Did you buyer pull out?

JennyW_2

I have a horrible feeing our buyer will pull out We're 9 weeks into the process

Basically there have been umming and arhhing over something for a few weeks now, we have provided them with all the information we have and as a last resort our solicitor has suggested an indemnity policy.

So yesterday our solicitor basically said that we need a decision as to whether you want to proceed or not and as of yet, we have still not heard. I'm so frustrated :wall:

thing is the buyer's solicitor has frightened them by saying that an indemnity policy with de-value the house. I think most houses come with them now don't they.....

Anyway, what I'm most worried about is that our vendor will pull out too but I'm trying to console myself that they wouldn't want to go through all the selling process again with surveys, valuations etc and we're on good emailing terms too. The house we are buying comes with it's faults and we've been able to work through them with the vendor so I'm hoping they wont want to lose us.

Do the people in front usually wait around? If things do go pear shape, we're confident of another quick sale. We're in Berkshire, on the M4 corridor and our house sold in 12 hours.

it's so thought consuming all this, I cant seem to focus on anything else at the moment

Yorkie1

What is the issue you've offered an indemnity policy on?

JennyW_2

Yorkie1 wrote: »

What is the issue you've offered an indemnity policy on?

it's an historical covenant. Thing is we're in a new build development of 100 houses and it was never bought up then and the houses are selling now without any problems. 2 completed last week.

Our solicitor said that they wouldn't have even considered it an issue but our buyer's solicitor is not letting it go. Our solicitor has even been dealing with the developments solicitor but even their responses aren't cutting it with him. Plus our agent, who sell most of the houses of the development say they have never heard of this issue.

ValHaller

Yorkie1 wrote: »

What is the issue you've offered an indemnity policy on?

https://forums.moneysavingexpert.com/discussion/4698387 refers. Jenny, it is better to keep it all on the one thread. Saves you and everyone else going over old ground.

JennyW_2

ValHaller wrote: »

https://forums.moneysavingexpert.com/discussion/4698387 refers. Jenny, it is better to keep it all on the one thread. Saves you and everyone else going over old ground.

thanks, I wasn't really concerned about the covenant (I'm exhausted just thinking about).... just having a moan about my indecisive buyers and losing the house we want

Soubrette

Can you tell them that your sellers are anxious to proceed so if you don't have a response in 12 hours then you will have to put the house back on the market and you will be open to other offers.

Of course you take the risk of them completely pulling out then.

ValHaller

JennyW wrote: »

thanks, I wasn't really concerned about the covenant (I'm exhausted just thinking about).... just having a moan about my indecisive buyers and losing the house we want

What you need to come to a view on is whether the covenant is the real sticking point for your buyers or just a handy peg on which to hang some stalling.

If it is the real sticking point, then work to resolve it - I gave you the line of argument. I don't see that it should stop anything unless a solicitor can come up with a humdinger of an argument. Although the fact that the buyer's solicitor has not apparently put this to bed and the fact that the buyers are saying that an indemnity policy will devalue the house indicates to me that you are being played.

Do as you are doing, check out my logic with your solicitor. Assuming I am right, have a chat with your agent and ask him what his take is on it - and ask him straight out if the buyer has an interest in any other property with the agent.

I am assuming that the covenant is the only issue outstanding - if so, after hearing what the agent has to say, it is time to put the buyer on the spot - no ultimatums, just give them a few days after which you will put yours back on the market.

When you do get an offer you accept, explain the business of the covenant and how it is not an issue - or get your agent to do it. At least if anyone is going to take fright, it is better if they do it early

hamster2013

are you in a chain?
if not, then no harm done...., hopefully you will find someone who will pay even more

i think laws need to change

JennyW_2

Soubrette wrote: »

Can you tell them that your sellers are anxious to proceed so if you don't have a response in 12 hours then you will have to put the house back on the market and you will be open to other offers.

Of course you take the risk of them completely pulling out then.

Our agent told them yesterday that if they don't make a decision then the house will have to go back on the market however no deadline was given. I know it can be risky giving deadlines but I'm so fed up now. The buyer can't seem to make a decision alone. I wonder if he's buying it or the solicitor

JennyW_2

hamster2013 wrote: »

are you in a chain?
if not, then no harm done...., hopefully you will find someone who will pay even more

i think laws need to change

Yes, 3 behind us. Part of me feels that if we start again then we may have a better buyer.

JennyW_2

Valhaller.... I emailed about the minerals so waiting to hear....and as for the devalue comment, well yes it seems absurd

I have spoken to the agent and is really frustrated too but agrees that we should go back on the market. He's off today and I don't want to speak to a colleague as they won't be up to speed but come Monday, then yes an ultimatum will be given. What's usual? 24/48 hours?

I just hope our seller holds on for us. Have just chased my solicitor again to see if she can get an answer

I'm not sure if they are interested in other properties but they did say on wed that they didn't want to lose it and they haven't seen anything else they are interested in. The buyer is hanging on every word of the solicitor and doesn't seem to want to make a decision himself. Most people make their own minds up about in-discrepancies but it appears he can't seem to make the decision himself.

It was going so well until now....

Yes this covenant is the only issue os but who knows with this solicitor. I have been told he's very old school, only communicates via fax and post