Sale taking ages - getting seriously fed up

sarahevie

We accepted an offer for our house on the 29th December, due to the buyers being cash and in a no chain situation. (House on the market 6 months, four similar offers.)

They have been slow at every stage, took two months for a survey etc.

We would like the house back on the market, but the estate agent keeps fobbing us off, telling us they are now keen to complete. We haven't even exchanged.

We don't want to be stung for estate agent fees for pulling out, however, similar happened to my parents a couple of years ago and eventually after six months the buyer pulled out, we don't want to waste anymore time.

I've been fed up with the buyers for the past couple of months, but it has come to a head as lots in our area are selling at the moment, after a slow few years and we don't want to miss the summer market.

greatgimpo

I think they may be looking for 'something better' and using yours as a 'it'll do' property.

hcb42

tell them if they dont exchange in seven days it goes back on the market. Then do it.

laughsatcats

I have been waiting nearly five weeks for my buyers to do a survey on my property and think that is bad and would also like a way out! I am not sure if you would have to pay if you pulled out. It would be interesting to know. How can you be expected to hang on indefinitely putting everything on hold? One would have thought that there must be a limit on the amount of time a person can reasonably be expected to wait.

honeybean

That's what my mum did ,the buyers were dragging their heels she gave them 7 days to exchange and guess what they exchanged and completed within that time frame. Maybe they need a good kick up the bum lol .

sarahevie

I agree that they were probably holding out for something fresh to come on the market in the spring. There were a lot of new properties, most have now sold, and they never pursued any that we know of.

I agree about issuing ultimatums and sticking to them. After the survey taking so long, I gave them 7 days but then they had the survey.

Then I said I wanted completion by the beginning on April. However, there's no point saying it again, as its not happening and we just look stupid.

What stops me putting it back on is having to pay the EA and solicitor fees for us pulling out, however, I agree we cannot wait indefinitely and four months is a long time.

zarf2007

sarahevie wrote: »

I agree that they were probably holding out for something fresh to come on the market in the spring. There were a lot of new properties, most have now sold, and they never pursued any that we know of.

I agree about issuing ultimatums and sticking to them. After the survey taking so long, I gave them 7 days but then they had the survey.

Then I said I wanted completion by the beginning on April. However, there's no point saying it again, as its not happening and we just look stupid.

What stops me putting it back on is having to pay the EA and solicitor fees for us pulling out, however, I agree we cannot wait indefinitely and four months is a long time.

if you re-market it through the same EA do you still have to pay them fees? i thought that was only if you used another one? if not then I would tell them to put it back on the market after 7 days after all they work for you. you could make back any lost legal fees by upping your price....

TBagpuss

If you remarket with the same agents then you should only pay one set of fees, although if you wind up selling to a different buyer then you will pay more in legal costs as the solicitors will have to start over with a new buyer.
At this point, rather than chasing the agents (who should be working for you, not 'fobbing you off' ) speak to your solicitor, and get them to raise the issue, and to set a deadline, formally with the buyer. In the first instance, ask them to flag up the length of time things have taken, the fact that they presented as cash buyers in a position to move quickly, and ask for specific clarification as to the reason for the delay and when they will be ready to exchange.

You can remarket the property without withdrawing from the current sale, you would effectively be saying to the buyers "I'm still happy to sell to you, but as you are not making any progress I am also now looking for other buyers, and if they can complete faster then you I'll sell to them"

If your solicitor speaks to theirs, s/he may be able to clarify what the delay is. I know when I was selling there was a delay which was because the local authority was very slow to produce the search - it was totally outside the control of the buyer (and would be just the same for any other buyer!)

Good Luck