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Was meant to exchange contracts today, runined by ever increasing chain :(

I needed to move quickly to be closer to my mum who has cancer and needs significant care, also my girlfriend's tenancy ends in 2 weeks and wants to move in with me . I sold my house in mid August at slightly below value, under the condition the potential buyer could purchase relatively quickly. He understood my situation andstated that his buyer was 'ready to go' and a 'first time buyer'. We agreed to exchange contracts the end of September, however it turned out his buyer hadn't even started the conveyancing and spent 2 weeks quibbling over the offer price, the exchange dates were revised to today, only for the solicitor to call again and state, my buyer's buyer has a relative purchase of their own, which is holding the entire process up! They will not even give an exchange date now, but said we could complete (ironicaly) Oct 31st. Is it worth just finding a cash buyer at a slightly lower price or hold out another 2 weeks? This really has been a punch in the stomach.
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  • -taff
    -taff Posts: 14,423
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    it'll take longer than 2 weeks to sell to a cash buyer.
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  • pinkteapot
    pinkteapot Posts: 8,038
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    Any new buyer will take at least 4 weeks to exchange - and that really is an absolute minimum if their conveyancing goes as fast as possible and searches aren't taking too long at the moment.
  • You’ll do very well to get a cash buyer through in two weeks unless you decide to sell to the ‘we buy any house’ types who will offer you c70% of the house value then threaten to collapse the purchase unless you settle for c60% of the value based on a discovered imperfection.

    Awful as it sounds, you’ll either lose a lot of money off the top of the deal or you sit tight and cross your fingers that in two weeks all ducks are in a row.

    Or you remarket and start again because you’ve lost confidence in your buyer, but appreciate you may not want to do that.

    Good luck, whatever you decide to do.
  • Doozergirl
    Doozergirl Posts: 33,775
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    You're unlikely to find many people ready to complete in 2 weeks unless you really sell for a bargain basement price. Even then, there is some indication that your chain will be ready in 2 weeks, which is is pretty good time - a little less than average.

    You misunderstand the house buying and selling process if you think that any buyer in a chain has any control over when you exchange and complete. Even the solicitors don't know how long all the enquiries will take.

    I appreciate that you are in a sticky situation, and I do empathise, but this was never in your control, nor was it in your buyer's.

    You still need to take that 31st October date with a large pinch of salt. Nobody has the answer. There are just so many different individuals and organisations involved in even a relatively small chain and there are no two transactions the same. Exchange happens when all of the paperwork is completed and then only on a date that suits everyone.

    You've been a bit naive, I'm afraid. No one in a chain can guarantee you a quick exchange.
    Everything that is supposed to be in heaven is already here on earth.
  • indielad1010
    indielad1010 Posts: 44
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    edited 18 October 2019 at 1:57PM
    Oh sure, I'm not expecting a cash buyer to complete in 2 weeks, but everytime an exchange of contracts date comes along, you find out there's an extra purchaser in the chain delaying the process at the last minute, doesn't inspire much confidence, does it? I realise there is little control on the length of time each unit of the chain has to complete, but people can help telling the truth can't they? I was lied to about the length of the chain and their positions in the conveyancing process.
  • Retired_Mortgage_Adviser
    Retired_Mortgage_Adviser Posts: 590
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    edited 18 October 2019 at 2:08PM
    Ah, unfortunately I saw this all the time as a broker. Buyer/vendors wrongly claiming to be "effectively chain free" to have their offer treated favourably or to encourage an offer, all the while dangling the prize of a quick transaction.

    I always told my chain-free FTB clients, don't take the vendor at their word if they say "Oh, we have somewhere to move into", look at their living situation and make your own assessment.

    In an ideal world, people would not be misrepresenting their circumstances, but in the house buying process, anything goes!

    I hope it goes through in the next 2 weeks but I wouldn't bet on it.
  • Bossypants
    Bossypants Posts: 1,273
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    Oh sure, I'm not expecting a cash buyer to complete in 2 weeks, but everytime an exchange of contracts date comes along, you find out there's an extra purchaser in the chain delaying the process at the last minute, doesn't inspire much confidence, does it? I realise there is little control on the length of time each unit of the chain has to complete, but people can help telling the truth can't they? I was lied to about the length of the chain and their positions in the conveyancing process.

    It's very frustrating, but the fact is that, even if you start afresh with a 'cash buyer', you'd struggle to be completely certain that they genuinely are what they claim to be, and that you won't end up in a similar situation down the line.
  • Surrey_EA
    Surrey_EA Posts: 2,042
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    his buyer was 'ready to go' and a 'first time buyer'.

    Such a meaningless statement, basically just trying to make his position sound better than it actually was.
    We agreed to exchange contracts the end of September,

    I always think there is very little point in discussing exchange dates until everyone is very advanced in the process. In fact I'm not sure there's much point in agreeing a date at all, exchange will simply take place at the earliest point at which all parties are ready.
  • Fosterdog
    Fosterdog Posts: 4,948
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    If you need to move closer to your mother sooner rather than later could you look for a rental in her area, and then you are no longer worrying as much about needing a buyer urgently. If you can get a 6 month AST and then go periodic it will be easier for your onward purchase as you would be chain free when you find another place to buy.

    Also you didn't sell your house in August, you accepted an offer in August, it is not "sold" until completion happens.
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    I sold my house in mid August at slightly below value, under the condition the potential buyer could purchase relatively quickly. He understood my situation andstated that his buyer was 'ready to go' and a 'first time buyer'. We agreed to exchange contracts the end of September, however it turned out his buyer hadn't even started the conveyancing

    Hardly surprising. If the vendor (your buyer) hadn't agreed on a forward purchase. Setting expectations at the outset without understanding the process. Was unfortunately going to result in frustration. Completion dates cannot be objectively set until well into the process. There's no knowing what might arise.
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