Unforgiving vendors?

hayabslee0 · 9 May 2018 at 10:54PM

Week 5 into our chain's sale and our buyer's purchasers (the first people in the chain) have pulled out...devastated to say the least.

We immediately contacted the Agents for the house we're buying stating that our buyer is still keen and that they're hopeful of a quick sale. 1 hour later, they state their house has been put back on the market...not even given us a week or so to see how things go!?! This is despite them knowing we had a 400 mile round trip (we're moving long distance) and they know how much we love their house and the area!

Is this normal? Are we being too lenient in giving our buyer a couple of weeks to see if she can secure a sale - despite us losing our dream purchase?

Aylesbury_Duck · 9 May 2018 at 11:07PM

They have reacted rather quickly but then again, perhaps you have acted rather hastily, albeit very honestly, by informing them so quickly. Perhaps they think youve known for a while and only just told them. Perhaps theyve had a chain collapse before and have been spooked.

They probably dont care that you live 200 miles away and love the house and area. Theyre after your money which is as good as anyone elses.

All you can do is hope that the chain beneath you is reinstated and that your vendors will accept and are able to accept another offer when youre ready to proceed.

ThePants999 · 9 May 2018 at 11:09PM

Putting it back on the market doesn't necessarily mean they're refusing to sell to you. They're hedging their bets - they've no idea how long it'll take your buyer to find a new buyer, so they're sort of insuring against the possibility of it taking ages by seeing if they can get a new buyer themselves. It's entirely possible that your buyer will indeed find a new buyer very quickly, in which case you vendor will likely take their place off the market again and continue to sell to you.

Sadly, I think this is very sensible of them - too much is at stake in property transactions to be "forgiving". You might want to consider doing the same.

moneyistooshorttomention · 10 May 2018 at 7:19AM

I guess you've been a bit "too honest for your own good" there:cool:. I guess you were "showing evidence of good faith" to be so prompt in telling them. I'm an honest person myself - but would probably have given it a week for things to "turn around - ie another buyer found" before I told them (ie rather than do so within literally hours).

Am wondering what part of the country you are moving to that is so far away? It may be that it's a part of the country anyway where houses sell at a distinctly slower rate than you are used to (unless they are as modern/well-maintained as you are possibly used to - in which case they take a normal amount of time to sell).

So if it's a part of the country where many houses are in a condition whereby they will sell rather slower than you're used to - there is probably no undue cause for concern and the house will still be yours anyway.

Basically - keep your fingers crossed and eye on the ball and hopefully all will be well and they won't find a replacement buyer instead of yourselves.

AnotherJoe · 10 May 2018 at 7:31AM

There would seem little point you now waiting, you might as well put your house back on the market as well. Either your buyers will find another buyer quickly, or they won't. In the former case no harm done, in the latter, just as well, as it may end up securing you your dream house if you find someone else in time.

The fact you love the house is irrelevant, they can't use that in part exchange.

I am truly mystified as to why you believe it being a 400 mile round trip for you should make any difference.

moneyistooshorttomention · 10 May 2018 at 7:44AM

Well - I certainly took travelling 400 miles as "evidence of serious intent". Most of us don't go for that long a drive just for the sake of a change of scenery/quick day out. One has to be pretty "serious" to go to that much effort - and not be viewing checking out houses as a leisuretime hobby (ie we all know there are people who view houses just for "something to do" - but a trip that long is obviously not going to be that).

AnotherJoe · 10 May 2018 at 8:06AM

moneyistooshorttomention wrote: »

Well - I certainly took travelling 400 miles as "evidence of serious intent". Most of us don't go for that long a drive just for the sake of a change of scenery/quick day out. One has to be pretty "serious" to go to that much effort - and not be viewing checking out houses as a leisuretime hobby (ie we all know there are people who view houses just for "something to do" - but a trip that long is obviously not going to be that).

The vendors realise they are serious, they have made an offer and started to buy it ! After that point, the fact they are 2, 20 or 200 miles away makes no odds. Well, not to me anyway.

PasturesNew · 10 May 2018 at 8:16AM

The sellers owe you no favours, they don't know you from Adam. This is how it goes - they want to sell, you are not in a position to buy. You might be able to buy it later, but they are trying to sell their property, not run a charity for people who say they like the area.

It's a transaction, not an emotional event.

That's just how it goes.

I had a couple who were DESPERATE to buy my old house, it was their dream relocation.... but they'd not sold theirs and so I didn't accept their offer. I "sold it" to somebody else, who pulled out 2-3 months later - and then the original couple were in a position to buy my house and they did so.

My parents' house was for sale, a neighbour's parent wanted it, his sale fell through, so I had to sell it to somebody else as I was acting under PoA so had an obligation to "do the right thing" which was to sell the house and not get all emotive over the fact that granddad could now live 25 yards from his daughter/grandchildren and that was their dream..... on the day of completion he called me to say he had another buyer, but it was too late. It happens.

moneyistooshorttomention · 10 May 2018 at 8:49AM

In fairness - some of us do have emotion come into it (to some extent or another).

I had a choice of buyers for my last house - someone who wanted it as a starter house for themselves or someone that wanted it as a buy-to-let. I sold it to the would-be home-owner. Though it's true my EA was also pushing the case for it to be a home-owner and telling me how much they needed my house (ie what their living conditions currently were):rotfl:

I've been shocked recently at discovering in current area that it's not uncommon for people to express subjective opinion they would prefer to sell to someone "local" (eg "Oh yes - I'd sell it to someone from "Away" - if they offered me more for it than someone local" !!!!! Translation = "I'd charge a non-local more for it"...) and will do so if they have a choice - even if they know the other buyer also wants it as a home for themselves (not a buy-to-let).

EDIT; Which does show there is a possibility that OP has "been charged more for it" than a local and the vendor is basically bluffing putting the house up as available again.....as they will want that "price premium" if that's what they are doing...

AnotherJoe · 10 May 2018 at 8:57AM

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.

hazyjo · 10 May 2018 at 10:18AM

They might not have even thought of it as an option - you should have asked if they'll give you say two weeks' grace for your buyers to find another buyer.

Or the EA may have told them it was normal practice to remarket or that your buyers sound like timewasters (who knows what they've come up with!).

Or your vendors may be about to lose their 'dream home' and maybe their vendors have said they won't wait so they have no choice but to sell it to the first interested party.

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Unforgiving vendors?

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