Buyer Threatening To Pull Out :(

steph2901

So as the title says, my buyer is threatening to pull out if he doesn't have a completion date by Friday. He's been unreasonable from the start really, and wanted to be in after less than 5 weeks even though he knows we are buying another house!

It's been 9 weeks now and the people we are buying off having finally submitted all their paperwork etc.

I'm still awaiting my mortgage decision and have been waiting weeks, so can't really give him what he wants. I've done everything the mortgage company have requested of me, and yet I'm still waiting.

Has anyone else had an experience like this? I don't know whether the buyer is bluffing or whether I'm just going to have to give up buying and just rent. I can't afford to rent and carry on with the purchase

Hoploz

I'm afraid to say I have been in the position where my buyer self-imposed a date, and the day before, when it was not going to be achieved (my solicitor told me we were all ready but it was his buyer that was not yet ready) he did indeed pull out of buying my house.

Hope this doesn't happen to you. Sometimes people just set arbitrary dates and get their knickers in a complete twist. Totally ridiculous but it does happen.

This is why I always advise people to NOT agree to any date at any point until such time as the solicitors say it is imminent.

steph2901

Hoploz wrote: »

I'm afraid to say I have been in the position where my buyer self-imposed a date, and the day before, when it was not going to be achieved (my solicitor told me we were all ready but it was his buyer that was not yet ready) he did indeed pull out of buying my house.

Hope this doesn't happen to you. Sometimes people just set arbitrary dates and get their knickers in a complete twist. Totally ridiculous but it does happen.

This is why I always advise people to NOT agree to any date at any point until such time as the solicitors say it is imminent.

Oh no, how awful I've got a feeling this is going to happen to me too, I really don't want to rent, but may have to. Why can't people have a bit of patience?

glasgowdan

Do you know your buyers situation? He might be going through some serious inconvenience

Hoploz

You are simply not in a position to proceed. Ask whether you want to sell early to this person, and put up with the inconvenience it will cause, or put it back on the market if he does pull out.

What is his situation? Does he have a genuine reason to pull out, or will it put him in a worse position, eg he needs to move fast but would have to find another house and start all over again with potentially another chain?

Sometimes however you just cannot reason with people.

Luckily we were able to remortgage our current house to buy the new one, then we sold the first house a few weeks later. So we managed to still buy, but it was really difficult and it certainly delayed us a few weeks while we got sorted.

I really hope your buyer is just stating an empty threat

marksoton

Call the bluff and hard. I would.

5 weeks is cloud land.

pinkshoes

Why not get the solicitor to send the buyer an email stating the facts of your position along with those of the people you are buying from, then a realistic suggestion of an exchange and completion date?

I would then also state that you understand if they wish to pull out, so if this is their intention, could they let you know so you can put your house straight back on the market. Perhaps mention the 'other' interest in it...

sheff6107

12 weeks is the generally accepted MINIMUM time.

He's delusional if he's expecting 5 weeks.

Your solicitor needs to talk to his solicitor to make sure they calm him down / bring him back to earth / slap him around the head.

Seriously though, talk to your solicitor and work together to stop him doing anything rash. His own solicitor won't want him being so stupid.

Dird

I was so annoyed with my !!!!!! sellers. They said they wanted a quick sale then didn't complete until 5 months later!

Hoploz

sheff6107 wrote: »

12 weeks is the generally accepted MINIMUM time.

He's delusional if he's expecting 5 weeks.

Your solicitor needs to talk to his solicitor to make sure they calm him down / bring him back to earth / slap him around the head.

Seriously though, talk to your solicitor and work together to stop him doing anything rash. His own solicitor won't want him being so stupid.

The solicitors don't care, they usually get paid for ther work whether the sale gets completed or not. The EA is the one to appeal to. This is the time that they earn their money - it's their job to keep the sale together if at all possible. This is the bit you need an EA for - its easy to post on Rightmove and sort out viewings. It's this bit where they can be worth their weight in gold.

hazyjo

Six months later, he'll probably find he's lost several more properties on this basis. What a muppet. I would either arrange a face to face meeting, or send a letter to my solicitor and ask him to quote bits to his solicitor. It would include things like 'the average is 12 weeks, which makes him a delusional muppet' lol. If you do meet face to face, take his email and say you'll update him daily with what you're waiting on, what's to be done and what you have chased. It worked for me and a bullying EA once and kept them off my back (I liaised with them by email, not the vendor).

Good luck.

Jx