Buyers buyer threatening to pull out

Sazi16

Ahhh what a nightmare! This should be so simple as we are in a short chain. our buyers buyer is a first time buyer and is renting a property. We are awaiting to move into an empty property. Everything was going smoothly, surveys done, searches done and our solicitors are just awaiting a few answers to some queries on the house we are buying . Yesterday we received a call to say that our buyers buyer has handed in his tenancy and wants everyone out by Friday 11th jan or else "he's pulling out!". We did not have a clue about this until yesterday and apparebrly she ur own buyer knew the date but it had not filtered up to us! Is it even possible to get this all sorted by next Friday? Our agent has suggested the Friday after but dont think he is having any of it. I cant believe we are being threatened by this guy! Why on earth has he handed in his notice before we havent exchanged contracts?! Do you think it's an angry threat? If he pulled out where else would he go? Our solicitors are going to try get the answers to our queries by Monday and hopefully get us in to sign the contract but it's very touch and go!

Bossypants

I fully understand your panic as you're in the middle of it, but realistically what is this person going to gain by following through on their threat? They've still handed in their notice, so they'd be better off waiting the extra week or whatever to complete on their purchase than starting another house hunt now.

If you really want to go above and beyond, you can offer to cover two weeks' rent for them or something, but honestly it just sounds like he's throwing a tantrum which your buyer's agent should be looking to smooth over.

HampshireH

If they have foolishly handed their notice in then they will be make life much harder for themselves (and will lose money) when his purchase falls through and his fees are still payable. Plus he will have to renegotiate with his landlord who may pass on fees they have paid to readvertise the property or legal fees for taking court action.

Is he calling his sellers bluff and blagging it? Seems odd if they thought he was serious and ha e known since 11th december (minimim 4 weeks notice) that they failed to notify the chain. If he didnt give notice 3 weeks ago then he will still have time within his notice period

Sazi16

Think what's happened is that he's probably said he wants to move on 11th jan, his solicitors have said ok we will work towards that and notified our buyers solicitors as they knew but the message was never passed onto our solicitors. But at the end of the day why has he even handed in his notice when contracts haven't been exchanged? And now we are bending over backwards with phone calls etc and apparently he's not answering his phone and his solicitor wasn't answering either yesterday! It's so frustrating as Webb been prompt with everything and now we don't even know what's going to happen. Luckily the removal company who quoted are available next Friday but then it depends if all that can get sorted by mid week next week for exchanging

lookstraightahead

As someone renting he had the freedom to live in a hotel if he wants, or find another rental / stay with friends. Does sound like there's been some miscommunication somewhere

G_M

It does sound like a bluff.

Unless he has a serious Plan B, he is going to be seriously out of pocket, and potentially out of a home, if he follows through with the threat. He will have already invested money in his purchase, just as you have.

But there's no way you can know for sure what he's thinking, planning, or going to do. And you'll never know. Even if your solicitor and/or agent get an explanation, it can't be relied on.....

I'd advise: hold your nerve. Progress your sale and purchase as fast as you can and see what happens- chances are high this will become a bit of bad history and you'll exchange and complete in due course. When everyone is ready.

hazyjo

Let it be your buyer's problem and risk. Nothing to stop them moving out and going on holiday, or staying with friends and family, or living in a hotel nearby for a week or two.

diggingdude

How long ago did buyer make their offer on your buyers property? Maybe they have been waiting ages and are fed up of waiting? Hold your nerve though, things seem to happy at a pace

AdrianC

If he walks away now, how much is he out of pocket? Legal fees, survey fees, mortgage fees...

By all means get a wiggle on towards exchange, but somehow I think everybody wants that.

Sazi16

This all started in October - we want to get a move on too and the frustrating this is that we've been so organised and prompt and the message had not veen passed onto us until Friday just gone about the 11th-if the message had been passed onto us in December when our buyers and him agreed it then it would have been sorted. Now everyone's panicking and it's probably what he wants to panic us all-you're right-he would be foolish to pull out of something we are so close to getting sorted out with all the costs etc. It's just all up in the air that's stressful and we don't know what's going to happen now - it's like our fate all rests on this one guy!

G_M

This is just so standard - something like this happens 3 times out of 4.


Buying/selling is always stressfull and people get impatient, annoyed, and lash out/make threats.


Common sense usually prevails.


Chill!