Sale Problems, what now?

MNM2903

Hi,

We are 3 months in to the process of selling/buying. We accepted an offer on the 4th August from a cash buyer.

They provided proof of funds coming from a life insurance policy or trust fund as a grand parent had passed away and left them a lump sum.

We have also offered on a property around the same time and as it stands we are ready to exchange contracts however the buyer for our home has not been responding to calls, their solicitor hasnt returned any calls or been in touch with our solicitor and they have said that they dont have the money yet and they have no timescale for when the money will be paid out.

We have paid for valuations to be done as part of paying back a HTB loan and as that expires in the next 2 weeks we will have to pay again to have this done.

Our buyer has not been very forth coming atall and we are now debating our options.

She is still wanting to buy the property but with no time frame and the fact that her solicitors havent yet raised any enquiries its all a bit in the air and surrounded with uncertainty.

Im just looking for advice, should we sit and wait it out or should we go back to market and potentially lose the house we have made an offer on.

also any advice on how long a trust fund should take to pay out would be useful.

Thanks

foxy-stoat

I would put it back on the market, what does your Estate Agent say about the total lack of commutation?

[Deleted User]

Alarm bells would have been ringing for me at the very start when they said their funds were coming from an insurance policy pay out. They are not proceedable as 'cash buyers' until the money is in their bank account. Its anyones guess how long you'll be waiting now. I'd put it back on the market

MNM2903

Estate agents are saying that the communications are poor, we also had proof of fund and were under the impression these things don't take long to sort out, sometimes a matter of days but no longer than a month.

She also doesn't seem in a hurry or even bothered that it's costing us money to drag the process out.

I'd be happy if they could give a timescale but they have said that they don't have one which I find hard to believe, they should be able to get a timescale for the funds coming to them, surely?

hb2

It sounds as if your buyers aren't terribly motivated! In your situation, I would put the house back on the market asap as things will soon be slowing down until the New Year.

MNM2903

hb2 wrote: »

It sounds as if your buyers aren't terribly motivated! In your situation, I would put the house back on the market asap as things will soon be slowing down until the New Year.

I tend to agree. The main beneficiary is a 15 year old but obviously her mother is the one doing the purchase with her inheritance.

They are going to rent it until shes old enough to live in it which also makes me think there in no real hurry to move things along.

Frustrating!!!!

Skiddaw1

Deffo put house back on the market. If they're serious about proceeding it'll hopefully result in a proper update.

Marvel1

Back on the market.

ReadingTim

They're not a cash buyer because they don't have the cash. Find someone who does.

MNM2903

also just found out that there is an outstanding bill that needs paid before the trust pay out, thats been outstanding since july.

We have asked estate agents to go back to her, explain the situation again and that the sale should have been coming to a close now. They are giving them until 6/11 to come back with an update and if there isnt a significant one then we are going back to market.

Thanks for all the input.

[Deleted User]

MNM2903 wrote: »

I tend to agree. The main beneficiary is a 15 year old but obviously her mother is the one doing the purchase with her inheritance.

They are going to rent it until shes old enough to live in it which also makes me think there in no real hurry to move things along.

Frustrating!!!!

What an odd thing to do! What if the 15 yo decides they want to go travelling, set up a business or do something else with their inheritance, which they are not going to be able to do because its tied up in a property that they weren't old enough to buy or even decide that they wanted! Not to mention if the market collapses they've lost money on it.