Buyers arranging survey 10 weeks after offer accepted

Slithery

niceguyed said:
...so I'm slightly perplexed why the buyers would wait 10 weeks to set the wheels in motion?  I'm guessing they were waiting for the chain to complete although that's out of the window!  I've always been of the persuasion to get the survey completed asap so as to not rack up search and solicitor costs and to also 'move on' or renegotiate if needs be, depending on the results. 

Why would you want to 'rack up' survey costs before the chain was fully formed?
Your vendor is probably a buyer as well. It's a bad idea for anyone in a chain to spend any money at all before it's the chain is complete.

GDB2222

niceguyed said:

Schwarzwald said:

Waiting for the thread “Seller still hasn’t found a house 10 weeks after offer accepted” …

 I think it is quite one-sided to be surprised that the Buyer only scheduled their survey after 10 weeks, while you only found an onward purchase after 10 weeks, and now even pulled out, starting afresh.

 As you said you kept your agent informed, most likely your agent called up the Buyer with “some good news” informing them about the fact that you agreed an offer on a property, and the Buyer subsequently called their surveyor - which they lined up in the last 10 weeks - to now schedule the survey, only to find out you pulled out of the purchase already …

 If I were them, I would call the surveyor again and pause them asap. Why spend money on a property of an apparently flaking seller?

 If I were you, I would be rather happy as they seem to be patient and quite organized (FTB) buyers. And yes they will most likely use the survey to rediscuss the price

Yes, that new titled thread may appear! I do wish to see things from more than one side, hence the reason for my post, all opinions are welcome and a lesson.  However, it's rather an assumption and puzzling to assume a seller is "flaky" just because like any competent buyer I have withdrawn an offer when a new material fact becomes known (that's another story and I did share this with my agent). Perhaps the alternative is to continue to waste everyone's time and money for risk of appearing "flaky"? I of course accept it will be disappointing for them. 

One option is searches paid for and carried out by the seller. If the buyer pulls out, the seller can use the same searches for the new buyer. (Yes, I know they get out of date, slowly.)  Searches can take a long time, so it makes sense that the seller gets them early in the process, to speed things up.

It's done already for auction properties, and IIRC it was part of the HIP.

Any comments? 

Thrugelmir

niceguyed said:

I'm wondering how many vendors would accept a buyer unwilling to progress the purchase or spend a penny in fees until a chain was complete?  Equally, is the vendor not also in such an invidious position should they take their house off the market whilst the buyers continue to look elsewhere? Or is the solution you are proposing that for all parties to ameliorate any losses, that in the case of an incomplete chain buyers spend nothing, leave their offer in place, and continued looking whilst the vendor continues to allow viewings and seeks better offers?  

I'd focus more on finding your onward purchase than worry about what others are doing. At the moment two and half months has passed and you are no further forward. I wouldn't be surprised if they are still monitoring the market. . 

niceguyed

GDB2222 said:

niceguyed said:

Schwarzwald said:

Waiting for the thread “Seller still hasn’t found a house 10 weeks after offer accepted” …

 I think it is quite one-sided to be surprised that the Buyer only scheduled their survey after 10 weeks, while you only found an onward purchase after 10 weeks, and now even pulled out, starting afresh.

 As you said you kept your agent informed, most likely your agent called up the Buyer with “some good news” informing them about the fact that you agreed an offer on a property, and the Buyer subsequently called their surveyor - which they lined up in the last 10 weeks - to now schedule the survey, only to find out you pulled out of the purchase already …

 If I were them, I would call the surveyor again and pause them asap. Why spend money on a property of an apparently flaking seller?

 If I were you, I would be rather happy as they seem to be patient and quite organized (FTB) buyers. And yes they will most likely use the survey to rediscuss the price

Yes, that new titled thread may appear! I do wish to see things from more than one side, hence the reason for my post, all opinions are welcome and a lesson.  However, it's rather an assumption and puzzling to assume a seller is "flaky" just because like any competent buyer I have withdrawn an offer when a new material fact becomes known (that's another story and I did share this with my agent). Perhaps the alternative is to continue to waste everyone's time and money for risk of appearing "flaky"? I of course accept it will be disappointing for them. 

One option is searches paid for and carried out by the seller. If the buyer pulls out, the seller can use the same searches for the new buyer. (Yes, I know they get out of date, slowly.)  Searches can take a long time, so it makes sense that the seller gets them early in the process, to speed things up.

It's done already for auction properties, and IIRC it was part of the HIP.

Any comments? 

I'd be fully onboard with that. 

niceguyed

Thrugelmir said:

niceguyed said:

I'm wondering how many vendors would accept a buyer unwilling to progress the purchase or spend a penny in fees until a chain was complete?  Equally, is the vendor not also in such an invidious position should they take their house off the market whilst the buyers continue to look elsewhere? Or is the solution you are proposing that for all parties to ameliorate any losses, that in the case of an incomplete chain buyers spend nothing, leave their offer in place, and continued looking whilst the vendor continues to allow viewings and seeks better offers?  

I'd focus more on finding your onward purchase than worry about what others are doing. At the moment two and half months has passed and you are no further forward. I wouldn't be surprised if they are still monitoring the market. . 

Yes, ruminating on the buyers process and intentions is somewhat futile. I wouldn't be surprised (or blame them) if my buyers are monitoring/viewing and even offering on other properties, that's part of the game. 

There's not much more I can do in terms of my own position. Daily Rightmove prayers and rituals to help encourage more properties to appear are not forthcoming. The agents are generally useless. I've gone into offices, registered, emailed, called to try and get wind of new properties but nothing. 

I'd be genuinely interested to hear if others looking to buy are finding a slowdown in properties appearing over the past 2-3 months (no doubt due to the obvious headwinds).

In respect of my search, as well as needing to withdraw an offer, the previous month an asking price offer I was told would secure a property didn't because the vendor decided they didn't want to sell after all and took it off the market.

So I'm trying and probably getting too stressed by it all - c'est la vie.