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Main site > Forums > Essential Money > House Buying, Renting & Selling > Unforgiving vendors?
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      hayabslee0
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    • By hayabslee0 9th May 18, 10:54 PM
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    Unforgiving vendors?
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    • 9th May 18, 10:54 PM
    Unforgiving vendors? 9th May 18 at 10:54 PM
    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?

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    • By Aylesbury Duck 9th May 18, 11:07 PM
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    • 9th May 18, 11:07 PM
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    • 9th May 18, 11:07 PM
    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.

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    • By ThePants999 9th May 18, 11:09 PM
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    • #3
    • 9th May 18, 11:09 PM
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    • 9th May 18, 11:09 PM
    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.

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      moneyistooshorttomention
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    • By moneyistooshorttomention 10th May 18, 7:19 AM
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    • #4
    • 10th May 18, 7:19 AM
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    • 10th May 18, 7:19 AM
    I guess you've been a bit "too honest for your own good" there. 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.
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    • By AnotherJoe 10th May 18, 7:31 AM
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    • #5
    • 10th May 18, 7:31 AM
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    • 10th May 18, 7:31 AM
    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.

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    • By moneyistooshorttomention 10th May 18, 7:44 AM
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    • #6
    • 10th May 18, 7:44 AM
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    • 10th May 18, 7:44 AM
    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).
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    • By AnotherJoe 10th May 18, 8:06 AM
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    • #7
    • 10th May 18, 8:06 AM
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    • 10th May 18, 8:06 AM
    “
    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).
    Originally posted by moneyistooshorttomention ”
    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.

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    • By PasturesNew 10th May 18, 8:16 AM
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    • 10th May 18, 8:16 AM
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    • 10th May 18, 8:16 AM
    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.
    Last edited by PasturesNew; 10-05-2018 at 8:19 AM.

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    • By moneyistooshorttomention 10th May 18, 8:49 AM
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    • #9
    • 10th May 18, 8:49 AM
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    • 10th May 18, 8:49 AM
    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)

    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...
    Last edited by moneyistooshorttomention; 10-05-2018 at 8:53 AM.
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    • By AnotherJoe 10th May 18, 8:57 AM
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    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.
    Last edited by AnotherJoe; 10-05-2018 at 9:02 AM.

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    • By hazyjo 10th May 18, 10:18 AM
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    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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    • By cloo 10th May 18, 10:19 AM
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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.

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    • By moneyistooshorttomention 10th May 18, 2:27 PM
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    “
    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.
    Originally posted by AnotherJoe ”
    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).

    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...
    Last edited by moneyistooshorttomention; 10-05-2018 at 2:31 PM.
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    • By Asl77c 10th May 18, 3:01 PM
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    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.

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    • By lookstraightahead 10th May 18, 3:24 PM
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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.

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    • By nicmyles 10th May 18, 3:28 PM
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    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??

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    • By hazyjo 10th May 18, 4:24 PM
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    “
    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??
    Originally posted by nicmyles ”
    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.
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    • By nicmyles 10th May 18, 5:31 PM
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    “
    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 annoying 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.)
    Last edited by nicmyles; 10-05-2018 at 5:38 PM.

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    • By Thrugelmir 10th May 18, 5:43 PM
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    “

    Binning your buyer and moving to another one is not necessarily going to save you that much time.
    Originally posted by nicmyles ”
    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.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.

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    • By nicmyles 10th May 18, 6:36 PM
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    “
    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.

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