Cash Housebuyer dragging heals

fuzzedup

Hi, im currently selling our house that used to be rented out and is currently empty. I agreed to sell at a vastly reduced price to a property developer who said they would be a straight cash buyer so no chains or mortgage hassle. Last wk I had a call from my solicitors to say that the buyers searches came back all good and they've been asked to come in and sign there contracts so could I come in and sign. I did this last Wednesday and was hoping that the buyers would also do the same. Also I had a call from the buyers to ask if they could have a key to measure up the propriety ready for when they complete. I agreed and last wk when I called at the property I noticed that they had been in and measured up as there was measurements written on the wall. When I emailed the solicitors on Friday to see if the buyers had signed they said that the buyers were waiting on funds to be released into their bank account and wouldn't be sure if they would arrive in time to complete before xmas. Does this sound like a fob off and they are stalling for some reason or could this be a genuine reason, i only ask as I thought only a deposit would need to be transferred when signing the exchange contracts ??

Comms69

fuzzedup wrote: »

Hi, im currently selling our house that used to be rented out and is currently empty. I agreed to sell at a vastly reduced price to a property developer who said they would be a straight cash buyer so no chains or mortgage hassle. Last wk I had a call from my solicitors to say that the buyers searches came back all good and they've been asked to come in and sign there contracts so could I come in and sign. I did this last Wednesday and was hoping that the buyers would also do the same. Also I had a call from the buyers to ask if they could have a key to measure up the propriety ready for when they complete. I agreed and last wk when I called at the property I noticed that they had been in and measured up as there was measurements written on the wall. When I emailed the solicitors on Friday to see if the buyers had signed they said that the buyers were waiting on funds to be released into their bank account and wouldn't be sure if they would arrive in time to complete before xmas. Does this sound like a fob off and they are stalling for some reason or could this be a genuine reason, i only ask as I thought only a deposit would need to be transferred when signing the exchange contracts ??

Literally no-one can say for sure. (except the buyer)


But what's the alternative? At the minute the buyer can just walk away. Unless you're willing to start again, you might have to suck it up for now.

Exodi

The buyer has advised they're not sure if they could complete before Christmas??

From reading the above, I'd say you're being impatient. A deposit is paid on exchange of contracts with a completion date set as part of them, the remainder balance is settled on completion. It's likely these 'funds' they are awaiting include their deposit. It's also unclear as to whether you mean the delay is awaiting the buyers funds to be released to the solicitors account or their own?

I'd take a step back and take a breath.

Slithery

Signing the contracts and exchanging them are different things. The deposit isn't needed until exchange.

AdrianC

The deposit is needed on exchange.
Completion date is set at exchange.
The full amount is needed on completion.

So unless they know when they'll have the full amount available, they can't exchange.

fuzzedup

Thanks all for your quick and helpful reply’s. It’s the first time I’ve sold a house and am too say a “bit” nervous would be an understatement. I didn’t contemplate that the buyers funds might include the deposit. Still it be nice if they just hurry up and get to the exchange ..lol

babyblade41

fuzzedup wrote: »

Thanks all for your quick and helpful reply’s. It’s the first time I’ve sold a house and am too say a “bit” nervous would be an understatement. I didn’t contemplate that the buyers funds might include the deposit. Still it be nice if they just hurry up and get to the exchange ..lol

If it's any consolation there are 2 cash buyers in our chain , my buyer and me (I'm buying an empty house)
10 weeks in and still no exchange due to registering some land on the empty property
Horrid wait, frustrating for both of us but it happens and try not to worry unduly

societys_child

Cash buyers aren't always actually 'cash buyers' in the true sense, they just like everyone to believe they are.



I've been a cash buyer the last 2 times I've bought, and the cash was available to my solicitor on the day I instructed him, maybe that's why I've completed in 15 days from offer acceptance . .

theartfullodger

£5 says they come back and say the price has dropped. (tell them it's gone up...)


Start marketing it again... very publicly.

eddddy

fuzzedup wrote: »

Does this sound like a fob off and they are stalling for some reason or could this be a genuine reason, i only ask as I thought only a deposit would need to be transferred when signing the exchange contracts ??

I'd guess the builder means that they don't yet have the funds for completion, but they are expecting (hoping?) to get them soon.

Perhaps thy're waiting for:

• An 'investor' to come up with the cash
• Another sale to go through
• Some of their customers to pay them some big invoices
• A commercial loan to be approved

Obviously, they won't want to exchange contracts until they're sure they will have funds for completion.

ComicGeek

fuzzedup wrote: »

I agreed and last wk when I called at the property I noticed that they had been in and measured up as there was measurements written on the wall.

Well, that's just taking the p###! Why would anyone think it's acceptable to write on the wall??