Buyers threatening to pull out

Thrugelmir

Slithery said:

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

Off plan is when the projected completion date is over a year away. Not 4/5 months. 

eddddy

stressedout45 said:

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? 

Your estate agent would be a better person to ask. They should be monitoring progress at all links in the chain.

Alternatively, get in contact with the estate agent who is handling the sale at the bottom of the chain. I did that once, and got some very useful insight. (TBH, the agent just took my word for who I was and told me useful stuff. But confidentiality and privacy have become bigger issues now, so they might want to check you out first.)

It's unlikely that a solicitor would divulge their clients position to anyone other than the client them-self.

stressedout45

eddddy said:

stressedout45 said:

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? 

Your estate agent would be a better person to ask. They should be monitoring progress at all links in the chain.

Alternatively, get in contact with the estate agent who is handling the sale at the bottom of the chain. I did that once, and got some very useful insight. (TBH, the agent just took my word for who I was and told me useful stuff. But confidentiality and privacy have become bigger issues now, so they might want to check you out first.)

It's unlikely that a solicitor would divulge their clients position to anyone other than the client them-self.

Good point actually 🥺 Argh I just feel like I need to DO something...  anything.. at the end of the day these buyers need to decide whether they definitely want to see this through and if not then they need to pull out so that our estate agents can crack on with getting us new buyers. I don’t see what’s so complicated!!! This is horrible. 

youth_leader

So very sorry to read this.  I think they are trying it on so they save on the stamp duty - completely unfair as they were fully aware of your position when they viewed.  If I was you I would give them the ultimatum of wait or withdraw, if they do, relist and put it down to experience. 

My friend has just found out via her neighbour that her buyer had put a deposit on a new build - she didn't even have the courtesy to tell my friend.

stressedout45

Well we are selling this place for less than £250k so it’s definitely not the stamp duty!  Otherwise yes that definitely would’ve been a good point! 

Oh that is really bad regarding your friend, isn’t it? I really feel there should be more financial commitment earlier on in a property transaction.  Something needs to change, anyway.  

AnotherJoe

I'd be worried about telling them to agree to wait or pullout because they sound like the sort of people that will say they will wait and then last minute surprise you with pulling out or a lower offer. They after all have clearly not just ignored what you said but gone back on an agreement, albeit verbal.
I'd ask the agent to contact  the other 17 and see if any are still interested, before deciding what to do about your current "buyers". If any want to make you an acceptable  offer and seem more realistic, I'd be inclined to go with them. 

youth_leader

My friend has been really anxious too as she knew her buyer was champing at the bit, her buyer moved in with her daughter, then found an Airbnb 'for a month'. It's been four weeks tomorrow.  My friend offered her elderly seller money to move out and break the chain, but she refused. She hadn't done any research before she sold to my friend and has had to change her search location as she's been priced out now - with £450k to spend.  Things do need to change, we shouldn't have to sell and move into rented to prevent impatient buyers pulling out.

barbiedoll

What is the market like in your area? You had a lot of viewings, are properties in high demand? Could you tell the buyers that you want a definite exchange date within the next week, or you'll be remarketing at a higher price? They might realise that the stamp duty holiday isn't going to save them any money if they'll need to pay a higher price for another house like yours. 

stressedout45

barbiedoll said:

What is the market like in your area? You had a lot of viewings, are properties in high demand? Could you tell the buyers that you want a definite exchange date within the next week, or you'll be remarketing at a higher price? They might realise that the stamp duty holiday isn't going to save them any money if they'll need to pay a higher price for another house like yours. 

Well this is the thing- our estate agent said that really our buyers are not in any position to be demanding things like this because the searches on this place have not even come back yet!  Also, I’ve not been able to work out what the real situation is at the bottom of the chain... I think that our estate agents need to try and find out if the first time buyers really are threatening to pull out, or if it’s just our buyers being extremely impatient.   

The big concern is that we give them an ultimatum of either commit to this or pull out and, like someone on here has just said, they may be the sort of people that decide on exchange day that they are not going ahead or drop the offer price.  
I believe the market around here is still pretty crazy but I haven’t been keeping a close eye on it lately I have to admit.  

youth_leader

I wonder if they have enrolled their kids in a school/nursery near you and have to be in the 'catchment' area in June? I've seen posts about this before.  Whatever happens stressedout45 remember, everything will be alright in the end, and if it's not alright, it's not the end.  Good luck.