Ultimatum experiences

moneysavinghero

Was buying a chain free property. Expecting everything to be quick but it dragged on so i said complete by x date or the price drops. Didn't meet the deadline,  but at least i saved few thousand when it did eventually complete.

babyblade41

I've had the "if you don't do this then we are pulling out " convo , the house we were buying was the problem , or the PA's selling the house caused the problems and didn't have a Scooby about the house 

We were at the hands of LR so not a lot we could do .  After their deadline came then they said they are pulling out.

I called my agent to re-market my house with immediate affect ... I didn't remove it until my buyers were literally pleading for me  not to accept an offer 

Sometimes dates come and go and there is nothing anyone can do about it but sit it out 

never_again_123

Thanks all for sharing your experiences from both sides. We've found out the hold up at the bottom. It sounds very much like their mortgage is not going to go through due to something that came up on searches. It's either going to take months to solve, or isn't going to go through at all.

Our house will go back on the market this week to see if we can somehow salvage our purchase. I very much doubt it. Agh, what a roller coaster! This time last week we were moving in before xmas. Now it's all pretty much over 😭 Onwards and upwards I guess 🥴

UnderOffer

Mrsemmawright2010 said:

This Friday we missed our 3rd exchange date.  There are only 4 in the chain and i am number 2.  Problems have ranged from my vendor and then more recently my buyer.  
On Friday i gave my buyer an ultimatum that we exchanged this week with a view to complete on the 18th.
By 10am this morning i heard that they had hand delivered their signed contracts back and transferred deposit monies.
So it worked for me and we would have genuinely pulled out but it was a risk....i guess it depends if the queries are genuine? My buyers had no queries but kept trying to delay and hint at asking for a reduced price so i thought enough was enough.

Good luck

So just to clarify, along with the contracts signed and deposit paid, you have definitely exchanged too? Or are you still waiting to exchange? 

Mrsemmawright2010

UnderOffer said:

Mrsemmawright2010 said:

This Friday we missed our 3rd exchange date.  There are only 4 in the chain and i am number 2.  Problems have ranged from my vendor and then more recently my buyer.  
On Friday i gave my buyer an ultimatum that we exchanged this week with a view to complete on the 18th.
By 10am this morning i heard that they had hand delivered their signed contracts back and transferred deposit monies.
So it worked for me and we would have genuinely pulled out but it was a risk....i guess it depends if the queries are genuine? My buyers had no queries but kept trying to delay and hint at asking for a reduced price so i thought enough was enough.

Good luck

So just to clarify, along with the contracts signed and deposit paid, you have definitely exchanged too? Or are you still waiting to exchange? 

I am still waiting....my ultimatum was that they needed to return contracts and transfer their money to solicitor ready to exchange which they have now done.  I felt this gave me some confidence that they still wanted to buy our house.  They also said they will exchange this week so fingers crossed although i can't get anyone to tell me which day exchange will happen 

2bFrank

We had an ultimatum by our seller, well the sellers builder that we had to exchange and complete within the next 2 weeks, this was after 3 months. The delays were caused by the seller, we was waiting on the leaseholder.

@ themselves". We had another property that we was interested in that was still on the market. However they soon came back with a more approachable "apologies, and we will help move things along", pretty much the week later the solicitors came up with an agreement for the lease issue and managed to exchange a few days later, we couldn't complete until the week later due to some mortgage funds that needed to be released.

Ultimatums are only worth it if you mean them, if they are empty threats then all they do is sour a relationship. Best approach is to try and find what is causing the issue and see if it can be resolved, if its the buyer/ seller themselves are causing the delay, then unfortunately a ultimatum is the only option, but make sure you mean it, and make sure you have another plan.