Dealing with a 'nervous' First Time buyer

Cranberryberry

Hoping for some sense from any FTBs out there or those who have been in a situation.

We are in the middle of a 3 person chain and have basically fallen in love with the house we're buying. Those sellers have fixed a timeframe and we priced our current home to sell, getting two offers quite quickly of which we accepted the First time Buyers who were also keen to move quickly.

That was our mistake. The FTBs are very nervous about everything, and most particularly this has come out following their homebuyers report.

The report was, to put it politely, incredible. There are no issues of real concern but a number of gems like

- the decking boards may become slippy when wet
- the woodwork and paintwork is in excellent condition but may become damaged when the owner moves out

The report is a waste of paper and includes a number of 'cover my !!!!' paragraphs and it's these that are causing us issues: specifically they have required that we put additional bracing in the roof to bring it up to current building regs, and have asked for a new Electrical Survey even though we had such 7 yrs ago when work was done on our bathroom.

Builders and electricians have to a man laughed at us when we asked for quotes for this.

For the sake of keeping things moving, we've payed over the odds to get the roofing work done (only £200 of work really) and will get a survey done but my concern is that the elec survey will flag up another batch of 'to meet current building regs' type caveats which they'll panic about. It's a 1980s house so there's no expectation of any danger (and we'd want those done anyway).

Their solicitor has even been on the phone to ours moaning about their lack of pragmatism on these issues.

Any advice on how we can send the message that we're not putting up with any more back and forth? If we provide the two things they wanted (evidence of roof work and elec certificate) are we unreasonable to say 'and now exchange within 3 days'?

Bluntly, if we lose the house were buying we will be going back to the market for more money for our current house but I'm reluctant to say this for fear of sounding like a greedy git! Although I don't think we'd be happy to sell to the current buyers if this happened given the emotional turmoil!

zarf2007

Cranberryberry wrote: »

Hoping for some sense from any FTBs out there or those who have been in a situation.

We are in the middle of a 3 person chain and have basically fallen in love with the house we're buying. Those sellers have fixed a timeframe and we priced our current home to sell, getting two offers quite quickly of which we accepted the First time Buyers who were also keen to move quickly.

That was our mistake. The FTBs are very nervous about everything, and most particularly this has come out following their homebuyers report.

The report was, to put it politely, incredible. There are no issues of real concern but a number of gems like

- the decking boards may become slippy when wet
- the woodwork and paintwork is in excellent condition but may become damaged when the owner moves out

The report is a waste of paper and includes a number of 'cover my !!!!' paragraphs and it's these that are causing us issues: specifically they have required that we put additional bracing in the roof to bring it up to current building regs, and have asked for a new Electrical Survey even though we had such 7 yrs ago when work was done on our bathroom.

Builders and electricians have to a man laughed at us when we asked for quotes for this.

For the sake of keeping things moving, we've payed over the odds to get the roofing work done (only £200 of work really) and will get a survey done but my concern is that the elec survey will flag up another batch of 'to meet current building regs' type caveats which they'll panic about. It's a 1980s house so there's no expectation of any danger (and we'd want those done anyway).

Their solicitor has even been on the phone to ours moaning about their lack of pragmatism on these issues.

Any advice on how we can send the message that we're not putting up with any more back and forth? If we provide the two things they wanted (evidence of roof work and elec certificate) are we unreasonable to say 'and now exchange within 3 days'?

Bluntly, if we lose the house were buying we will be going back to the market for more money for our current house but I'm reluctant to say this for fear of sounding like a greedy git! Although I don't think we'd be happy to sell to the current buyers if this happened given the emotional turmoil!

I think they need to understand that a house of a certain age will not meet current regulations on everything and that said regulations change every year so never will......basically if they keep picking over everything I would be honest with them and say that you are not willing to delay selling your house as you are keen on buying the other place and either they accept 'as is' and exchange within a certain period you will have no option to remarket.

its a sellers market anyway so either they buck up or s@@ off!!

