Buyer threatening to withdraw by deadline.

nicmyles

You don't say how long the process has taken so far.

If it's been much longer than average e.g. 6-8 months, I could understand why your buyer is not prepared to wait any longer for you to find somewhere and is trying to exert pressure to complete the purchase.

Sarah1Mitty2

MeteredOut said:

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?

The article I saw was on the "This Is Money" website, looks like the source was from "Propertymark".

https://www.msn.com/en-gb/money/other/number-of-house-viewings-plummets-compared-to-last-year/ar-AA1fyD47

lookstraightahead

Op, one of you (either you or your buyers) is going to have to be put out. I guess they've been waiting a while, maybe it's now your turn to do what you've been expecting them to do, unless you don't want to move out more than buying your new house. In this climate I doubt they will wait a long time, as they are now in a really good position to buy somewhere else. 

sheramber

Your circumstances changed,. Your buyers circumstances could also have changed and his current arrangement is no longer suitable long term.

What date is your new house expected to be ready and how accurate is that date going to be?  new builds often over run.

You cannot force your buyer  to wait until you are ready to complete.

Sarah1Mitty2

MeteredOut said:

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?

What did you make of the article I posted, hard to verify?

MeteredOut

Sarah1Mitty2 said:

MeteredOut said:

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?

What did you make of the article I posted, hard to verify?

Interesting, but not statistically significant and provides little detail on the market segments where the drop is happening. Would be good to see a split of FTBs v others, for example

And

He says: 'As the number of viewings drop, this indicates a shift to only the more serious homebuyers and sellers that are remaining proactive in the market.

Could mean the nosey folk losing interest account for some drop.