Are we being too impatient?

Ultimatum

After a tiny bit of advice/thoughts. 

With the stamp duty holiday, we decided to dip our toes into the housing market and caught the bug. Next thing , our house is up for sale blah blah blah. 

Anyway, I would like to know if we’re being impatient with our current vendors. We accepted an offer on our property , made an offer on one we liked and we were accepted (great, really exciting). We were aware that the vendor wanted to use Gazeal (google if you don’t know what it is , will be quicker) as an insurance policy that we wouldn’t drop out willy nilly.  

So we signed the documents for Gazeal which tied us in for 60 days (ends on 17/11). 6 weeks after our offer being accepted , our buyer got frustrated and pulled out. During this 6 weeks our vendor has apparently been viewing properties , putting offers in but pipped to the post and losing out (same excuse quite a few times in the 6 weeks). So, we’re now back on the market and have been for 2 weeks. Our vendor still hasn’t made any progress (they’re not willing to vacate, explored this when we had a buyer). We have informed their estate agent today, that we’re not happy with another 60 day extension on the Gazeal (they wanted 90!). Are we being too impatient? Reason I ask, our current house is our first home and it was a new build so we didn’t do this chain stuff before. 

The property we had an offer accepted on , we really like but we’re losing the enthusiasm and feel we’re being taken for a ride. We are potentially going to pull out of it over the next few days. Waiting for the vendors thoughts about no extension on the insurance . So in a nutshell, we’re 8 weeks down the line, lost our buyer and our vendors haven’t made any progress.

Nice to hear unbiased opinions. Thanks in advance. 

steampowered

The fact is that your vendor is not proceedable. It might take them 2 weeks to find another home, it might take them 2 years.

I'd probably start looking for other properties due to lack of progress and make sure the EA is aware that you are doing that.

Make sure to read the "reservation agreement" you signed, every line of it !

Ultimatum

steampowered said:

The fact is that your vendor is not proceedable. It might take them 2 weeks to find another home, it might take them 2 years.

I'd probably start looking for other properties due to lack of progress and make sure the EA is aware that you are doing that.

Make sure to read the "reservation agreement" you signed, every line of it !

We’re well aware of the terms and could’ve withdrawn 2 weeks ago due to us losing our buyer. The agreement is null and void at this time , the vendor could’ve also pulled the plug. It’s a shame , as we really like the property. We’re no longer proceedable either due to the vendors delays. Thank you though 😊

mpochwat

Glad you were able to figure this out!

billy2shots

Why are you getting frustrated and impatient with your vendor when you have lost your own buyer?

Get a new buyer and then reassess where your vendor is at that point. They may be the ones that become impatient with you. 

Good luck, house moving is never stress free. 

FinallyStoppedLurking

We had an offer accepted at the end of June; the vendors didn't find anywhere until the end of August. 2 weeks before they had an offer accepted we told the EA we were going to view other properties. We were going to make an offer on another property on the Friday and on Thursday night we had confirmation that our vendors had an offer accepted and the chain was complete further up.
Did us viewing other properties make them move quicker? Maybe. Maybe not.

You situation is different though as you aren't proceedable. Until that point I don;t think you can complain. 

RelievedSheff

I'm not quite sure what you are being impatient about when you are not in a proceedable position yourself.

Until you have a buyer for your property you are holding the chain us as much as anyone else!

Ultimatum

RelievedSheff said:

I'm not quite sure what you are being impatient about when you are not in a proceedable position yourself.

Until you have a buyer for your property you are holding the chain us as much as anyone else!

The frustration is coming from the fact, we had a buyer, the chain below was good to go. Our vendor, had 6 weeks to find somewhere and didn’t. The excuses (as mentioned in the post) appeared to be quite lame and didn’t really have any substance. Our buyer, then got frustrated and dropped out. The last two weeks we haven’t really bothered their estate agent as we known we’re not proceedable. The point was, the reservation agreement is coming to an end. They’re insisting on an extension , our thoughts are, they’ve had 8 weeks already , where will we be in another 8 weeks?! We don’t want to risk potentially losing another buyer due to delays. 

FinallyStoppedLurking

If the question is; should i sign the agreement then I would say no. 

Maybe say you are happy to if they are in a proceedable position and have the same agreement in place with the vendor oif their purchase. 

Ultimatum

FinallyStoppedLurking said:

If the question is; should i sign the agreement then I would say no. 

Maybe say you are happy to if they are in a proceedable position and have the same agreement in place with the vendor oif their purchase. 

Thank you. We’ve declined the reservation agreement , they wanted 90 , after negotiating 60. We then had a think about it and declined the agreement but said we were happy to still proceed but without it. Rightly or wrongly, everything has been on our vendors terms so far (agreement fee changed to a higher amount). It’ll be interesting to see what happens next as this is the first time we’ve pushed back saying no to something. 

RelievedSheff

I would be spending more time trying to find a buyer for your property then worrying about the vendor of the property that you would like to buy.

What happens if they find a property and you don't find a buyer?

How long before they become impatient of waiting for you?