Exchanged but no deposit

bobbicee

Cakeguts wrote: »

What does contracts agreed mean? You say in the title that you have exchanged and are now saying contracts agreed. What do you actually mean? Have you exchanged contracts or not?

This is exactly my point. Contracts have been agreed by both solicitors and we are just waiting for the deposit funds. So, I was wrong to call it an exchange but I wanted to highlight the extent of my confusion.

bobbicee

G_M wrote: »

Your title says but you don't seem to have exchangd at all.

so simultaneous exchange/completion? yet: Which?

No idea where you get this 5 days from? Which country are you in? UK. The 5 days comes from my EA who said this is the time period allowed for drawing down a mortgage.

1% instead of 10%? They're having a laugh.

Yes they are. But we are just at our lowest ebb and want piece of mind to know the deal is legally binding. It will at least cover our legal fees.

This sale is not going to happen. Put the property back on the market

I think this is the reality of our situation.

I suspect the buyer is waiting till you ar so desperate that you'll significantly drop the price. Are you willing to do that?

Any sort of communication from them would be welcome.

bobbicee

Mickygg wrote: »

After 3 years trying to sell I would carry on with this buyer, as frustrating as it may be. Give them a firm deadline, and then after that walk away and remarket.

We've given them lots of deadlines. They've broken them all.

I think the prevailing view is that we remarket or auction but keep the buyer at the table and see if it will hurry them up.

bobbicee

xylophone wrote: »

Would an auction sale be a possibility?

Yes. I'm so exhausted, stress and destabilised by this whole process that an auction seems most appealing.

bobbicee

Cakeguts wrote: »

What does contracts agreed mean? You say in the title that you have exchanged and are now saying contracts agreed. What do you actually mean? Have you exchanged contracts or not?

Evidently not.

bobbicee

G_M wrote: »

I suspect either the respective solicitors have drafted /agreed the contracts & got their clients to sign in readiness, or possibly the OP is in an overseas jurisdiction where the process & terminology is completely different.

Just guessing.

Not overseas. The former situation is the case.

bobbicee

eddddy wrote: »

So you have a cash buyer, who after 5 months, is still unable to even raise a 1% deposit.

How/when will they raise the other 99%?

Is this the same house in West Sussex that you discuss in a previous thread?
https://forums.moneysavingexpert.com/discussion/comment/70232229#Comment_70232229

So is the sale through Gascoigne-Pees EA? Have they seen proof of funds from the buyer? What is their opinion of the credibility of the buyer?

Based on what you say, I would be telling Gascoign-Pees (or another EA) to start marketing again.

It is this house, yes. GPees have seen proof of funds and thought he was credible. However, I think we will have to go again to market.

xylophone

Yes. I'm so exhausted, stress and destabilised by this whole process that an auction seems most appealing.

You'll have to consider the "cons" but after three years and with a "non-standard" house like yours it may be worth investigating.


https://www.houseandhomesdirect.co.uk/what-are-the-disadvantages-of-selling-your-home-via-auction.html

tim123456789

I'm intrigued


where is this house that so hard to sell (general area)


3 years ago the market was still a bit slow, but now its quite buoyant and any committed seller ought to be able to sell with ease


tim

bobbicee

tim123456789 wrote: »

I'm intrigued


where is this house that so hard to sell (general area)


3 years ago the market was still a bit slow, but now its quite buoyant and any committed seller ought to be able to sell with ease


tim

Hi Tim - general area is Haslemere Surrey. It was (unfortunately) discussed on here a while back. https://forums.moneysavingexpert.com/discussion/comment/70232229#Comment_70232229