Pulled out of purchase, now what?

tdawber

Sounds like the have been honest about their purchase. But I think communication gets confused as things change so quickly. We had a ‘cash buyer’ one day then the next they weren’t 🤷‍♀️

csgohan4

tdawber said:

Sounds like the have been honest about their purchase. But I think communication gets confused as things change so quickly. We had a ‘cash buyer’ one day then the next they weren’t 🤷‍♀️

That annoys me, you are or your not. If they lied, it sets a precedence . I would have a low threshold for ditching them imo

Mistral001

If you have a mortgage on you present house, then you will not have to pay that if you rent until you buy another house.  That could make the option a little less of a bitter pill.

zoemk12

Thrugelmir said:

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. 

Please don’t think we wanted them to give us a definite date or anything. We just want to know the current situation with their purchase. We said can we have a call and all put our cards on the table so that we know where we are. They declined. 

zoemk12

tdawber said:

Sounds like the have been honest about their purchase. But I think communication gets confused as things change so quickly. We had a ‘cash buyer’ one day then the next they weren’t 🤷‍♀️

We’re nearly 3 months into this and they’ve only just told us they’re buying an unregistered property. They could’ve told us sooner but instead they told us they were buying a vacant house sold as seen and could complete quickly. They also pressurised us not to have a survey so that didn’t delay things. Honest is the one thing they haven’t been. 

zoemk12

Suseka97 said:

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.

Thanks. Yes looking in to rental currently and finding anything decent is 12 months but we have one potential. 

I rented for 4 years and when I moved in it was an initial 6months contract so the landlord could see if I was ‘ok’. I guess that doesn’t happen anymore! 

Thrugelmir

zoemk12 said:

tdawber said:

Sounds like the have been honest about their purchase. But I think communication gets confused as things change so quickly. We had a ‘cash buyer’ one day then the next they weren’t 🤷‍♀️

We’re nearly 3 months into this and they’ve only just told us they’re buying an unregistered property. They could’ve told us sooner but instead they told us they were buying a vacant house sold as seen and could complete quickly. They also pressurised us not to have a survey so that didn’t delay things. Honest is the one thing they haven’t been. 

They've got their agenda and you've got yours. It's a business transaction. If the property was worth waiting for then you would have sat it out. 

zoemk12

They've got their agenda and you've got yours. It's a business transaction. If the property was worth waiting for then you would have sat it out. 

Depends on your character. I think it’s possible to conduct business & be decent/have integrity. 

You’re wrong about the property, we won’t do business with liars. We treat people how we wish to be treated and will walk away otherwise. 

Anyway, my post was to gain insight into renting vs buying quickly. 

tdawber

zoemk12 said:

tdawber said:

Sounds like the have been honest about their purchase. But I think communication gets confused as things change so quickly. We had a ‘cash buyer’ one day then the next they weren’t 🤷‍♀️

We’re nearly 3 months into this and they’ve only just told us they’re buying an unregistered property. They could’ve told us sooner but instead they told us they were buying a vacant house sold as seen and could complete quickly. They also pressurised us not to have a survey so that didn’t delay things. Honest is the one thing they haven’t been. 

Yes people are sh’ts, but they might not have known the full story at the start. People will do anything to get a buyer, or buy a house. 

Our ‘cash’ buyer couldn’t even get a mortgage, it was a joke then they asked if we could wait 2 months whilst they got their accounts sorted!! 🤪

zoemk12

Yes people are sh’ts, but they might not have known the full story at the start. People will do anything to get a buyer, or buy a house. 

Our ‘cash’ buyer couldn’t even get a mortgage, it was a joke then they asked if we could wait 2 months whilst they got their accounts sorted!

Wow what a cheek and what if they didn’t get their accounts sorted?! And you can’t really trust someone after they’ve lied. 

Our sellers may not have known, but they did know they hadn’t even ordered searches but we’re telling us they were still on track to complete by June 30th… This was mid June 🤷‍♀️… 
We hope sometime soon to be sitting our new house feeling glad that they did!