abit. feeling rushed.

Amber_Sunshine

The house being new doesn't mean that there is nothing wrong with it. In fact, new houses could be even more likely to have problems if the build quality isn't up to scratch. ANY buyer of ANY house needs to have a survey done for their own protection.

Job81

Thanks everyone for the replies, i know i am pribably being over anxious, its just the investment buyer isnt short of pennies, he is currently buying 6 houses to rnt out and we accepted hs offer on the basis that he said he would priceed spas quickly as we like, but now doesnt really seem t be doing that. Hopefully it will be ok, fingers crossed and tanks, you have reassured me

Guest101

If he's buying 6 properties, there's probably alot of work going on, and really 3.5 weeks isnt much. Cash buyer offer - completion id say 6-9 weeks.

But i know the stress, so just do your best to relax