Buyers threatening to pull out

Okydoky25

I’d be putting down an ultimatum. If it’s because their buyer is threatening to pull out they are welcome to complete their own sale and wait for you to be ready as you’ve always stated the time frame.

lookstraightahead

Okydoky25 said:

I’d be putting down an ultimatum. If it’s because their buyer is threatening to pull out they are welcome to complete their own sale and wait for you to be ready as you’ve always stated the time frame.

If they are forced into rental, just to be waiting, they will probably look for something else. But at least the op would know where they stand. 

Thrugelmir

lookstraightahead said:

Okydoky25 said:

I’d be putting down an ultimatum. If it’s because their buyer is threatening to pull out they are welcome to complete their own sale and wait for you to be ready as you’ve always stated the time frame.

If they are forced into rental, just to be waiting, they will probably look for something else. But at least the op would know where they stand. 

Then they haven't actually achieved anything. As highly unlikely to complete by the end of June even if they found another property. A case of cutting off your own nose to spite your face you could say. 

lookstraightahead

Thrugelmir said:

lookstraightahead said:

Okydoky25 said:

I’d be putting down an ultimatum. If it’s because their buyer is threatening to pull out they are welcome to complete their own sale and wait for you to be ready as you’ve always stated the time frame.

If they are forced into rental, just to be waiting, they will probably look for something else. But at least the op would know where they stand. 

Then they haven't actually achieved anything. As highly unlikely to complete by the end of June even if they found another property. A case of cutting off your own nose to spite your face you could say. 

Well no not necessarily. They might have to reapply for their mortgage (that might indeed be the issue here, we don't know for sure).  So if that is the case, and I was the op's buyer, I could sell to my buyer, go into rented, then take my time reapplying having broken the chain. I would then be in a great position of being chain free for the next purchase, which could save me the equivalent of the stamp duty.

I think the op needs to know one way or another and get the property back on the market, and let the buyer do what they need to do as well.

stressedout45

Thought I would just update.  Not that there is anything monumental to say at the moment...
The estate agents have reiterated our position to our buyers.  Apparently our buyers have said that their buyers are really pushing. our buyers are waiting to hear from their solicitor regarding whether their buyers are still definitely proceeding, or not.  Now we just have to wait - again.  

Our estate agents have said that if the bottom of the chain pulls out, they will get us back on the market ASAP.  

I have a pounding headache!! 🥺

lookstraightahead

stressedout45 said:

Thought I would just update.  Not that there is anything monumental to say at the moment...
The estate agents have reiterated our position to our buyers.  Apparently our buyers have said that their buyers are really pushing. our buyers are waiting to hear from their solicitor regarding whether their buyers are still definitely proceeding, or not.  Now we just have to wait - again.  

Our estate agents have said that if the bottom of the chain pulls out, they will get us back on the market ASAP.  

I have a pounding headache!! 🥺

I do feel for you, but I can understand the bottom of the chain pushing, they've got nothing to lose really. I think just sit tight til you know and then you will know what to do. Sounds like it isn't your buyers being difficult. Have a nice cup of mint tea 👌

Thrugelmir

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

Okydoky25 said:

I’d be putting down an ultimatum. If it’s because their buyer is threatening to pull out they are welcome to complete their own sale and wait for you to be ready as you’ve always stated the time frame.

If they are forced into rental, just to be waiting, they will probably look for something else. But at least the op would know where they stand. 

Then they haven't actually achieved anything. As highly unlikely to complete by the end of June even if they found another property. A case of cutting off your own nose to spite your face you could say. 

Well no not necessarily. They might have to reapply for their mortgage (that might indeed be the issue here, we don't know for sure).  So if that is the case, and I was the op's buyer, I could sell to my buyer, go into rented, then take my time reapplying having broken the chain. I would then be in a great position of being chain free for the next purchase, which could save me the equivalent of the stamp duty.

You aren't the OP's buyer though. Knowing the situation the potential buyers could have adopted this approach from the outset. Having been temporarily homeless for a period in the past due a combination of circumstances. Not an experience I'd wish to repeat personally.  

stressedout45

Well it’s been a torturous and very long weekend of waiting.  The sales lady at the developer has said that their contract chaser person will try to find out hopefully tomorrow / Tuesday as to what is going on exactly.  And then the estate agents will push for updates too.  All we want to know is what’s going on and the best way to proceed.  If we have to go on the market then yes it’s a massive pain in the backside going through all that again but at least we know where we stand.   Please send positive vibes our way. 

lookstraightahead

Op, I'm unsure about new houses - can you still reserve one if you don't have a buyer?

stressedout45

lookstraightahead said:

Op, I'm unsure about new houses - can you still reserve one if you don't have a buyer?

Well at this moment in time, until somebody tells us otherwise, we do still have a buyer.  It could be that they are about to pull out - or the bottom of the chain is...  that is what we are being told anyway.   The new build developer Is aware of the situation and has told us that if this does happen then our reservation agreement will be extended, in the hope that we can find another buyer ASAP.   They have told us that they know we are motivated buyers, and have returned all our paperwork so far very fast, so they will give us the chance.  Although exactly how long they will extend it for, remains to be seen and will be confirmed to us if the worst happens .  As it happens, our 28 day reservation agreement expires today.  

I just wish people would have patience and realise that sometimes they have to wait for the house they want!!!  The other two parties in the chain are shooting themselves in the foot so to speak, by pulling out at this stage.  It’s upsetting because it’s nearly June,  September is getting so close, why can people not just be patient and wait!!! 

Anyway sorry for the rant. I’m just feeling frustrated.  In answer to your question, to make a reservation of a new build, the developer has to have sight of the Memorandum of Sale(s) for everybody in the chain.  And we provided that with them which enable us to pay the reservation fee.  If we had had no buyer at the time, then no- we would not have been able to reserve.