Buyers threatening to pull out

stressedout45

I’m not really sure what I’m hoping to achieve by posting this but I suppose I just really need to vent somewhere.  This might turn into a bit of a long one which which I apologise but it’s a bit complex.  I’m stressed out to the max and a bit upset. 

We are in the process of selling our house and moving away to live closer to my family again, around 50 miles south of where we are now.   This is something we have wanted to do for a long time and finally we are in a position to do so, so are very excited about this move. 

We went on the market towards the end of March and had something like 18 viewings in 10 days.   When anybody asked during viewings,  we were very honest about our position: we are looking to buy a new build and it will not be ready until August/September. We thought it best to be honest at that stage because obviously a prospective buyers would need to make the offer with this in mind.  We are not in any position whatsoever to break a chain and go and rent/stay with family.  

We had one offer, which we accepted.  They were here quite a long time at the viewing and we spoke openly about our position and they seemed happy with this at the time.  Our buyers are selling their place to first-time buyers, so the chain is fairly short.  

We were all ready to go and pay the deposit with the developer.  But literally, the day after we accepted the offer, the estate agents phoned us to clarify what our position was regarding an onward purchase and to tell us that our buyers had asked if we could break the chain!  Already!  I am not able to put any more specific details in this post about our buyers position as it’s quite specific and would be outing, but they were pushing us to go and move out because they needed to be in this place before mid-June.  Our estate agents said that they would go back to our buyers and say that they either accepted  our situation, and proceeded on that basis,  with the info about the new build which we had already explained to them when they were here viewing, or they should go and look elsewhere.  But of course, even if they did that, they would still struggle to find anywhere to complete so quickly! 

Meanwhile, so as to not lose our buyers, we went to visit the development and did look at another plot within our price range that is ready sooner, but we didn’t like the position of it on the development.  

So we told the estate agents that we still wanted to proceed with the original plot that is going to be ready later in the year.  

They then came back to us and said that our buyers were happy to proceed with everything. So, great, we thought. We paid the reservation fee to the developer, and had our appointment to choose our flooring and kitchen etc. We felt very happy and that things were getting sorted.

At the same time, we instructed solicitors, and all of that side is going through perfectly fine.  We completed the property information form/fixtures and fittings etc, got all that sent back to the solicitor really quickly.  We’ve got our mortgage sorted too.  The searches are already back on the new build.  Our buyers have had a survey done on our house and the searches are in progress.  We’ve also paid the developer a deposit for some upgrades.  Our buyers solicitors have raised some enquiries and we responded to them the very next day .  Basically we are completely on top of everything and are doing everything as quickly as we can.  

Today we have signed the transfer document and send that back, and the signed contract,  in readiness for exchange.  

But..... and there is always a but isn’t there....

I was totally dismayed to get a phone call this afternoon from the sales progresser at our estate agents to say that she has received a communication from our buyers - they are threatening to pull out again.  They are asking us yet again to break the chain and move out because they need to be in this place in June.  Apparently they are claiming that their buyers are about to pull out but we don’t know how true this is or not, we don’t know if it’s an empty threat.   I can’t post anything more specific about the actual reason why they want to be in so quickly because it would give a lot away but we are very annoyed because they proceeded with the sale based on the information that we gave them right from the start, and that we were completely open and upfront about!  

As anyone who has bought a new build will know, the developers always want to exchange very quickly regardless of when the property will actually be completed.  Our reservation agreement runs out at the start of next week but we had a chat to the sales office at the developer this afternoon and explained the situation, that we are being threatened by our buyers pulling out, and the sales lady who we have been dealing with said that this is actually quite a common situation and not to worry and that they will be able to hold the property for us for a certain time (not sure exactly how long yet). 

If our buyers are not prepared to wait then they need to pull out.  And our estate agents can find this new buyers.  

I’m so stressed out by the situation.  If they pull out then I honestly do not know what they are going to achieve because they are going to lose money-we all are in fact - I I don’t see how they’re going to be any further along moving by their June deadline if they then have to start the process all over again with a new property!  

However, we need commitment from them.  If they don’t want this property after all then they need to pull out ASAP so that we can get our place back on the market.  

This is a really rubbish situation and as I said I don’t even know what I’m hoping to achieve by posting this but I did need to rant.  Has anyone else been in a similar situation and their buyers decided to stick with it and it’s all been okay?! 

davilown

Sorry, didn’t have time to read all of that, but what you’re saying is the buyers want to know if you’ll break the chain?

If so, simple decision. Do you want to sell and buy at the same time or are you happy to sell then buy at a later date?

stressedout45

We need to sell and buy at the same time.  We have explored options for breaking the chain and going and renting but we are not in a position to do so.  That’s not us being awkward, we genuinely cannot.  We were completely upfront with our buyers about our situation and they should not have made the offer unless they accepted it.  

Thrugelmir

You give your purchasers an ultimatum via the Estate Agent tomorrow. They obviously thought that by proceeding with the transaction that could apply leverage. Why can't they break the chain if that's imperative. 

eve824

Do you want to exchange now and complete when your new build is ready? If so, I would call your buyers bluff. Exchange by x date for completion on x date, or you will be re listing the house for sale. I expect they will exchange, but even if they don’t at least you will know and give yourself plenty of opportunity to re sell. 

anselld

You are still in a fairly strong position.  There is time to find a new buyer if your purchase property is not going to be ready until August/September.  Call their bluff and remarket if you have to.

woodsford

anselld said:

You are still in a fairly strong position.  There is time to find a new buyer if your purchase property is not going to be ready until August/September.  Call their bluff and remarket if you have to.

Agree with this.

You are in a strong position and have made it clear from the start. Tough on them - call their bluff.

I know it is a stressful time for you but everything will work out and you'll easily find another buyer if you've had 18 viewings in 10 days....

Good luck and keep us posted.

[Deleted User]

@stressedout45 what a horrible situation. I'm sorry to hear this.
I think if you have nowhere else you can feasibly go then you have no choice but to call their bluff and relist. The only other alternative I can think is extended time of Air B N B but it's too long for that really either.

My second big point is - if it's their buyers pressuring them, then it's their issue and for them to break the chain in the meantime surely? They are in exactly the same position as you and could rent or be with family in the meantime....has the estate agent said this to them?

Slithery

Always a bad idea to buy an off-plan new build without being prepared to break the chain.

stressedout45

I will be sure to update this when I have any more news.  It helps having somewhere to vent lol.  I’m going to be asking the estate agents to get a decision out of them either way.  I wonder if there is some merit in me asking my solicitor if they can ascertain the position of the bottom of the chain so that we know fully what is going on? 

Mickygg

Probably trying it on to save £££ before the stamp duty deadline on 30th June, assuming it’s over £250k. 

Either way as said by others you have plenty of time to remarket. Tell them to proceed as previously agreed or it goes back on the market.