Withdrawing 'cash investments'? Buyer stalling?

MissusP_2

We accepted an offer from a 'cash buyer' in early April. They told our agent they had the cash in the bank. We're all ready to exchange and have been for weeks - up until now the reason for not exchanging has been a wait for a search which has now apparently come back.

Our agent asked the buyer to now exchange this week but apparently the buyer doesn't want to commit to this until 'he knows when his investments will be available' and his accountant is dealing with getting monies available but atm there's no indication of when this may be. Agent is going to call them again on Friday to check money situation.

Are they fobbing us off?! It's so frustrating as out current purchase and a few other things might fall through. How long does it take to move money from 'investments'? The agent doesn't specifically know where the money is supposed to be :eek:

Bluebirdman_of_Alcathays

Blatantly is buying with a mortgage, told you he was buying with cash to get you to accept their offer above others.


IMHO.

hazyjo

Your agent has asked them to exchange? Should be the solicitor - has your solicitor confirmed you're ready to exchange? It's very quick. Average is 12 weeks offer to completion.


Buying cash only takes away the need to sort out all the mortgage faff - there's still lots else to do. I doubt your vendors were expecting it much quicker than 12 weeks - if they were, there was a lot of wishful thinking...


Use your solicitor, not your agent to check their money situation. See exactly what the hold-up is. No offence to EAs, but the ones I've dealt with aren't exactly up on the legals/money side of the transaction...


Jx

hazyjo

Bluebirdman_of_Alcathays wrote: »

Blatantly is buying with a mortgage, told you he was buying with cash to get you to accept their offer above others.


IMHO.

There is a possibility that's true - some people say they're 'cash buyers' when in fact they just mean 'chain free'. I've heard EAs say it too.


Jx

MissusP_2

Sorry to drip feed - we're buying a new build that won't be ready until September and we're going into rented while we wait for it to be built. Buyers know this and when we accepted the offer indicated they would like to complete by June.

Thanks for the replies. I'll call sol tomorrow to see if they know any more about the money situation or if they have seen proof of the cash!

HappyMJ

MissusP wrote: »

We accepted an offer from a 'cash buyer' in early April. They told our agent they had the cash in the bank. We're all ready to exchange and have been for weeks - up until now the reason for not exchanging has been a wait for a search which has now apparently come back.

Our agent asked the buyer to now exchange this week but apparently the buyer doesn't want to commit to this until 'he knows when his investments will be available' and his accountant is dealing with getting monies available but atm there's no indication of when this may be. Agent is going to call them again on Friday to check money situation.

Are they fobbing us off?! It's so frustrating as out current purchase and a few other things might fall through. How long does it take to move money from 'investments'? The agent doesn't specifically know where the money is supposed to be :eek:

Call their bluff...put the property back on the market with your selling agent.

You can still exchange if they find the money, if they see the SOLD sign has been replaced with a FOR SALE sign then that might get them to exchange sooner rather than later.

I personally would not take the property off the market until I have exchanged contracts with a buyer. I'm selling to the highest bidder and if that bidder can't exchange quickly and another buyer offers more then I'll pull out of the first one and sell to the next one.

hazyjo

MissusP wrote: »

Sorry to drip feed - we're buying a new build that won't be ready until September and we're going into rented while we wait for it to be built. Buyers know this and when we accepted the offer indicated they would like to complete by June.

Thanks for the replies. I'll call sol tomorrow to see if they know any more about the money situation or if they have seen proof of the cash!

So there's no rush really Will you be able to get a rental for just 2-3 months?! You will prob find it's 6 months min.


It's pointless saying when anyone wants to complete by at the beginning as nobody has a clue how long it'll end up taking. I once bought in 5 weeks offer to completion. Another - when I sold to an investor who wanted to exchange within 3 weeks - ended up taking 5 very long months due to unforeseen issues with our purchase. Unless it's Scotland, it's basically just a wet finger in the air...


Jx

AdrianC

It's entirely possible some investments may take a month or more to cash in.
It's also entirely possible that he's hedging his bets and trying to minimise the time the cash is not earning interest.

When you exchange, you'll agree a completion date. By that date, he needs to have the money with his solicitor to transfer to your solicitor.

hazyjo

PS Personally, I wouldn't do as HappyMJ says - no way would I spend a penny on something that was still being viewed. Pointless. It's basically indicating the vendors would gazump you. Not really the done thing...


I don't understand this manic rush with property. So long as nothing's sitting there idle and people know where they're at and what they're waiting for, it takes as long as it takes (around 12 weeks). My last sale took 12, my purchase took around 9 (I was around 3 weeks behind). Any rushing on things that can't be rushed will just increase stress levels and cause bad feeling.


I actively chase and keep on top of everything (had to wait 3 weeks for my bloody survey last time - me, my solicitor and my mortgage adviser all got involved). I also emailed the EAs I bought through pretty much daily telling them what I was waiting for and what I'd chased about. If some buyer was snapping at my heels over things that I had chased or that were out of my control, or if the vendor was threatening me with putting it back on the market, I'd have probably told them all to get stuffed and walked away (or had a total mental breakdown lol).


Jx

MissusP_2

hazyjo wrote: »

So there's no rush really Will you be able to get a rental for just 2-3 months?! You will prob find it's 6 months min.


It's pointless saying when anyone wants to complete by at the beginning as nobody has a clue how long it'll end up taking. I once bought in 5 weeks offer to completion. Another - when I sold to an investor who wanted to exchange within 3 weeks - ended up taking 5 very long months due to unforeseen issues with our purchase. Unless it's Scotland, it's basically just a wet finger in the air...


Jx

Well we've been really fortunate and found somewhere thats happy for us to rent on a short term basis until our place is built! We're ready to move asap. The other thing pressing is my husband has arranged a work transfer that's ready to go asap too and we're worried his work will withdraw it .

Thank you all it helps just having someone to share my woes with!

MissusP_2

I suppose what is worrying us the most is the vagueness about where the money is and how long it may or may not take to be available. Surely a ballpark figure is a possibility? I would hope the buyer's accountant could at least give an indication.