Buyer Threatening To Pull Out :(

steph2901

glasgowdan wrote: »

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

They don't have anything to sell. We've been told various stories. First of all they were cash buyers, then first time buyers and now they've moved loads of times. I don't know what the truth is, but they are in their 50s and live a few streets away from me. The house they live in isn't up for sale either.

csgohan4

steph2901 wrote: »

They don't have anything to sell. We've been told various stories. First of all they were cash buyers, then first time buyers and now they've moved loads of times. I don't know what the truth is, but they are in their 50s and live a few streets away from me. The house they live in isn't up for sale either.

Some people have to be burnt before they learn

steph2901

Thanks everyone, will get on to the estate agent this morning and see.

I really don't want it to fall through for the sake of a couple more weeks.

Last time I moved I'm sure it took about 3 months and that was first time buyers buying mine and then I was moving into an empty house (the sellers had done a part-ex on a new one). So I think he's being unreasonable!

DRP

steph2901 wrote: »

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

Just tell your buyer via your EA, that with no mortgage agreed, you are not in a position to move and may not be for several weeks.

THere's no point in giving a date if you can't stick to it.

Okrib

12 weeks is usual? It's certainly not in London.


I've been involved in sales which are done in a day (attended exchange). Mortgage sales are normally 4 weeks to exchange, with completion 2 weeks after. Cash sales are 2-3 weeks to exchange, depending on local searches, which tend to hold things up.


Flats take longer than houses due to managing agents, leases etc, but can still be done very quickly assuming all sides are motivated, get good advice (solicitors, mortgage brokers etc).

hazyjo

Okrib wrote: »

12 weeks is usual? It's certainly not in London.


I've been involved in sales which are done in a day (attended exchange). Mortgage sales are normally 4 weeks to exchange, with completion 2 weeks after. Cash sales are 2-3 weeks to exchange, depending on local searches, which tend to hold things up.


Flats take longer than houses due to managing agents, leases etc, but can still be done very quickly assuming all sides are motivated, get good advice (solicitors, mortgage brokers etc).

I'm in East London and the quickest for me was 5 weeks, the longest 5 months. Twelve weeks is still average, you must have been very lucky. Six weeks from offer to completion? It's very rare. Start a poll for Londoners if you want people's experiences. My last purchase took 9 weeks. Why should it be quicker in London?!


Jx

saverbuyer

Am I the only one who thinks that after 9 weeks, with no movement, and no mortgage offer on your part, the buyer is actually quite rightly wanting to move things along?


12 weeks, may be the average, but I'd be wanting to push things along.

Surrey_EA

saverbuyer wrote: »

Am I the only one who thinks that after 9 weeks, with no movement, and no mortgage offer on your part, the buyer is actually quite rightly wanting to move things along?


12 weeks, may be the average, but I'd be wanting to push things along.

I'm thinking something similar. Over two months and you've still not received your mortgage offer? The person you're buying from has only just completed their paperwork? (I presume you're referring to sellers property information form and fixtures & fittings form).

It's not a great surprise your buyer is getting a little fed up. 12 weeks is about right, but it seems to me you're more than 3 weeks away from being ready.

As suggested, get your EA to talk things through with the buyer and explain you are not in a position to give a completion date by tomorrow, and things are still a little way off. I'd be getting on the your mortgage lender to chase things up as much as you can, as well as speaking to the EA through whom you're buying. Is there a chain beyond the property you are hoping to purchase?

Clutterfree

We thought our chain was going swimmingly, until we were told 10 weeks in that someone lower in the chain was still sorting out their mortgage! :eek:
We were pretty angry tbh because it's usually the first thing you do.
Anyway, we exchanged 3 weeks later (week 13) and move next week (week 15). Had hoped to have moved in by week 12 but almost there now...

bmthmark

I read this as the estate agent want there fee's so are now putting pressure on. Common EA tactic and you are probably falling for it.
Just stay strong and tell EA it won't be achieved and that if it falls through then so be it. Try and stay calm and relax and just think if it falls through you will get another buyer.