Ready Willing and Able buyer delays for a further 5 weeks

alib42

Hi

I am currently selling my property..

My buyers should have gone into there solicitors 3/4 weeks ago to sign a contract and agree exchange and completion dates.

They didnt go in and delayed until the 18th April and have since delayed again stating it will be 5/6 weeks longer no dates have been confirmed

I have instructed my estate agents to pull they are threatening me with fees under this section of the contract

If a buyer is “ready, willing and able” and he is prepared and able to exchange conditional or unconditional contracts for the purchase of the property. The Seller(s) will be liable to pay remuneration to STRINGFELLOWS ESTATE AGENTS. In addition any other costs or charges applied. If such a buyer is introduced to the seller and this must be paid even if the seller(s) subsequently withdraw(s) and unconditional contracts for the sale are not exchanged irrespective of the reason for withdrawal.

Are they able to do this

ThePants999

IMO, never sign an agreement with a "ready, willing and able buyer" clause.

However, ask the agents whether they expect to be able to convince a court that a buyer who is not exchanging contracts even though you're ready is "ready, willing and able". They're taking the !!!! - the clause is intended so that if there's a buyer who is genuinely good to go and you pull out, the agent doesn't lose out through no fault of their own. This buyer is not good to go and does not trigger the clause.

pinkshoes

The buyer is clearly not 'able' so tell the EA to put the house back on the market!

Was the price agreed on the basis that the buyer was able to exchange and complete in a short space of time?

saajan_12

I think it depends on the time period that the contract with the LA is in effect for. The prospective buyer is not CURRENTLY willing to exchange (evidenced by the fact that they are not exchanging!). However if they do get to a stage when they are ready, willing and able and you refuse to sell to them (because you have moved on to another buyer or pulled out) then they might be due a fee if their contract with you is still in force.

Are you able to start remarketing and ignore this buyer, without formally pulling out. If you do find another buyer AND this buyer eventually figures themselves out AND the EA can prove this, you may have to pay an extra EA fee. I would go with the new buyer as this one has messed you around enough.

alib42

Everything that needs doing is done and has been for over 4 weeks when they should of originally signed.

They just could'nt make it then and gave no indication of when they could..
Til 2 weeks ago I got a email confirming they would be going into there solicitors on the 18th to sign

I got a phone call to say they would be a further 5 weeks - no dates arranged..

I am able ready and willing to go ahead - and have been for over 4 weeks.

I have lost the property we are meant to be moving to as a result of them.

And I actually wont be able to move in the second half of may nor in june nor in July due to ongoing commitments


Which is why I have asked the EA to pull it and they are telling me I have to pay there fees

AdrianC

Given that they've refused to sign and exchange contracts for nearly a month, and are now threatening another month before they will sign and exchange, I don't think the EA has a leg to stand on with claiming this buyer was "ready, willing and able", however much they bluster.

At the end of the day, to get the money, they would have to issue a claim against you - and your defence is strong.

AnotherJoe

They might be able, but they self-evidently are neither ready nor willing.

Tell them to remarket or you are walking.

Typhoon2000

Are you out of you contract with your existing agent. Can you market it with another? If so tell your agent and solicitors you have changed your mind and you now want £200k more.

alib42

Typhoon2000 wrote: »

Are you out of you contract with your existing agent. Can you market it with another? If so tell your agent and solicitors you have changed your mind and you now want £200k more.

Hi

Yes the contract was up weeks ago..

During the time it has been up for sale and whilst dealing with house buyers the prices in my area have risen quite abit.

So I want to take it off the market for a few weeks do some work on it and then re-market it with a view to the current prices.. ie 5k more than what it is now.

My buyers got it for under the asking price

Rain_Shadow

ThePants999 wrote: »

IMO, never sign an agreement with a "ready, willing and able buyer" clause.

.

This is the important lesson for the future. If the EA's contract contains this clause then strike it out and replace it with 'on completion'.

MobileSaver

alib42 wrote: »

Are they able to do this

Of course not as clearly the buyer is NOT “ready, willing and able!”

If the EA persists then simply ask them to confirm that the buyer is exchanging contracts TODAY. If they cannot confirm such a thing then you have proved their clause is not applicable.