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Are the Estate Agents Bluffing?
charley1965
Posts: 72 Forumite
Advise needed please!
We are 6 weeks into our purchase/sale. Our seller's original buyers dropped out and we replaced them. Therefore the chain was advanced before we joined. We have now been advised that the people at the top of the chain are fed up waiting, have remarketed their property and they have a new buyer. A contract race has now been set up. The only people in our chain of 4 who are not ready to exchange is ourselves and my buyer, so it all rests on us.
Our EA thinks the other EA is lying and they have not really remarketed, it's just to hurry us up and frighten us. They are unaware that our seller's original buyer dropped out, so they think we have taken a long time, which in fact we haven't. I am selling leasehold, so it takes a little longer anyway.
Has anyone any experience of this? Our only worry I think is if a cash buyer enters the equation. Surely we are talking 6 weeks minimum for a mortgage offer/survey/conveyancing for a FTB? We hope to be exchanging in a couple of weeks time anyway. Would anyone new join a chain so well advanced at the very high risk of losing their money in a contract race?
Thanks!
We are 6 weeks into our purchase/sale. Our seller's original buyers dropped out and we replaced them. Therefore the chain was advanced before we joined. We have now been advised that the people at the top of the chain are fed up waiting, have remarketed their property and they have a new buyer. A contract race has now been set up. The only people in our chain of 4 who are not ready to exchange is ourselves and my buyer, so it all rests on us.
Our EA thinks the other EA is lying and they have not really remarketed, it's just to hurry us up and frighten us. They are unaware that our seller's original buyer dropped out, so they think we have taken a long time, which in fact we haven't. I am selling leasehold, so it takes a little longer anyway.
Has anyone any experience of this? Our only worry I think is if a cash buyer enters the equation. Surely we are talking 6 weeks minimum for a mortgage offer/survey/conveyancing for a FTB? We hope to be exchanging in a couple of weeks time anyway. Would anyone new join a chain so well advanced at the very high risk of losing their money in a contract race?
Thanks!
0
Comments
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i wouldn't. a contract race is perfectly legal as long as all parties know about it but someone is going to lose. to risky for most people.0
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I don't think many people would. I certainly wouldn't.Everything that is supposed to be in heaven is already here on earth.
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Thanks for your replies. That's exactly my thoughts.0
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