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Comments
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It does seem a bit harsh to not even give you a little bit of time, but try not to take it personally. As has been said, this doesn't mean they're going to find another buyer, make it clear you love the house and will be back in touch the minute the chain is restored.0
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AnotherJoe wrote: »Thats one thing MITSTM, but if one "buyer" isnt actually in a position to buy, and the other is, all these choices go away. In yours, if the would be starter home people found they couldnt get a mortgage, or perhaps bank of M&D were too long coming up with the money, i suspect you'd have sold to the evil LL instead.
Nope - as they made too low an offer to start with and only increased it several times because they were in a bidding war with the home-owner (by coincidence - they both put in offers on the same day:D).
If they'd been the only one on the horizon then I doubt they'd have upped their offer at all actually - I'd already turned down one b-to-letter for too low an offer. My EA was pushing hard for my house to go to a home-owner too - and telling me lots of tales about landlords/ladies gazundering after their offer had been accepted and that I needed to watch out for that and not to sell to one of them if I could help it.
In fact - my EA was all round playing quite a crafty game imo LOL. The buyer got taken by them to a better modernised house than mine at a few thousand £s cheaper - but right in THE area no-one with any sense wanted to live and with THE school no-one with any sense wanted their child to go to. Whereas mine had two decent schools within walking distance of it. Hence the buyer wanted my "average" area and more old-fashioned house at a dearer price...0 -
When our buyer pulled out I did the same. asked for a bit of time to try and get another buyer. They said no and delisted asap, I had absolutely no issue with this as it is their property to sell. All worked out in the end 2 weeks later we agreed a new buyer and we!!!8217;re now in the house the last 3 weeks. I totally understood why they relisted it and although it would have been nice of them to give some grace it wasn!!!8217;t unreasonable not to.0
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Why would a seller put themselves out for no apparent reason, for a buyer? A buyer is not going to buy unless they have the funds.
I too would put it back on the market - of course not to be nasty - but because I put it on the market to sell it not to be charitable to someone else.0 -
I have much more sympathy for the OP than some of the other posters. It does seem very hasty. Trust is a key factor in our dreadful system of house-buying.
Everyone in a chain is locked together in a deadly embrace, as my dad once put it.
Problems will arise and the first response should be to see what give and take is available within the chain to help solve it, for all your mutual benefit.
Depending on how far into the purchase you had got, it isn't even necessarily quicker for them to find another buyer anyway, who might also have a chain, which might also collapse, etc.
Except in extremis, I'd generally suggest sticking with your buyer/vendor...UNLESS trust has irrevocably broken down, which I can't see how it would have here, unless there are other issues the OP hasn't mentioned.
If anything, the vendor has damaged trust with the OP - I'd certainly be very reluctant to go back with a further offer under these circumstances, even if I found another buyer quickly. What else might cause them to pull out further down the line if this small hitch has spooked them??0 -
I have much more sympathy for the OP than some of the other posters. It does seem very hasty. Trust is a key factor in our dreadful system of house-buying.
Everyone in a chain is locked together in a deadly embrace, as my dad once put it.
Problems will arise and the first response should be to see what give and take is available within the chain to help solve it, for all your mutual benefit.
Depending on how far into the purchase you had got, it isn't even necessarily quicker for them to find another buyer anyway, who might also have a chain, which might also collapse, etc.
Except in extremis, I'd generally suggest sticking with your buyer/vendor...UNLESS trust has irrevocably broken down, which I can't see how it would have here, unless there are other issues the OP hasn't mentioned.
If anything, the vendor has damaged trust with the OP - I'd certainly be very reluctant to go back with a further offer under these circumstances, even if I found another buyer quickly. What else might cause them to pull out further down the line if this small hitch has spooked them??