MysteryMe

They sound like complete numpties, give them a deadline and then put the house back on the market. Any chance that the other potential buyer is still interested?

Cranberryberry

MysteryMe wrote: »

Any chance that the other potential buyer is still interested?

Maybe, out estate agent says they're still looking but we know that the turn around for a new buyer will kill any chance of getting the property we love

The ideal for us is just for the current buyers to get the message - they must have invested £1000 in surveys, mortgage app and solicitor fees etc (as we have) so I can't believe they're feet are that cold.

societys_child

You've already done too much, which is probably kind of encouraging 'em . . .

are we unreasonable to say 'and now exchange within 3 days'?

I would.

Jenniefour

Totally sympathise. I had to endure this a few years ago when I sold a very nice flat in spanking good order in a converted building that was exceptionally well managed and maintained. It was a difficult market back then, shortly after the crash, so I just hung in there and it all went through - albeit with other problems on their side like having to change mortgage lenders. Hair raising - because of their inexperience.

In your shoes I would definitely be putting a time limit on the vendors - both via EA and solicitors. It needs explaining to them that they are nit picking to the extent that they could well find themselves out of the running very soon. It could also be pointed out to them that if they find themselves out of the running that they will possibly be priced out of that level of the housing market. I am assuming you're in London. If so they will definitely have put themselves out of the running in the price range you agreed. That might focus their thinking.

SG27

As first time buyers ourselves our problems when buying came from the mortage lender demanding reports and work to be carried out that was totally inappropriate to the building type!

Cranberryberry

Jenniefour wrote: »

In your shoes I would definitely be putting a time limit on the vendors - both via EA and solicitors. It needs explaining to them that they are nit picking to the extent that they could well find themselves out of the running very soon. It could also be pointed out to them that if they find themselves out of the running that they will possibly be priced out of that level of the housing market. I am assuming you're in London. If so they will definitely have put themselves out of the running in the price range you agreed. That might focus their thinking.

Thanks - not in London (rural town) so it's not a case of houses zooming off the market. Hence pricing to sell originally. You're right though, in a rising market they may price themselves out.

Most depressing thing is that we have been happily collating relevant docs (instructions, tips on the area, etc) for our buyers but now we've wasted £1000 on useless work my wife chucked all this in the bin and swore we'll not be doing anything to this house!

Such a shame, people spend too much time watching Location location Location and not enough realising that there are people involved in all this

Cranberryberry

SG27 wrote: »

As first time buyers ourselves our problems when buying came from the mortage lender demanding reports and work to be carried out that was totally inappropriate to the building type!

Sorry to hear that - frankly, I'd rather it was the mortgage company - at least then it would have been an anonymous third party to moan about

gordonbennet

I know you are nervous about your own purchase falling through, but this is going to happen anyway if your buyers don't pull themselves together. Your only chance is to give them an ultimatum.

Politely but assertively tell them that you have done all the work you intend to do and they need to either proceed or you will put it back on the market.

Hopefully that will jolt them into action. If not, you're probably no worse off than when they were dithering.

Jenniefour

Cranberryberry wrote: »

Thanks - not in London (rural town) so it's not a case of houses zooming off the market. Hence pricing to sell originally. You're right though, in a rising market they may price themselves out.

Most depressing thing is that we have been happily collating relevant docs (instructions, tips on the area, etc) for our buyers but now we've wasted £1000 on useless work my wife chucked all this in the bin and swore we'll not be doing anything to this house!

Such a shame, people spend too much time watching Location location Location and not enough realising that there are people involved in all this

OK. Not surprised your wife has stopped enthusiastically getting things together to make their lives easier! Any wriggle room at all with vendors of the house you're buying? And if there is do not tell your buyers!!

Agree with gordonbennett. If things are getting to critical stage timewise and there's no wriggle room then probably nothing to lose by telling them to get on with it. Sharpish!