Buyer messing around

littlebird_2

We accepted an offer on our house on the understanding it would be a quick sale as there was no chain - I was moving into my partners house and the buyer was in rented accomodation. The EA assured us they vet all their clients before an offer is put forward - they obviously didn't do a very goodjob here!

We have just found out - whilst pushing for an exchange date (9 weeks down the line) that :

a. The buyers solicitor/my solicitor have still not received a copy of the buyers mortgage offer
b. The buyers partner part owns a house and is waiting for her friend to get a remortgate to buy her out to enable her to have the deposit (and has just gone on holiday for 2 weeks without telling her).

They are now saying they will not be in a position to exchange for a minimum 3-4 weeks which we are reluctant to wait for in case their remortgage doesn't come through.

We have suggested they exchange now on a minimum deposit to complete in August but the buyer is now not answering his phone or returning the EA's call.

What would you do? Does he sound like he's going to withdraw?

krispy444

The solicitors acting for the buyer will not be able to exchange contracts without a satisfactory mortgage offer whether or not they have a small deposit. Once the solicitors exchange contracts this legally binds the buyer to purchase, and if they then don't get a mortgage it would put their client in too much risk so they would never do it. Also if they are purchasing in joint names and one of them still has their name on another mortgage there is a good possibility that one of their mortgage conditions will be to get this removed, therefore they would have to wait for the re-mortgage to get this done. Unfortunately for you it is not just a case of waiting for the money for the deposit and then exchange, but it is still dependent on the other factors.

Doozergirl

I'd put the house back on the market personally, until they can sort themselves out. Not to pull out on them, but to re-market as well, just in case.

They've deceived you - why shouldn't you have the opportunity to perhaps sell to someone else?

lizmail1000

If your buyer is not answering calls - warning bells would be ringing for me (as an estate agent myself), however, I wouldn't assume that they will be withdrawing. I agree that you should re-market the property until you have exchanged contracts at this stage.

krispy444

Yes I think I would consider re-marketing until they are ready to exchange

littlebird_2

I've told the EA and my solicitor yesterday that unless we hear back from the buyer by 1pm today we will be remarketing the property.

Both my solicitor and EA are nightmares at returning calls - tried e-mailing/calling them both this morning - can't speak to either.

I feel deceived by EA as they were the one's who told me there was no chain when effectively there is a chain as the buyers do not have the deposit until they are bought out of the other house!

littlebird_2

So if I remarket - what do I say to the current buyers?

I'm remarketing and will be considering any offers I receive?

DO I need to tell prospective viewers that I already have an offer and if this is the case will they think I'm wasting their time?

How quick is my house likely to re-sell bearing in mind its totally empty of all furniture now?

ono_no_komachi

I would tell them that you agreed to take the house off the market on the grounds that their offer was proceedable; your impression now is that that's not the case so you are going to start taking viewings again in case you can find a buyer in a better position to move quickly; that their offer is still acceptable to you but you cannot wait indefinitely for them to sort out the financial side. I presume if they do get it sorted out you will still sell it to them? I would make this clear so that they do not think you are backing out.

I see no harm in telling viewers that there is an offer on the table, but that at the moment the people who have offered have not sorted out the financial side. That will make it clear to them there would be no point making an offer themselves unless they are in a good position.

I think in regards to whether an empty house will sell, there's no great advantage or disadvantage. I liked viewing empty houses because I could imagine my own stuff there, but I think some people prefer to see a place look 'lived-in'.

Doozergirl

Empty houses seem to be harder to sell in the winter, not so much the summer.

Some people can't picture how furniture will fit, so you may some feedback saying they can't fit a double bed in a massive bedroom, but you do also get people who can picture things better without your belongings in the way.

Make sure that everything is clean, clean, clean! There's no furniture to hide dusty skirting

littlebird_2

Thanks for your replies everyone!

Doozer girl - the place is spotless - we scrubbed it from top to bottom last night - just in case we needed to remarket it today.

Just heard from the EA - the buyers have returned their calls!! they said their solicitor now has their mortgage offer - the EA and my solicitor are trying to confirm this now!

They may consider exchanging now on a minimum deposit and complete in August which we will be happy with! They have half an hour to come back to me!

Debt_Free_Chick

Just to note that there is a limit to the amount of "independent vetting" that an EA can do on a prospective buyer. If the buyer lies or is "economical with the truth" then it's difficult for any EA to detect this.

For example .... how does the EA check that the buyer is not in a chain?

They can only take the buyer's word on this :mad: