Pulled out of purchase, now what?

zoemk12

We’ve reluctantly pulled out of the purchase element of our transaction. 

Throughout the EA/vendors haven’t been forthcoming about their position and we’ve just lost our confidence in their honesty. Initially they pressured us in to moving our survey date (even hinted at not having a survey), this was to make the SDLT deadline, they said they were moving in to a vacant property, sold as seen & so wanted to move very quickly,  but when it came to it they hadn’t even had draft contracts on the the property they’re purchasing or ordered searches. At that stage we asked for more open communication, but then last week we found out they were buying an unregistered property,  and so we asked if it was subject to probate & if the seller had the title/deeds (reasonable questions)? They refused to answer. 

So as a last throw of the dice we asked if they would be willing to consider temporary accommodation to allow the transaction to go through if they were expecting an extended delay, again no- which is fair enough but still nothing from them re the status of their purchase by way of reassurance. So we emailed the agent & said we weren’t proceeding, they didn’t even reply! We just saw the hse back on the market for 5k more than we offered. 

Anyway, we feel like we’ve dodged a bullet, (there lots more we didn’t like, eg telling us they had an offer from cash buyer when pressuring us to move our survey date). BUT what to do now?! We still want our sale to go through so would you 
A) rent and look at a relaxed pace
quickly buy something else, ( not that their is much about)?

ps why isnt there much about?? 

So fed up of this, almost wish we’d stayed put and improved what we have! 
 

AdrianC

You wanted them to break the chain and move into rented... so why wouldn't you be willing to do the same?

Buying a stopgap anything, just because, seems like a daft move. Especially if stuff's in such short supply that there's likely to be a price bubble.

They may yet come to regret wasting your offer - advertising it for more doesn't mean they'll get it.

eddddy

When people look into the practicalities of renting between sale and purchase - they often decide to ignore that option. (e.g. Majority of landlords want a minimum tenancy of 12 months. The cost of 12 months rent. etc)

I guess you can look around to see if there's anything else on the market that you like at the moment.


Strategically, you could have left your offer on the table for the current property, but said that you were going to start looking at other properties. Then if the vendors started getting a move on and/or you couldn't find anything else better, you could have stuck with it.

(But it sounds like you'd decided you didn't want that property anyway...)

zoemk12

AdrianC said:

You wanted them to break the chain and move into rented... so why wouldn't you be willing to do the same?

Buying a stopgap anything, just because, seems like a daft move. Especially if stuff's in such short supply that there's likely to be a price bubble.

They may yet come to regret wasting your offer - advertising it for more doesn't mean they'll get it.

We were willing to move in to rented but we wanted them to be honest about the status of their purchase - is it subject probate, is there any dispute, is there any issue work proving ownership- eg lost deeds. Basically we just wanted reassurance and openess but for whatever reason they were unwilling to do this. 

Our offer was the full previous asking price so why they now think they can get more is beyond me. Perhaps it’s so that they can drop and appear to be negotiating. 

zoemk12

eddddy said:

When people look into the practicalities of renting between sale and purchase - they often decide to ignore that option. (e.g. Majority of landlords want a minimum tenancy of 12 months. The cost of 12 months rent. etc)

I guess you can look around to see if there's anything else on the market that you like at the moment.


Strategically, you could have left your offer on the table for the current property, but said that you were going to start looking at other properties. Then if the vendors started getting a move on and/or you couldn't find anything else better, you could have stuck with it.

(But it sounds like you'd decided you didn't want that property anyway...)

No it’s not that we didn’t want the property- we did very much! 

We don't trust them or their agents. We asked for some honest expectation and they point blank refuse to give anything. Furthermore they’ve now stated that the property their buying is the only one they want and if there are any issues they won’t move! 

eddddy

zoemk12 said:

No it’s not that we didn’t want the property- we did very much! 

We don't trust them or their agents. We asked for some honest expectation and they point blank refuse to give anything. Furthermore they’ve now stated that the property their buying is the only one they want and if there are any issues they won’t move! 

OK - so as I say, you could have left the offer on the table.

And then started looking at other properties, and if you eventually find another one you like - review the situation and decide which property to go with.


FWIW, the problem is almost certainly difficult vendors, rather than a difficult EA. I don't know what your relationship was like with the EA, but it's always a good idea to try to "make friends" with the EA.

That way, they're more likely to tell you "off the record" information about the vendor's situation etc. (but always take it with a pinch of salt.)

The EA's only real goal is to get the property sold asap, so they get their fee - so you both share the same goal, so it makes sense to work together.

zoemk12

OK - so as I say, you could have left the offer on the table.

Maybe, but our solicitors were advising we might incur extra costs by continuing and our sale is close to exchange and we got an above asking price offer so we don’t want to jeopardise. 

And then started looking at other properties, and if you eventually find another one you like - review the situation and decide which property to go with.


FWIW, the problem is almost certainly difficult vendors, rather than a difficult EA. I don't know what your relationship was like with the EA, but it's always a good idea to try to "make friends" with the EA.

We’ve absolutely tried this. We’ve been friendly, super flexible and haven’t chased too much. Do you think we have the right to ask about probate etc? We think it’s reasonable to know where we stand. 

That way, they're more likely to tell you "off the record" information about the vendor's situation etc. (but always take it with a pinch of salt.)

The EA's only real goal is to get the property sold asap, so they get their fee - so you both share the same goal, so it makes sense to work together.

AdrianC

zoemk12 said:

Do you think we have the right to ask about probate etc? We think it’s reasonable to know where we stand. 

You have the right to ask. Obviously, you can ask. You can ask whatever you like. You can ask about their bedroom habits, if you want.

Do they HAVE to give you a straight answer? No...

Suseka97

If you want to keep your sale on track, you should start looking at the rental market to see if it is a viable option.  Do you know if your buyers are prepared to wait until you find another property?  Most likely not, but if they really want yours (having offered over asking) then they might.

We took a risk and completed on our sale before we exchanged on our purchase, taking the option to move into temporary accommodation to keep our sale on track and to keep the promise to our buyers that we would go into a rental.  We found it very hard to find a short-term let, most landlords were looking at a minimum of 12 months and there seemed to be very little available, even for 12 months.  We ended up in an Airbnb and luckily it all worked out for us in the end, but we did have a really good relationship with the vendors EA and they were trustworthy, keeping us informed of our vendors situation on a regular basis.

I certainly wouldn't go for a 'quick-buy' option - that's not a good strategy.

Thrugelmir

zoemk12 said:

AdrianC said:

You wanted them to break the chain and move into rented... so why wouldn't you be willing to do the same?

Buying a stopgap anything, just because, seems like a daft move. Especially if stuff's in such short supply that there's likely to be a price bubble.

They may yet come to regret wasting your offer - advertising it for more doesn't mean they'll get it.

We were willing to move in to rented but we wanted them to be honest about the status of their purchase - is it subject probate, is there any dispute, is there any issue work proving ownership- eg lost deeds. Basically we just wanted reassurance and openess but for whatever reason they were unwilling to do this. 

Impossible to provide what you wanted. Property transactions take as long as they take. All sorts of curved balls can be thrown. 

JJR45

We sold and moved to rented as we want a specific house size, in a few specific areas (school bus routes) and there was nothing we wanted.
It has been great, yes it may cost a year's rent, but that is likely a lot cheaper than buying the wrong house and then deciding to move again.