Being messed around by the vendors

Housebuyer2017

Any help or advice is much appreciated.
We are trying to buy a a house that has come back in the market. It's is an amazing property. Our offer is in and 'being considered' along with a couple of others according to the estate agent.
According to the estate agent the vendor is being super cautious due to the previous buyer pulling out.
I have managed to find out a lot more information on the house then the estate is telling us.
The house is being sold by two sons as the father died. They want to sell by the end of May so they can use the money to pay the inheritance tax bill. Essentially the vendor is trying to hold out for a cash buyer to come along.
Our situation is almost as good as it can be. We have sold our house to a family that is in rented so we are technically chain free.
Should I say they have a week to accept offer

anselld

I am not sure they will class you as "chain free" as your purchase depends on your sale. That still brings some level of risk.

There is no requirement for the vendors to make a decision in a certain timescale and unless they have given you some promise not mentioned then they are not messing you around by taking whatever time they want.

Personally, I would not give a direct ultimatum, I would make sure to view a couple more properties with the same selling agent.

martindow

What is the state of play regarding probate? I understood that IHT has to be paid within a number of months after the date of death and probate would only be granted once any tax due had been paid. Perhaps someone can confirm this.

If this is accurate the sons are not at the moment in a position to sell.

Housebuyer2017

The 6 months period of the IHT is at the end of May. I know more about the property than the estate agents has told me due to other sources. The vendors are holding out for a cash buyer but these don't come along very often. Very annoying as we have everything in place so can progress very quickly.

MEM62

You are not being messed about. However, if you want to move quickly put a time limit on your offer after which it will be withdrawn.

ReadingTim

So, what happens if they take longer than a week to respond? Is your offer off the table? Or if they respond within the week saying "no"? What do you do? BTW - congratulations - your ultimatum has just lost you an "amazing property"...

Personally, if I was a "super cautious" vendor, I would not be entertaining such demands from buyers with an inflated sense of the proceedability of their own position - you are not "chain free" as you are dependent on the sale of your property in order to proceed. The chain may only have one link, but it is a chain nevertheless, and that carries some risk.

Cakeguts

Technically chain free is not as good as actual chain free. They are waiting for a cash buyer who will be actual chain free. You are not is as good position as a cash buyer who is not needing to sell a house first.

Rodders53

Cash buyers can faff around and delay the purchase process. Unlikely they could - with due diligence (survey, searches) - complete that quickly now either! They can even gazunder before exchange; or pull out.

Had 'cash buyer' of our probate sale who turned out needing to realise an investment... Took a normal-ish 12 weeks to complete from sale agreed.

Had a 'cash buyer' in the chain of our sale who: never signed the contracts, never paid the deposit, couldn't be reached, right up to the wire on an agreed exchange-completion-move date.

Sons will have to suck up the cost of a loan to pay IHT bill whoever the buyer is. The longer they procrastinate the longer that loan will be for.

OP: Tell the agents you know the score (they may not be as certain as you?) and that you are willing to move as fast as possible: BUT are your buyers ready? (Mortgage survey done? Searches underway?)

t0rt0ise

martindow wrote: »

What is the state of play regarding probate? I understood that IHT has to be paid within a number of months after the date of death and probate would only be granted once any tax due had been paid. Perhaps someone can confirm this.

If this is accurate the sons are not at the moment in a position to sell.

If the tax isn't paid within six months interest will be added. The interest is high so they will want to avoid that. You normally have to pay some tax before getting probate but if the only money is in the house, they can make exceptions.

FIRSTTIMER

Having been to many viewings - all estate agents say the same. Cash Buyer and FTB are the ones at the bottom of the chain who you always want to keep happy - we are the ones who hold the rest of the chain to ransom.

ReadingTim

FIRSTTIMER wrote: »

Having been to many viewings - all estate agents say the same. Cash Buyer and FTB are the ones at the bottom of the chain who you always want to keep happy - we are the ones who hold the rest of the chain to ransom.

Yeah, 'cos estate agents are well known for the accuracy and honesty of their information aren't they...? Some vendors don't like being held to ransom by others, so might like to avoid cash and first time buyers for exactly the reasons you outline.