Buyers threatening to pull out

stressedout45

Hi, I thought I would update the thread... 

we had a horrible wait, to try to find out the situation with the bottom of our chain.  The contract chaser at the developer was on the case, as was our estate agent.  It then transpired that actually, there was not a problem with the bottom of the chain and everything was proceeding as it should be.  

So, we were able to breathe a sigh of relief at that point, and tentatively look forward to our move.

However, earlier this afternoon, we have had a phone call from our estate agent to let us know that after all this, the bottom of the chain (the first time buyers) has indeed pulled out formally now.  😢

If there is a positive side to this, and I’ll be honest I’m struggling right now, it is that our buyers sold their house within two hours of it going on the market the first time around. 

 Our estate agents have been told by their estate agents that they already have some viewings lined up for this weekend, including someone who was extremely interested the first time it was on the market but missed out due to the speed at which it sold. This person is also aware that we are buying a new build so if they make the offer they are doing it based on what they know about us so hopefully should not get cold feet!   There is also, we are informed, the possibility that the searches - 
which are still underway on our buyers house, could be transferred to a new buyer.  So that’s an extra incentive I suppose, that the chain is already progressing, for anyone who offers on their house. 

We now have another agonising weekend wait to find out what’s going to happen! We feel that we need to give our buyers chance to find a new one, before we remarket our own property.  

We’ve had our new build searches back, valuation survey done and formal mortgage offer is now in place.  I am keeping everything crossed our buyers get a proceedable offer this weekend.  

Natbag

That's a shame, but it sounds positive for getting another buyer and getting them caught up quickly. Better now than right before exchange. I hope everything works out  

stressedout45

Natbag said:

That's a shame, but it sounds positive for getting another buyer and getting them caught up quickly. Better now than right before exchange. I hope everything works out  

Thanks, me too.. yes we have had a worry all along that they are the sort of people to pull out right before exchange.  Although this is going to be a very stressful wait over the weekend, I’m hoping that in the long run, more committed buyers equals less stress from that point onwards until the sale completes!  

Esme84uk

Try not to lose heart, we had a similar situation in April, we were due to exchange but we were struggling to find a rental (agreed to break the chain due to the insane housing market were we are). Our buyers became really pushy and were demanding we exchange and move out by mid May. We explained that we could not make ourselves homeless, we didn't have the option to move in with family and needed to remain in a certain area due to childcare. To make it more annoying, their mortgage took almost 4 months to sort out and it then transpired they wanted to exchange with 0 deposit!

They became quite nasty and in the end I got to breaking point and said they either waited or pulled out! They pulled out at 9.30am, we remarketed at 11am, had 15 viewings booked by 12.30, had an offer £10k over at 2pm, agreed we would still have the other viewings, by 3pm the offer was up to £15k over. 

Accepted the offer, we then found a house 2 weeks ago, our mortgage is back, all our searches and survey and we are hopeful we will move in 6-8 weeks!

stressedout45

Esme84uk said:

Try not to lose heart, we had a similar situation in April, we were due to exchange but we were struggling to find a rental (agreed to break the chain due to the insane housing market were we are). Our buyers became really pushy and were demanding we exchange and move out by mid May. We explained that we could not make ourselves homeless, we didn't have the option to move in with family and needed to remain in a certain area due to childcare. To make it more annoying, their mortgage took almost 4 months to sort out and it then transpired they wanted to exchange with 0 deposit!

They became quite nasty and in the end I got to breaking point and said they either waited or pulled out! They pulled out at 9.30am, we remarketed at 11am, had 15 viewings booked by 12.30, had an offer £10k over at 2pm, agreed we would still have the other viewings, by 3pm the offer was up to £15k over. 

Accepted the offer, we then found a house 2 weeks ago, our mortgage is back, all our searches and survey and we are hopeful we will move in 6-8 weeks!

Crikey! This gives me hope - thanks 😊 

michael1234

I would try and speak to your buyers and cut out the estage agent spin particularly as you already had a cordial conversation with them when they visited.

In my experience of buying many houses, I've found EAs can be completely truthful, can tell outright lies and can often be somewhere inbetween. Once you have a good relationship with your buyers or others in the chain, you are then talking to the decision makers directly and the whole process should be less stressful.

stressedout45

Quick update.  Our buyers have new buyers.. FTB’s again, which is good. We’ve been told that these ones are aware of our timeline in terms of our build completion and are happy with this.  So fingers crossed!! 

lookstraightahead

It's a normal time scale now as your house is going to be ready by August / September.

stressedout45

Urgh.. The anxiety.  

EA phoned.  Buyers want to come and have another look at the house next month.  EA has assured me that they are still very serious and “super keen”, and just want to bring family to have a look and measure up for a few things. still doesn’t stop me worrying though! 

[Deleted User]

stressedout45 said:

Urgh.. The anxiety.  

EA phoned.  Buyers want to come and have another look at the house next month.  EA has assured me that they are still very serious and “super keen”, and just want to bring family to have a look and measure up for a few things. still doesn’t stop me worrying though! 

Completely normal, although understandably a bit nerve wracking. Just make sure the house is clean and tidy and in tip top condition. Will you be present when they come round? If so its a good opportunity for you to put on a bit of a welcoming and big up the house a bit. E.g. if you have a nice sunny garden you could ask them if they want to sit outside for a drink. Gives them a bit of a feel for how it will be when they live there.