Do we retract our offer?

LDS8623

Hello. Just looking for a bit of perspective on our current situation.

Our purchase fell through just before Christmas. Long story short, it was a second home and the seller didn’t need to sell and decide to pull out. We’ve continued with our sale and we complete on Friday. We’ll be moving into rental accommodation tomorrow (6-month lease). It’s a long distance move in England.

We saw another property on the market via Purple Bricks. The owners hadn’t been doing viewings due to Covid (on the market since July) but agreed to let us see it as we were in the area looking at rentals. We loved it, thought it was great value and put an offer on at asking price. We also said that we weren’t in a huge hurry to complete as we will have a 6-month lease, as we got the impression they hadn’t got a forward purchase sorted at all. We put in the offer on a Monday evening.

Got a call Tuesday AM from purple bricks to say thanks for the offer, the vendors need the weekend to think it over. Thought it was a bit odd at the time to need that long for an asking price offer, but was happy to accommodate. The following Monday came and I chased for an update. Got a call from Purple Bricks to say that something had happened at the weekend and now they needed another week. Did express my concern that it was quite a long time to consider an asking price offer. Also mentioned that our last seller pulled because they weren’t serious about selling and this was giving us a similar impression. EA said they’d recommend to keep looking at other properties if we felt like that.

Separately, we then got a message from the seller saying that they had another viewing booked at the weekend that they wanted to uphold. 

So an additional week has now come and gone (over two weeks since we put in the offer). We haven’t chased as we’re expecting they’re waiting to hear about the weekend’s viewing, and the longer this has gone on, the less and less confident we feel about the whole thing and the chances of this sale going through. 

We feel like if they were serious about selling, they would have snapped our arms off to get us as buyers rather than leaving us hanging like this - we’re essentially FTB now we’ve exchanged, good finances and are flexible on a timescale. But we’re now in a situation where we’ve been left, with very little communication and are feeling a little disillusioned. We have a couple of viewings lined up for the weekend, and we’re considering just retracting our offer from this place even if we don’t hear from them.

Are we being a little hasty, and possibly letting our annoyance at not having our offer snapped up, cloud our judgement? Is two weeks a reasonable amount of time to consider this offer? Or should we listen to this nagging feeling that even if we hear back this week to say our offer has been accepted, we’ve lost a lot of confidence in the seller and Purple Bricks that this would be a progress-able purchase? 

moneysavinghero

They have had plenty of time to consider. They are not serious about selling. Withdraw your offer.

MaryNB

I wouldn't worry too much about retracting it unless you've decided you've lost interest. Tell the EA you'll leave the offer on the table but will continue to view other properties. Two weeks is far too long in my opinion. I did think my seller was messing me around for other reasons but I just about managed to keep my toys in the pram and completed on it in November. 

Tbh I'd be more concerned that it's been on the market since July. If Covid is an issue they probably would have been best to take it off the market and remarket in the distant future when restrictions are lifted. Doesn't seem like they're that enthusiastic to sell or maybe they are stubbornly holding out at a higher price. 

MeandO

I would walk away from it, they are obviously not serious about buying or are trying to get more money from you. I experienced similar with a property PB was selling. They kept me waiting for 3 weeks after I'd made an asking price offer whilst also continuing to book in new viewings. They were trying to play people off against each other to get the most money they possibly could and in the end I told them I was not interested in being played and messed about. Coincidentally, I know the person who ended up buying the house and she said it was an utter nightmare. The seller kept demanding more and more money and then refused to move out for another day when the purchaser had legal ownership after completion!

LDS8623

MaryNB said:

I wouldn't worry too much about retracting it unless you've decided you've lost interest. Tell the EA you'll leave the offer on the table but will continue to view other properties. Two weeks is far too long in my opinion. I did think my seller was messing me around for other reasons but I just about managed to keep my toys in the pram and completed on it in November. 

Tbh I'd be more concerned that it's been on the market since July. If Covid is an issue they probably would have been best to take it off the market and remarket in the distant future when restrictions are lifted. Doesn't seem like they're that enthusiastic to sell or maybe they are stubbornly holding out at a higher price. 

I love the property still, my other half prefers the ones we have viewings for now. We’re just thinking that if we end up pulling out once they come back to us, what’s the point of leaving it that long? Might as well pull out now.

They’ve apparently rejected a couple of offers already according to EA. But I think they’ve probably kept it on because if they delisted and then re-listed, they’d get charged twice by Purple Bricks. Obviously that is completely our speculation!

eddddy

It depends why they're delaying.

It could be for honourable reasons - for example, they want to view a few properties that they could afford to buy before deciding to accept your offer.

i.e. They don't want to raise your hopes by accepting your offer, and then withdraw later, when they realise there are no properties they'd want to buy.

Or it could be for dishonourable reasons.

Maybe the best bet is to have a friendly discussion with the sellers, and try to find out their reasons.

babyblade41

I'd just leave as is but  continue viewing other properties .. don't get emotionally attached as you are in a good position now 

Thrugelmir

LDS8623 said:

We feel like if they were serious about selling, they would have snapped our arms off to get us as buyers rather than leaving us hanging like this - we’re essentially FTB now we’ve exchanged, good finances and are flexible on a timescale. 

The vendor may be hoping to sell for more.  Your current position isn't worth as much as you are think. 

AlexMac

Agree

I think two weeks is out of order.  I nearly walked away from a flat for less delay; I was about to offer on my second choice one Saturday to a sealed bids deadline, because the Agent forgot to tell me that my offer (made the prior Friday, refused on Monday and upped by me on the Tuesday) had been accepted.  I only learned this when I rang in late that Friday to complain about rubbish communication! In the end, I bought and was very happy with it.

So you're right to doubt the Agent's effectiveness and the sellers' capacity to deal straight... but why retract now?  Don't cut off your nose to spite your face, as the old saying goes.

Given the way you've been treated, just carry on house hunting, then if they ever get round to making a decison, you can decide at that time. A factor in assessing their committment may be whether they agree to take it off the market and whether they've already appointed a conveyancing solicitor, or if they'll pr477 about for another few weeks doing that. So, when your offer is accepted, ask the Agent if their client has done that (unless the Agent sends you a "Memorandum of Sale" with detail of the vendor's and your own solicitors immediately after acceptance, as any half competent Agent should do. When buying or selling I always have a lawyer ready to go). 

And if you decide No- just say Hasta la Vista -  no need for explanation or beating yourself up .

Happenstance has always played a big part in our purchases, so who knows what might turn up in the meantime?

UnderOffer

How frustrating, I’d have withdrawn by now, they clearly aren’t serious. What else will they drag out if they did accept?

princeofpounds

If THEIR agent tells you to go and look at other properties... that's a bit of a hint.