Waiting for Buyers to decide

I am in the situation of having agreed the sale of my home and the purchase of another. The new home is ready to go and we are at exchange point. However my buyers seem to be stalling and the recent crunch i think has given them some doubts

The problem is i cant move to completion with the new house until we have signed contracts with my buyers - this is the case isnt it?

I am not sure what else to do as i cant really progress can i?

Replies

  • chickmugchickmug Forumite
    3.3K Posts
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    the_doctor wrote: »
    I am in the situation of having agreed the sale of my home and the purchase of another. The new home is ready to go and we are at exchange point. However my buyers seem to be stalling and the recent crunch i think has given them some doubts

    The problem is i cant move to completion with the new house until we have signed contracts with my buyers - this is the case isnt it?

    I am not sure what else to do as i cant really progress can i?

    Sorry to hear you are in this very stressful position which many are finding themselves in at the moment. You can only hope they go ahead because without them proceeding it is most doubtful you can go ahead with your purchase. Unless you have a lot of money or can get bridging finance which in reality is totallyout of the question for the average person !!!!
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • JonbvnJonbvn Forumite
    5.6K Posts
    Part of the Furniture 1,000 Posts
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    Sorry OP but you are not in a position to proceed with exchange of contracts for your purchase unless you have already exchanged on your house sale. This is called a "chain" and it looks like your buyer may have just broken it.

    Sorry I can't offer any better info.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • thanks for the replies

    I sort of figured it would be the case - i have never bought and sold before so wasnt sure how it all worked together. The buyers are coming round again this week for the 8th viewing since putting the offer in so i will get a chance to question them

    The estate agent wouldnt give me their contact details and wanted us to pass all queries through them - is this right?

    thanks guys
  • Jorgan_2Jorgan_2 Forumite
    2.3K Posts
    the_doctor wrote: »

    The estate agent wouldnt give me their contact details and wanted us to pass all queries through them - is this right?

    The EA shouldn't give out the contact details of the buyer or seller, without their permission.
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