Buyer withdraws at the last minute

purt

I have had my flat on the market since March of this year. It went under offer just before the first national lockdown, but the buyer (an investor) pulled out soon after. I then had two buyers make an offer on it when the market reopened after lockdown. It went to best and final offers and I chose an investor whose bid was higher than the other, a FTB. The investor couldn't get a mortgage and I ended up going back to the FTB who was still happy to proceed.

The offer was agreed and I moved quickly to source an onward purchase. In early October that fell through because I couldn't find a lender willing to lend on it. At the end of October I had an offer accepted on a chain free property. My buyer meanwhile wanted to exchange/complete in early November which was just impossible for me as we were nowhere near ready to complete on my onward purchase. They were understandably annoyed but agreed to wait until early December to complete.

Knowing my buyer had been kept waiting, I asked my solicitor to approach them last week with a view to exchanging this week and completing in early January to give me a bit of time to complete on my onward purchase. When this was put to them they went ballistic, demanded that we complete before Christmas and muttered about reducing their offer. I reluctantly agreed we'd complete before Christmas if they exchanged within 24 hours, or in the course of this week. According to my estate agent they agreed to speak with their solicitor which suggested they would.

My estate agent has been a bit lazy in terms of managing the whole thing. My buyer equally appears not to have always kept in touch with their solicitor. I was of the understanding that we'd exchange yesterday, my solicitor had put that to my buyer's solicitor and on Monday I contacted my agent to check everyone was on the same page. Silence. On Tuesday I phoned my agent and asked them to check that everything would happen as planned on Wednesday. Suddenly my buyer contacts them to say their offer is withdrawn. No reason given. Their solicitor confirms they've been instructed to that effect. 

My agent phones them and they mutter about having had an offer accepted on another property they'd seen. They agree to a slight reduction in the asking price which, whilst my agent is on the phone to me to agree the revised offer, they email demanding the reduction they first muttered last week. I agree in order to get it over the line, but little do they realise that merits an updated mortgage offer which will take another week. They agree with my agent that they'll amend it and that is verified by their solicitor. So now we wait.

Given how long this saga has rumbled on, another week is somewhat gut wrenching and I'm concerned that the more time they have to think the more doubt they might have and/or they may come back with a further reduced offer. It's hard to know their reasoning for the reduction. They had been pushing to exchange asap, then when I finally felt in a position to do so they gazunder at the last minute. I suspect they know they have the upper hand and there's little I can do, especially given the time of year and the fact I have an onward purchase. It's hard to know if they have had an offer accepted on another purchase and, given completion asap appears as much a factor as price, what embarking on a new purchase really serves in terms of moving in quickly and certainly not before Christmas, which they seemingly really want to do.

I'd be interested in people's thoughts in terms of handling the next week or so. I've contemplated getting my agent to check in with them regularly to check they have definitely requested the revised offer, that everything is going ahead and that they want to agree the completion date they have pressed for. Or do I just sit tight and get my agent to check in next week that they are ready to exchange with an updated mortgage offer? Do I go via solicitors? Should I put the property back on the market as a signal that I'm prepared to if they don't exchange soon? This is my first time selling a property so it's hard to know what to do. Any advice gratefully received.

kazwookie

I be putting it back on the market now, I would of by now had enough of being messed around.

I also think I would change solicitors if they had been lazy etc

Racky_Roo

Why did you agree to complete early Dec when you only had an offer accepted on a property end of October? Did your solicitor think that was going to be doable? as 6 weeks is tight normally, let alone at the minute. I may have this wrong but reading your post, you've overpromised to keep them happy and now you can't meet the timeline they want compensation in the form of a price reduction

purt

Racky_Roo said:

Why did you agree to complete early Dec when you only had an offer accepted on a property end of October? Did your solicitor think that was going to be doable? as 6 weeks is tight normally, let alone at the minute. I may have this wrong but reading your post, you've overpromised to keep them happy and now you can't meet the timeline they want compensation in the form of a price reduction

I didn't agree to complete early December. I originally suggested early January which would have been long enough to definitely complete on my onward purchase and, if it wasn't, then I would move in with friends or temporary accommodation. They were furious that it would be another six weeks before we complete and threatened to withdraw, muttered about price reduction etc. I agreed to complete mid-December to placate them, moving into temporary accommodation if needs be to safeguard the sale. They came back a few days later and withdrew, demanding the price reduction but not really giving a reason. They have also threatened to withdraw altogether if their demands in terms of price reduction and completion date aren't met (even though they don't yet have the revised mortgage offer). In terms of my onward purchase, we are very much almost there and may even be able to exchange/complete simultaneously.

Racky_Roo

Then it sounds like they're going to be hard work at getting this over the line, if your ongoing purchase will wait for you to find a new buyer, I'd be inclined to get it back on the market after the week is up (as you don't know the update to the mortgage will only take a week). I feel for you, once you're in a chain, you're desperate to hold it together but sounds like you have compromised on a price reduction and moving in with friends

purt

Racky_Roo said:

Then it sounds like they're going to be hard work at getting this over the line, if your ongoing purchase will wait for you to find a new buyer, I'd be inclined to get it back on the market after the week is up (as you don't know the update to the mortgage will only take a week). I feel for you, once you're in a chain, you're desperate to hold it together but sounds like you have compromised on a price reduction and moving in with friends

My flat is relatively small and finding another buyer in the current market could be very tricky. My onward purchase has been relaxed about completion dates so they may wait. 

Eilidh1970

I'd be tempted to put it back on the market too. I don't have a lot of patience when people start clearly messing about. 

Thrugelmir

purt said:

Racky_Roo said:

Why did you agree to complete early Dec when you only had an offer accepted on a property end of October? Did your solicitor think that was going to be doable? as 6 weeks is tight normally, let alone at the minute. I may have this wrong but reading your post, you've overpromised to keep them happy and now you can't meet the timeline they want compensation in the form of a price reduction

 I agreed to complete mid-December to placate them, moving into temporary accommodation if needs be to safeguard the sale. 

Push this forward as the solution, if it's still possible. No price reduction though. 

purt

Thrugelmir said:

purt said:

Racky_Roo said:

Why did you agree to complete early Dec when you only had an offer accepted on a property end of October? Did your solicitor think that was going to be doable? as 6 weeks is tight normally, let alone at the minute. I may have this wrong but reading your post, you've overpromised to keep them happy and now you can't meet the timeline they want compensation in the form of a price reduction

 I agreed to complete mid-December to placate them, moving into temporary accommodation if needs be to safeguard the sale. 

Push this forward as the solution, if it's still possible. No price reduction though. 

I didn't need to. It's what they have demanded. Along with the price reduction.
 
It's hard to know how serious they are about withdrawing. They have withdrawn their original offer, we have agreed the revised offer (not much less than the original so I will take the hit) and they are demanding we complete on the date I offered mid-December.

My agent reports that they were adamant if the revised offer wasn't accepted then they'd withdraw from the purchase. Interestingly, the offer we have settled on is what they first offered when they viewed it. 

GDB2222

There's almost certainly a thread on a different forum:  "We are FTBs who put an offer in on a flat in March, and our seller still has not exchanged!"

purt

GDB2222 said:

There's almost certainly a thread on a different forum:  "We are FTBs who put an offer in on a flat in March, and our seller still has not exchanged!"

The offer was agreed late July.