Chain broken down below us - best route?

GreyKnight1811

ognum wrote: »

You have not pulled out from your purchasers because you only had 3 viewings in 2 months and only one offer, so don’t pull the nice guy, it’s your one and only chance. That’s right I read what you yourself wrote.

It is simply unpleasant to ‘string things out’ but karma is a great thing as I am sure you will find out.

It is not for you to decide what is good for your vendors it I should for them to decide but you just wouldn’t get that.

As for me being holier than though because I am suggesting honesty is the way to go it reflect you not me that you think that.

My money is on this not turning out well!

Good grief, you really do like the sound of your own typing!


I actually think we'd sell fairly quickly (2 months isn't that long in the current climate), but our buyer has said she really wants our house. We also share the same estate agent with our vendor and THEY want the chain to complete rather than going back to square one with both properties so this is not all about me.


Our vendors made us wait 2 weeks from us making an offer to them finally accepting after the estate agent pushed them to accept (following no other offers). I think it's perfectly fine for me to take back those two weeks of worrying in this situation.


Like they other guy said, karma doesn't exist, you make your own fate.

letitbe90

ognum wrote: »

Actually I do in so much as the intent and actions of an individual influence the future of the individual.

There is no zero sum game of people getting their comeuppance, if that was the case, the world would be a much better place.

ognum

You clearly think deception is the way to go so it will be interesting to read your posts in two weeks and hear which way you go then.

‘Making your own fate’ is exactly what karma is. You actions will dictate how things go in the future.

hazyjo

I would tell the vendors. Have been in that boat before.


You have given your buyers two weeks to find somewhere and are now debating whether that was in fact the right move. Yet you don't think your vendors should also have that choice? Chances are the house will still be available when you do eventually get a buyer so you can just continue where you left off. If not, surely it's only fair you give them a chance to find another buyer?


From what you've said, it sounds like they only made you wait because you were in a chain and were offering significantly under the asking price and not what they wanted, but the EA sold you to them and they relented. Think that's fair enough. I'd not have been biting your arm off either in their shoes.


Know you're not going to tell them, but wanted to add my view for future readers of this thread.

GreyKnight1811

hazyjo wrote: »

I would tell the vendors. Have been in that boat before.


You have given your buyers two weeks to find somewhere and are now debating whether that was in fact the right move. Yet you don't think your vendors should also have that choice? Chances are the house will still be available when you do eventually get a buyer so you can just continue where you left off. If not, surely it's only fair you give them a chance to find another buyer?


From what you've said, it sounds like they only made you wait because you were in a chain and were offering significantly under the asking price and not what they wanted, but the EA sold you to them and they relented. Think that's fair enough. I'd not have been biting your arm off either in their shoes.


Know you're not going to tell them, but wanted to add my view for future readers of this thread.

No it's not that simple. Our vendors are elderly people, they stated that they wanted a "cash buyer" to the estate agent for no other reason than they felt "cash was king". Obviously cash buyers are basically non-existent these days so the agent had to explain why it was really a no-brainer to accept our offer. It wasn't the offer that was the issue, it was that we were in a chain.


If we now tell them that we can't proceed, their opinion that chain buyers are worthless will be cemented and I'm certain that if we did get another buyer in a couple of weeks and their house was still on the market we would have no chance of getting our offer accepted simply because of "what happened last time".


Call it what you like, I am trying to secure the property I wanted. Our buyer is trying to secure the property THEY wanted. I don't feel a couple of weeks at this very early stage will make ANY difference to the vendors, but it might make a LOT of difference to the chain. Otherwise instead of one component of the chain potentially losing a little bit of time, EVERYBODY in the chain definitely loses EVERYTHING. This is damage limitation.

ognum

I don’t read one poster here that agrees with not telling the OPs vendors but as usual posters don’t get the answer they want so change the scenario and the information to try to encourage people on to their side.

Op why do you think no one has agree that you should not tell your vendor?

iammumtoone

It very easy for everyone to sit at the end of a keyboard and tell the OP they should tell the vendors but when you are in that situation and face the possibility of losing the house of your dreams it is a very different situation.

People buying houses can be ruthless I read an awful lot worse on these threads than what the OP is proposing. 2 weeks is not very long in the scheme of house buying.

I am not going to say what I would do in that situation as I don't know. I would like to think I would do the right moral thing but faced with reality I can't be 100% sure I would.

Whilst your buyers say they are keen to sell again and buy from you, you really need to know what they are doing to attract a quick offer. If they put their house back on what for what it was originally I would say they are not that keen.

Can you afford to take a hit on your price anything will sell quick at the right price.

Maybe you could split the difference with your buyer ie they sell theirs at 10k less and you accept 5k less from them.

GreyKnight1811

ognum, I haven't changed anything about my story, I've just clarified it. Also, "as usual" somebody posts a question about a specific topic and all the goody-two-shoes latch on to some other part of the situation and start a witch hunt... I didn't ask whether we were right to not tell our vendors, my question was about selling a property through a "we buy any house" type outfit.



I should point out that it is not ME that has made the "decision" not to tell the vendors, it's not ME who is in a position to do that, it's the estate agent and the estate agent (who is common to both me and the vendor) has stated that they are not notifying the vendors at this stage. This is clearly because they want to give the chain a chance to repair itself. I have accepted this decision from the estate agent as a worthwhile chance to take. When I said "We are not telling our vendors" I guess I should have made that more clear.



Yes maybe we could split the difference. Unfortunately I'm not sure what our buyer's house was originally on for, but I do know that it is in a desirable area and is a nice looking house so I'm hopeful it will get interest again.

Albala

I think I read recently that a lot of house purchases are 'cash' these days, which came as a surprise to me, so they may not be beings as restrictive as you might think (though I also hear that many self-proclaimed 'cash' buyers are lying and actually turn out to need to sell and/or get a mortgage to buy). A sensible agent should, though, check the status of any buyer. The house agent we are dealing with certainly did, they wouldn't pass on an offer from us until they had had confirmation about our financial status and what property if any we would be selling.

I appreciate that people have been answering a question you didn't ask, and I get it that it's clearly the EA's decision and not yours, but I do wonder how you would feel if your EA had decided not to bother telling you your buyer's buyer had dropped out.....personally, as a seller, who is paying the agent, I'd be *seriously displeased*. I think that's what set people off. But I suppose if it can be sorted out in a week or two and so not delay things much it might be just about allowable to save vulnerable vendors unnecessary worry. After that, it gets very difficult to justify keeping them in the dark. But I'd imagine if it was still a problem then the EA would tell them. I'd definitely hope so.

martin1959

Why not throw it into a property auction. You can put a reserve on it, but at best you will probably get 15% less than market. But it is likely to be more than a ‘We buy any house’ outfit....

Then you can rent if your purchase falls through until you find something.