Buyer that doesn't want to sell (What would YOU do?)

ToadsFriend

Hi folks...bit of an off question here, but I wondered what you guys would do in this situation..Am I being neurotic and unreasonable? (possibly!)
Basically, we have sold our house (FTB) and this is progressing....on 1/11/19 we placed an offer and had it accepted on a house we like...this seller is moving in with partner so not needing to look for a house so should ( note the word-should!) be straightforward.

They sold though House/Simple (who so far have been rubbish)

So offer accepted on 01/11/19...we engaged solicitor, took our proof of funds in and mortgage offer etc the day after (even though we work full time) the seller has done....NOTHING! She said she ''hasn't had time'' to get a solicitor sorted yet (she went to see one but took no ID and had no bills dated in last 3 months so was going to go back but hasn't)

This is worrying us now...we could be homeless if she carries on at this awful snail pace..

Is it unreasonable for us to say if all docs aren't received in 7 days we will pull out of sale? Though we really don't want to as obviously, we have sold our house and it could take months to find anything else at this time of year...

Any advice gratefully received please :embarasse

AdrianC

If there hasn't even been a memorandum of sale issued in over a month, because they don't even have a sol yet, then it's dead - there is no complete chain yet. I'm surprised your buyers aren't threatening to pull out.

Your other choice is to break the chain and go into rented for a stop-gap.

pinkteapot

There's no point pulling out if there's nothing else you want to buy on the market right now.

I would say something along the lines of the following to the agent:

"We're very concerned that the vendor isn't serious about selling as we should have been halfway to exchange by now and we're worried we'll lose our buyer. Our offer still stands on this property but we are going to start viewing other houses again and if we find one that's proceedable then we will be pulling out."

And do exactly that. If something else comes up, great. If not, she might get going before something new does come on the market.

In the meantime, make sure the EA selling your place is keeping your FTB sweet.

ToadsFriend

Thanks a lot for the GREAT advice, guys! The EA is HouseSimple...who have been really rubbish to be honest...they said ''oh no, we have spoej to her and she has done everything...she works away a lot so there was a delay' but when I viewed the house the vendor and I exchanged numbers and I called to ask what the delay was...she hasn't done ANYTHING (but does want to sell) as she says she is struggling to find the relevant documents and certified ID she has been asked for (?) she isn't an old lady..she works etc. So I'm really mystified why she is taking so long.
I'm so disapointed this is dragging as it is...but I can't even imagine how it would be once any queries start cropping up! I guess I'll have to spend dead money and go into rented til I find another...but I'll keep you updated.

hazyjo

I'd be very surprised if you're in within 6 months at that rate. Personally, I'd put a stop on my mortgage application and do that later. You don't want to rush it through and get close to it expiring.


It will also give you a chance to keep an eye out for other properties. I agree - keep viewing. I'm not usually one to say do that, but in this case I think it would be very wise.

ToadsFriend

P.S I haven't upset our FTB by delaying them...I will just have to go into rented, as it isn't their problem I have a nutty vendor. Thanks so much for your good advice...Really interested what you all think. am I being unreasonable thinking 5 weeks is crazy to get the paperwork together?

GrumpyDil

Bear in mind that if you go into rented you are likely looking at renting for at least six months as anything shorter is unusual and most landlords wouldn't be keen on shorter terms anyway.

ToadsFriend

Oh gosh...really? 6 months rent? whta a waste...BUT if I cancel our sale (which I'd rather not do as wouldn't want the young family to feel as disapointed as I do!) we will have to pay all fees for a cancelled sale anyway...
I'm so annoyed!

HouseSimple have been AWFUL! It's one of those timesd where a pushy EA on commission would have been good to keep pestering the vendor to do what she needs to do...as House Simple is Free they had no incentive and have done nothing...

RelievedSheff

GrumpyDil wrote: »

Bear in mind that if you go into rented you are likely looking at renting for at least six months as anything shorter is unusual and most landlords wouldn't be keen on shorter terms anyway.

With the current rate of progress six months won't be long enough!!

AdrianC

ToadsFriend wrote: »

Oh gosh...really? 6 months rent? whta a waste...

Why is it a waste?

You're paying rent in return for getting accommodation. You aren't paying interest on your mortgage borrowings - because you aren't borrowing anything, and you know that you've sold your old home, so are a chain-free buyer when you find your next one.

Or you could watch your sale fall apart because your buyer gives up waiting. What'll that cost?

The EA are irrelevant. It's her who's fannying about and failing to produce paperwork and instruct a solicitor. Now imagine what she'd be like throughout the purchase process... Every bit of paperwork is going to take ages to return to her sol.

Nah, ditch.

D.L

ToadsFriend wrote: »

Oh gosh...really? 6 months rent? whta a waste...

If you don't want to waste the money on rent, I heard that a car is a cheaper alternative, or in a cardboard box even cheaper.