Buyer threatening to withdraw by deadline.

Pwllgwaelod_88

Like the person in a similar situation, I made it very clear to my buyer that I would not be able to break the chain if they completed ahead of me. I made it clear to my solicitor that I was concerned that my buyer was at least two steps ahead of us in the process . I had to withdraw from my first choice of new home because of an adverse surveyors report. Tried & failed to get quotes for the remedial works needed so started to look for an alternative home to but. Met with my buyer to discuss the change in my position & to emphasise my commitment in moving forward with the sale of my home. Buyer agreed to wait but had already completed & broken the chain. Next thing I get an email via my solicitor with a deadline to complete by or the threat of withdrawal. There’s no forward chain on the new house I wish to buy but I’m feeling very stressed & concerned that even with that taken into consideration, I may not be able to guarantee completion within the deadline. I don’t want to lose the house I wish to buy or the buyer but feel like I’m over a barrel & very stressed as I can’t force the pace , other than my own part in things. 

GDB2222

Bear in mind that prices are falling, at least in my area. If you let this buyer get away, you may not get as much from someone else. 

Could you move to renting until the new house is ready?

silvercar

Only you can judge how genuine your buyer is. If they withdraw from purchasing your place it will take a number of weeks before they can complete on something else. 

It’s for you to decide if this buyer is too good to lose, partly dictated by how reluctant you are to make a temporary move while you wait for your next home.

jlfrs01

Thr exact same scenario happened to me a few years ago, I made the decision to continue with the sale. I put my belongings into Storage and looked at rental options, the cheapest being flats but was put off with being locked into what I considered to be a long minimum contract. I plumped for a static caravan in the end, way cheaper (though out of season) and I could time my stay to suit the move into my house. Maybe that's an option to consider because apart from being back to square one and potentially jeopardising your purchase, you may not get the price you need and will incur additional legal fees.

Gavin83

Pwllgwaelod_88 said:

Like the person in a similar situation, I made it very clear to my buyer that I would not be able to break the chain if they completed ahead of me. I made it clear to my solicitor that I was concerned that my buyer was at least two steps ahead of us in the process . I had to withdraw from my first choice of new home because of an adverse surveyors report. Tried & failed to get quotes for the remedial works needed so started to look for an alternative home to but. Met with my buyer to discuss the change in my position & to emphasise my commitment in moving forward with the sale of my home. Buyer agreed to wait but had already completed & broken the chain. Next thing I get an email via my solicitor with a deadline to complete by or the threat of withdrawal. There’s no forward chain on the new house I wish to buy but I’m feeling very stressed & concerned that even with that taken into consideration, I may not be able to guarantee completion within the deadline. I don’t want to lose the house I wish to buy or the buyer but feel like I’m over a barrel & very stressed as I can’t force the pace , other than my own part in things. 

What's your question?

Ultimately you have to accept the more barriers you put up and the more unfavourable you make the sale the more likely it'll be that your buyer will pull out or create such deadlines. Given that your buyer has already broken the chain that'll make it even more difficult to justify your refusal to, plus it makes them a more preferable buyer for someone else.

If you can't exchange by the deadline then you have to accept you'll either have to break the chain or find another buyer. Finding another buyer may well end up in you losing the house you wish to buy.

Sarah1Mitty2

GDB2222 said:

Bear in mind that prices are falling, at least in my area. If you let this buyer get away, you may not get as much from someone else. 

Could you move to renting until the new house is ready?

They are falling in all areas really, maybe some outliers but probably not for long, losing the buyer would be a bad move in this climate definitely.

eddddy

Are you selling using a 'full service'/traditional Estate Agent?

This is exactly the kind of problem you are paying the Estate Agent to deal with.

Instead of passing cold, terse messages backwards and forwards via solicitors, you should tell your estate agent to phone the buyer for a chat, and "calm them down".

Give the estate agent plenty of info that they can use - how far you have progressed with the sale; how little there is left to do; that you are 100% committed to the transaction, etc.


Assuming you're using a traditional estate agent (who is paid on completion) - they should be very keen to do this. Because if the buyer walks away and the sale falls through, the estate agent gets no commission.

m0bov

You need to ask your EA what they intend to do, that's what your paying them for.

Sarah1Mitty2

Gavin83 said:

Pwllgwaelod_88 said:

Like the person in a similar situation, I made it very clear to my buyer that I would not be able to break the chain if they completed ahead of me. I made it clear to my solicitor that I was concerned that my buyer was at least two steps ahead of us in the process . I had to withdraw from my first choice of new home because of an adverse surveyors report. Tried & failed to get quotes for the remedial works needed so started to look for an alternative home to but. Met with my buyer to discuss the change in my position & to emphasise my commitment in moving forward with the sale of my home. Buyer agreed to wait but had already completed & broken the chain. Next thing I get an email via my solicitor with a deadline to complete by or the threat of withdrawal. There’s no forward chain on the new house I wish to buy but I’m feeling very stressed & concerned that even with that taken into consideration, I may not be able to guarantee completion within the deadline. I don’t want to lose the house I wish to buy or the buyer but feel like I’m over a barrel & very stressed as I can’t force the pace , other than my own part in things. 

What's your question?

Ultimately you have to accept the more barriers you put up and the more unfavourable you make the sale the more likely it'll be that your buyer will pull out or create such deadlines. Given that your buyer has already broken the chain that'll make it even more difficult to justify your refusal to, plus it makes them a more preferable buyer for someone else.

If you can't exchange by the deadline then you have to accept you'll either have to break the chain or find another buyer. Finding another buyer may well end up in you losing the house you wish to buy.

Exactly, the media are saying viewings are down by nearly 70%? Bad time to be difficult with buyers IMO.

MeteredOut

Sarah1Mitty2 said:

Gavin83 said:

Pwllgwaelod_88 said:

Like the person in a similar situation, I made it very clear to my buyer that I would not be able to break the chain if they completed ahead of me. I made it clear to my solicitor that I was concerned that my buyer was at least two steps ahead of us in the process . I had to withdraw from my first choice of new home because of an adverse surveyors report. Tried & failed to get quotes for the remedial works needed so started to look for an alternative home to but. Met with my buyer to discuss the change in my position & to emphasise my commitment in moving forward with the sale of my home. Buyer agreed to wait but had already completed & broken the chain. Next thing I get an email via my solicitor with a deadline to complete by or the threat of withdrawal. There’s no forward chain on the new house I wish to buy but I’m feeling very stressed & concerned that even with that taken into consideration, I may not be able to guarantee completion within the deadline. I don’t want to lose the house I wish to buy or the buyer but feel like I’m over a barrel & very stressed as I can’t force the pace , other than my own part in things. 

What's your question?

Ultimately you have to accept the more barriers you put up and the more unfavourable you make the sale the more likely it'll be that your buyer will pull out or create such deadlines. Given that your buyer has already broken the chain that'll make it even more difficult to justify your refusal to, plus it makes them a more preferable buyer for someone else.

If you can't exchange by the deadline then you have to accept you'll either have to break the chain or find another buyer. Finding another buyer may well end up in you losing the house you wish to buy.

Exactly, the media are saying viewings are down by nearly 70%? Bad time to be difficult with buyers IMO.

Which media is that? Got any actual verifiable stats, or is that anecdotal from a single source?

Gavin83

Out of interest why can't you break the chain and move elsewhere for a bit?