Buyers threatening to pull out

lookstraightahead

Have you checked whether their mortgage expires? Get to the bottom of whether their buyers might pull out - that's fairly understandable that they won't want to wait too long.

Personally I wouldn't wait til September myself, but there might be practical issues from their end.

it's not worth ruminating their real reasoning, either agree to move out or get it back on the market asap.

I know you were upfront, but situations change. If your new house wasn't ready til, say December because of a delay, would you still keep to your promise of September? 

tooldle

Is it worth exploring options with your agent on you, breaking the chain? If this really is impossible then the agent might be able to evidence this, and smooth the path with your buyer. Lots of people say things are impossible when what they really mean is, they don't want to do it.
I recently broke my own chain to get my sale over the line. I'm downsizing. I'd promised my buyer I would be quick and I've stuck to that. There is a gap of seven weeks between my sale and purchase. Lots of temporary accommodation options out there these days. 

stressedout45

tooldle said:

Is it worth exploring options with your agent on you, breaking the chain? If this really is impossible then the agent might be able to evidence this, and smooth the path with your buyer. Lots of people say things are impossible when what they really mean is, they don't want to do it.
I recently broke my own chain to get my sale over the line. I'm downsizing. I'd promised my buyer I would be quick and I've stuck to that. There is a gap of seven weeks between my sale and purchase. Lots of temporary accommodation options out there these days. 

I can’t be any more specific on here I’m afraid but it really IS impossible for us to do this.  

pinkteapot

You did the right thing and were 100% honest with them from the moment they viewed about how long they'd have to wait for the house. They clearly thought they could just go along with it then, then strong-arm you into breaking the chain later. 

At this point, I would absolutely just stand firm. Your new-build is due Aug/Sept and they are almost always delayed, so it'll probably be later than that. You still have ample time to find a new buyer instead. If this lot need to be in a new house by the end of June, they should be pulling out now if they're to have any chance of buying somewhere else. 

As breaking the chain is not an option for you, the only thing you could consider is re-marketing the property. You could have your EA explain to your buyer that they knew the timescales for this house from the outset and they now need to stop threatening and exchange or you'll re-market because it's vital you get a buyer who's committed to a late summer completion. 

Skiddaw1

I'm with @pinkteapot and I second her suggestion about re-marketing. Poor you though. You could well do without the stress.

Something really has to change doesn't it? I know the Scottish system isn't perfect but it has to be better than this.

fishfingerbutties

There seems to be a lot of this going on with frustration up and down chains. You've done nothing wrong here, you've been honest about your timescales.

I too would agree call their bluff as they know their options will be to go into rental themselves (which it sounds as if they are unwilling by pushing it onto you) or to find another property and they won't be any further ahead by time your new build is ready anyway. Hope it works out!

caprikid1

Personally if you drop this sale you will be looking at 5% less for your house quite soon, post stamp duty bubble, post brexit , post covid.. lost government support. Cannot see the prices continuing to rise.

GixerKate

Sorry to hear this is happening, we were in a similar position last year - buying a new build and having a house to sell and it is very stressful!  The developer can get a bit stressy with their 'exchange within 28 days' when you go over but my experience is if you keep them in the loop all the time so that they can see you are doing your best then they can be a lot more understanding.

We had our buyer pull out and then got a new buyer who then pulled out as well!  We almost lost our new build but managed to get a 3rd buyer pretty quickly.  Unfortunately we then had a chain with really awful solicitors involved, in the end we had to issue an ultimatum as the developer was (quite rightly) threatening to cancel our reservation and the chain was holding everything up.

All in all we reserved the new build in March and didn't exchange until end of September, so way over the 28 days.  Due to the pressure from the developer and the terrible solicitors in the chain it was easily one of the most stressful times I've had.

You've been up front and honest from the start and you are in a strong position as you have time to find other buyers if these ones do pull out.  I would suggest an ultimatum - agree with the original position or you will put the house back on the market. My guess is that they will fall back in line if they have definitely instructed a solicitor and have paid for the searches.  This June date of theirs, if its an issue why can't they move into rented accommodation until your new build is ready?  Its their problem so they need to resolve it, not you.  

m0bov

Take back control, get it back on the market with a buyer that's committed, this will end in tears.

lookstraightahead

With all due respect to the op, everyone's circumstances can change. The op could have to wait longer , and that would upset the buyer. Or maybe the buyers just saying "sorry, we are going to have to pull out unless we can be in by x date". We've just bought after breaking the chain and going into rented, but had to wait longer than the date promised as our vendors circumstances changed. It's cost us more in rent, but not everyone can do it.

these situations sometimes can't be helped. Just stick to facts as they are now which is they need to be in, and you can't move out, so relist.