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Nervous First time buyer delaying chain
indielad1010
Posts: 44 Forumite
I'm in a chain of 5 and hoping to purchase the property at the top of the chain. All 4 of us a the top of the chain have been ready to proceed and exchange contracts for some weeks. Indeed, a date of October 18th was proposed, however, the first time buyer at the bottom was not ready, and waited unto the day of the mutually agreed date itself to inform us of this information. Many of us with our bags packed and ready to go. On Monday, 10 days afterwards, the bottom of the chain has proposed November 1st to exchange, but has suddenly decided today to visit her potential abode for a final visit. It seems she has faffed about so much over the 4 months since she made the offer, she wants to check her vendor hasn't trashed the place and check the colour scheme hasn't been changed in the interim. Her estate agent has informed me she is a pedantic and nervous first buyer. I was wondering if she pulls ou again of the exchange date, it would be an idea to issue some kind of ultimatum? I feel sorry for my potential buyer and his buyer being stung if I had to pull out. Is there anyway of salvaging the chain if we did decide to give up confidence of her purchase?
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An ultimatum for what? Exchange or we put it back on the market...?0
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Dear nervous first time buyer, your nerves are making me nervous as well. So I'm telling you to exchange or we will look to drop you from the chain and spend another 3 odd months setting up the chain again. Take that"""An answer isn't spam just because you don't like it......0
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It's always a wise idea to re-view any potential purchase as close to exchange as possible - as that is the condition the the vendors have to legally hand it over in.indielad1010 wrote: »It seems she has faffed about so much over the 4 months since she made the offer, she wants to check her vendor hasn't trashed the place
Anything could have happened to the property in the last 4 months.0 -
indielad1010 wrote: »Is there anyway of salvaging the chain if we did decide to give up confidence of her purchase?
Possibly. The person at the top buys the property at the bottom. I saw it happen once.0 -
Review a property close to exchange? !!!!!! are you smoking, do you think they set it on fire or something, your buying a property not decor.0
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diggingdude wrote: »Dear nervous first time buyer, your nerves are making me nervous as well. So I'm telling you to exchange or we will look to drop you from the chain and spend another 3 odd months setting up the chain again. Take that"""
So you propose 3 households wait ad infinitum with their packs bagged waiting for this buyer?0 -
It's always a wise idea to re-view any potential purchase as close to exchange as possible - as that is the condition the the vendors have to legally hand it over in.
Anything could have happened to the property in the last 4 months.
Oh sure, but logicaly surely they should view the property the last time, and then if everything meets their current requirements, then agree an exchange date? Not pull out the first exchange date, propose another, doss around for a bit, then decide to view the day before the second exchange date?0 -
AnotherJoe wrote: »Possibly. The person at the top buys the property at the bottom. I saw it happen once.
You never know! the person at thetop is a buy to let investor. I think they're trying to sell off their portfolio not increase it though.0 -
Sorry, perhaps that should have been the buyer at the top.
In the case I saw it was £1M buy at the top, £50k sale at the bottom. So it was peanuts to the top buyer who didn't want his purchase falling through, I presume he sold again straight away.
This was "ahem" years ago and before the 6 month "rule".0 -
...and +3% SDLT and...AnotherJoe wrote: »Sorry, perhaps that should have been the buyer at the top.
In the case I saw it was £1M buy at the top, £50k sale at the bottom. So it was peanuts to the top buyer who didn't want his purchase falling through, I presume he sold again straight away.
This was "ahem" years ago and before the 6 month "rule".0
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