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    • hayabslee0
    • By hayabslee0 9th May 18, 10:54 PM
    • 44Posts
    • 27Thanks
    hayabslee0
    Unforgiving vendors?
    • #1
    • 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?
Page 2
    • hazyjo
    • By hazyjo 10th May 18, 9:45 PM
    • 10,983 Posts
    • 14,476 Thanks
    hazyjo
    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?

    ...

    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.)
    Originally posted by nicmyles
    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.
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • Thrugelmir
    • By Thrugelmir 10th May 18, 9:50 PM
    • 60,016 Posts
    • 53,378 Thanks
    Thrugelmir

    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.
    Originally posted by nicmyles
    The haven't lost the buyer though. They might receive another offer tomorrow on their property.

    The unknown factor is the vendors situation. What's happening above them. This may be influencing their decision to relist.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • AnotherJoe
    • By AnotherJoe 11th May 18, 8:22 AM
    • 10,935 Posts
    • 12,605 Thanks
    AnotherJoe
    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?
    Originally posted by nicmyles
    Then the chain is reinstated and no harm is done.
    • Niv
    • By Niv 11th May 18, 8:51 AM
    • 1,677 Posts
    • 1,459 Thanks
    Niv
    I had the same situation happen to me. Relations got a bit strained with the seller after this but I wanted their house not a friendship with them.


    After they put their house back on the market (obviously their right, no major complaints there although like OP I felt a little downhearted), I proceeded to inform their EA that my offer was retracted and when i found a buyer I was in no way committed to continue with the original sale, I also started viewing houses again - including with the sellers EA. Did it send a message to anyone? Probably not, but it made me feel a little more in control of the situation and i also know that the 'seller' had been asking for new photos to be taken of her house repeatedly but their EA didn't update anything - I suspect because they knew I was keen and serious so why expel effort advertising a house that had a 'buyer in waiting' whom had a house that was easy to sell type place and knew I was being flexible on price etc. to sell my place asap.
    YNWA

    Target: Mortgage free by 58.
    • hayabslee0
    • By hayabslee0 11th May 18, 1:14 PM
    • 44 Posts
    • 27 Thanks
    hayabslee0
    Thanks everyone for your replies.

    I agree that in some ways, maybe we were too hasty in being honest. However, I always believe if you're honest and transparent, people will respect and believe your more when problems come up.

    I heard back from the Agent this morning and basically, they've decided to give us a couple of weeks. This allows our buyers to potentially sell again. I know this is a longshot in today's climate, however, at least it gives us a little bit of time. In the meantime, we've started to prepare for the worst and have started looking at other properties, just in case (and with no onward chain!)
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