Cash buyers delaying transfer of deposit 12th day waiting...

MrsMooMoo

We are tearing our hair out with our buyers. They are cash buyers - investing in our property, they are going to rent it out in January once they've done some redecorating etc.

They matched 3 other bidder's offers in August, and we went with them solely on the advice of our EA who said they'd seen proof they had significantly more than required in cash & that they'd assured EA they would proceed really quickly.

As I am heavily pregnant due any day now we went with them in August expecting things to move fast.
6 weeks later in October we discovered they hadn't even instructed their solicitor yet. We have been chasing EA and our solicitor multiple times each week since then, and they have stalled and delayed numerous times over the past 3 months.
We've had ridiculous enquiries made in the last few weeks (answers to which were on the original property enquiry forms that we handed to our solicitor in AUGUST).
Every time we get close to exchange, they find something else to delay - 3 weeks ago they decided they wanted an electrical check (2 months after their survey said nothing wrong) and an electrician turned up unannounced on my doorstep one weekend and was cross with me when I wouldn't let him in, I had to take a day off work to sit in the dark and cold while he did his 4 hour check later that week.
The following week buyers assured EA & their solicitor they would take the contract in & pay their deposit ready for exchange. They were chased for 7 days & didn't do either. They then announced they wouldn't do either without another viewing, gave me 30mins notice which obviously is not enough for a heavily pregnant woman to clean & tidy a whole house including moving storage boxes, so we had to arrange it for later in the week.
During the viewing, the EA told them in no uncertain terms that we were waiting for exchange & that they had to go immediately to their solicitors to hand in contracts & deposit. They promised to do so later that day. They didn't.
The next day their solicitor called them to tell them to get the contracts in & deposit transferred straight away, they confirmed in writing they would do so. They didn't.

They have now been saying this for 12 days. Every time they claim they will do it, they don't. They then spend days refusing to answer phone calls from both their solicitor & the EA.
We finally gave them a deadline on Thursday, that they had to transfer 10% deposit Thursday to be ready Friday to exchange. Friday, they finally took their contracts in, but the deposit did not materialise. Their solicitor actually apologised to ours saying he didn't know what they were playing at.

They were then told in no uncertain terms to transfer the deposit on Saturday in order to exchange Monday (yesterday) by 4pm at the latest. We found out yesterday that they have transferred SOME money but not even half the deposit.
They 'claim' they are having trouble accessing their bank account. But they are highly qualified people who are in no way stupid so we are very suspicious and just at our wits end.
There is only one other house in the chain - we are moving into - it is empty and has been for months, so this is extremely infuriating.

What are they playing at? And what can we do about it? We have given them deadlines and they just keep missing them and coming up with lies for excuses. They also now claim that they can't access the rest of the money for a month, despite them being instructed over a month ago to access it!!!

They have known for months that they would need to access this money to buy our house, they don't need a mortgage, so what are they stalling for?

We can only put the house back on the market having wasted over 3 months of our time, or continue to wait for them to transfer the full amount, but we just cannot understand why they are messing about? Surely they either want to buy our house or they don't?
:mad:
So stressed out and it's affecting my health & my kids are also picking up on it, my hubby has lost a lot of weight from all the worry as well.

Any advice or insight gratefully received.

bryanb

Sorry but they are not legally committed to do anything till contracts are exchanged, but I'm sure you know that.
I'd cancel the transaction, but I'd cut off my nose etc.

sinizterguy

Just threaten to pull out immediately.

If they want the property and can afford to do so, they'll then get their backsides in gear and proceed.

If they do not want to buy, and/or do not have the finances to proceed, then you can decide whether you want to wait or not - atleast you'll know.

DTDfanBoy

Put the property back on the market and start negotiating with the previous bidders

pinkteapot

There's no point making threats unless you're going to follow through.

Your options are to:

1) Keep waiting

2) Tell them that they must exchange by (date/time) or the house will be re-marketed. They can still have it, but if another buyer makes the same offer you'll accept it. Instruct your EA to market it again on (date/time).

No point just telling them "forget it". You might as well let them keep trying to buy it, until you have a new, committed buyer in place.

But, you do risk losing the house you're buying. How patient/flexible is the person you're buying from?

quidsy

Put house back on market. Stop dealing with these people. Simple.

rosie383

I would issue them with a final date and stick with it. We had a similar situation with our buyer who was just continually evasive. Turns out they were having problems getting the mortgage sorted but lack of communication was the biggest problem for us. We gave so much time but in the end gave a deadline and put it back on the market when they couldn't meet it. I feel for you. This is the last thing you need when you are pregnant.

nubbins

quidsy wrote: »

Put house back on market. Stop dealing with these people. Simple.

Personally I would do this but be prepared with the consequences that go with it. I wouldnt be suprised if they demand a drop in price at the last minute. I just would not put up with this especially if they had been doing it for the last 3 months.

Lord_Baltimore

People. Who can guess what is going on in their minds? Your buyers seem to be committing (the electrical inspection) but let's face it their priorities don't align with yours and I doubt there is much that will change that.

Unfortunately, a buyer can string out this 'honeymoon' period if they want to and my advice would be to run with it for now. Even if the house goes back to the market, you're unlikely to find a buyer in December so you'd be no better off.

You could ask your solicitor to put a deadline in writing in the new year if the buyers are still dragging their feet.

Needlessto say, there's a very good reason that you shouldn't let this overly stress you. Try to focus on enjoying Christmas and put this property lark out of your mind until 2015.


It will sort itself out. It ALWAYS does.

rpc

Put the house back on the market asap. Tell them you will be doing viewings until contracts are exchanged and deposits paid.

Either they need a big kick up the derrière or they are timewasters. In either case, getting back on the market is the solution.

stator

It's quite clear that they don't have the money yet and are just delaying you until they can get their hands on it.
As people have said above definitely put it back on the market immediately and assume that your current buyers aren't going to be able to complete.