Knowing when to walk away from a purchase

Boozle

I know it’s a ‘how long is a piece of string’ question, but interested in opinions.

We’re cash buyers. In early July we had an asking-price offer accepted on a house. We were told the buyers were suited, but it turned out they were not. Survey threw up some issues, so we visited the property with a builder and there will be work involved. The seller wasn’t willing to get the work done, or knock money off the price. We intend to live in the property long-term and can afford the work, so decided to proceed. We agreed on an early December completion.

We weren’t intending on putting our current property on the market until after the sale (as we don’t need to). However the seller began pushing for a quick move and told us that they were now suited with no chain, so were expecting to complete late Oct/early Nov. With that in mind we put our flat on the market and are under offer. We’ve paid for all the surveys etc. and are ready to go.

In the intervening weeks we fielded several calls from the EA double checking we are ready to move, that the seller needs to move fast etc.

Out of the blue today we had an email from the EA saying the seller has decided they no longer wishes to proceed with their purchase and has started to look around again.

I’m starting to feel uneasy. They have been putting us under so much pressure to be ready to go next month and now this. Coupled with the fact we’ve gone full asking price on a property that needs work, and the previous lack of clarity about their position. My gut is saying they’re flakey.

For personal reasons we really need to be in in December (which looks unlikely now). I also don’t want to lose our sale. It’s a very fast moving market in the area, but being a cash buyer puts us in a strong position.

I’m wondering whether we should start looking again. What would you be inclined to do?

walwyn1978

I’d be looking.

Indecisive people in your chain, especially people who have already changed their minds once are a nightmare.

Whatever their reason for not moving is (and it may well be genuine) human emotion becomes used to something so if they’ve pulled out once it can become second nature to pull out/delay/not make quick decisions again.

They’ll say it’s important to get it right, and they’re correct to do so. But can you afford to wait for that to happen?

Boozle

Thank you, this is what I’m afraid of too.

hazyjo

I'd be looking too.

Not sure why December was mentioned though when offer accepted in July. Appreciate you need to be in for December, but could you not have been in sooner? I would have expected that to complete in around October. And I wouldn't even be mentioning completion dates until the whole process was 90% done.

For some reason it seems the EA lost a bit of faith in you. Perhaps do as I did the last couple of times and just email them saying what you've done and what you're waiting for every step of the way. Keeps them off your back, stops any wobbles, and everyone knows it's going ahead and you're a serious buyer.

Boozle

Not sure why December was mentioned though when offer accepted in July. Appreciate you need to be in for December, but could you not have been in sooner?

The buyer requested December at first. We weren’t in any hurry so agreed. Then they asked to move up to end October so we agreed and have now made the arrangements to be in by December (allowing delays etc).

For some reason it seems the EA lost a bit of faith in you. Perhaps do as I did the last couple of times and just email them saying what you've done and what you're waiting for every step of the way.

I’m not sure why you think this. We’ve been doing exactly that. The EA had our proof of funds from the day the offer went in and knew all about the survey, searches etc (and that we’ve already spent over £1k in surveys). We drove a 10 hour round trip so we could go in and meet the EA face to face (because I figured it’s harder to mess someone around when you’ve got a face to a name). I’ve discussed personal aspects of my family that I’ve organised to move to our new area etc. I’m not sure what else someone can do to show they are deadly serious other than that?

quotememiserable

I'd definitely be looking. Either you find something else or you don't, but what do you lose by looking?
On a separate, since you have a buyer, could you sell and move into rented, waiting for the right thing to come up? The market seems to be turning down a bit, so there's no particular problem with being out of it for a bit.

csgohan4

Seems the vendor is a nightmare, I would certainly knock off more money if the vendor wants you back on board again due to actions.

Cakeguts

Start looking again. It is possible that your sellers will never find a property to move to and will then take theirs off the market altogether.

AnotherJoe

Another who would be looking, and would also "mentally" pull out of this purchase , eg I would be minded not to continue with this seller but bloody minded enough and also unsure what they'd do later, eg maybe they'll just pull out anyway. I'd let them know after I had exchanged on the new purchase.

You are also in a good position to look around, buyers are thin on the ground at the moment.

gwynlas

If the EA is in the area that you wish to live then I would look to be viewing properties with them so they can tell original seller. The EA could still be in a position to charge seller commission as they carried out their part of the contract in finding purchaser.
You have the option to walk away if you wish and/or rentting in the area you are moving to only you know how much you want this house over any other.

Boozle

Thanks for the replies. Sleeping on it, I’ve decided to start looking again and just sit quietly on this seller and see what they do. If they pull out, they pull out. If they ask to delay, I’ll see about renegotiating the price.

I didn’t want to go into rented for 2 reasons, one is that we have pets. The second is my husband has a terminal illness and so moving twice is going to be a lot for him (and for me as I’m dealing with it all while caring for him). However I’ve already started reorganising some of his medical care to our new area, so it may just be better to go into rented. (Our seller is well aware of this and promised they had no intention of pulling out.) Ugh.