Are you saying they should hang on indefinitely?! What if it takes them four months to get a buyer? If the process is well underway, people's mortgage offers expire usually after around 6 months. The whole chain (mine was around 5 or 6 links) would be sitting twiddling their thumbs. Not everyone moves on a whim. Many move for a reason - get kids in a certain school, new job, someone needing care, etc and I would be very surprised to hear the whole chain is happy to just sit around and wait. Someone is bound to NEED to start again.2023 wins: *must start comping again!*0 -
Are you saying they should hang on indefinitely?! What if it takes them four months to get a buyer? If the process is well underway, people's mortgage offers expire usually after around 6 months. The whole chain (mine was around 5 or 6 links) would be sitting twiddling their thumbs. Not everyone moves on a whim. Many move for a reason - get kids in a certain school, new job, someone needing care, etc and I would be very surprised to hear the whole chain is happy to just sit around and wait. Someone is bound to NEED to start again.
There's a pretty large amount of ocean between "immediately putting the house back on the market" and "hanging on indefinitely", don't you think? Of course I'm not saying the latter. What if they get a new buyer in two weeks?
Binning your buyer and moving to another one is not necessarily going to save you that much time. You're just going from one crap-shoot to another, unless you get a chain-free buyer. And even then they might mess you around. And by putting the house back on the market, you're risking the buyer you do have getting annoyed and not coming back to you when they are proceedable.
If speed is a motivating factor, starting from scratch is a cracking way to slow things down.
On the mortgage offer point, I've used the "my mortgage offer is expiring" line to try and speed things up as well, but really they can often be extended or renewed pretty easily.
My house purchase was a complex chain and took eight months. I'd rather it hadn't, but it did (through no fault of mine, to be clear). We renewed our mortgage offer during that time. It was [STRIKE]annoying[/STRIKE] fury-inducing beyond all comprehension, but everyone in the chain wanted the houses they were trying to buy. (We also ended up with a better mortgage rate than we'd originally had, but that's by the by.)0 -
Binning your buyer and moving to another one is not necessarily going to save you that much time.
If the property isn't relisted. Then the vendor is reliant on one potential buyer rather than the whole market. Perhaps there was a lot of interest expressed in their property. Finding another buyer may not be problematic. Even if the OP accepts a new offer. Then there's the whole mortgage process etc to be gone through. Time soon passes.0 -
If the property isn't relisted. Then the vendor is reliant on one potential buyer rather than the whole market. Perhaps there was a lot of interest expressed in their property. Finding another buyer may not be problematic. Even if the OP accepts a new offer. Then there's the whole mortgage process etc to be gone through. Time soon passes.
Of course, all situations are unique and all things are possible. That's why I said "not necessarily" and "that much time".
The OP's question was whether their vendor's actions were hasty in immediately binning them and relisting their property, five weeks into preparing for exchange.
My view is that, generally speaking and extenuating circumstances aside, they were hasty and are potentially shooting themselves in the foot. You may disagree, and their approach may prove to be right for them. Little is certain in house buying!
But they are certainly rolling the dice, rather than sticking with a buyer (for a little bit, anyway) who they have started to build trust with and who has already demonstrated commitment to the purchase.0 -
There's a pretty large amount of ocean between "immediately putting the house back on the market" and "hanging on indefinitely", don't you think? Of course I'm not saying the latter. What if they get a new buyer in two weeks?
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On the mortgage offer point, I've used the "my mortgage offer is expiring" line to try and speed things up as well, but really they can often be extended or renewed pretty easily.
My house purchase was a complex chain and took eight months. I'd rather it hadn't, but it did (through no fault of mine, to be clear). We renewed our mortgage offer during that time. It was [STRIKE]annoying[/STRIKE] fury-inducing beyond all comprehension, but everyone in the chain wanted the houses they were trying to buy. (We also ended up with a better mortgage rate than we'd originally had, but that's by the by.)
Ah right, only it didn't sound like you meant two weeks. I'd already said that myself in an earlier post. The OP should've asked for two weeks' grace.
I had to extend a mortgage offer too once and you'd have thought I'd asked for the moon on a stick. They granted it but said no to any more, called they were very reluctant and wouldn't extend for long. You (and I) were lucky - it's often turned down completely.2023 wins: *must start comping again!*0
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