When to put a property back on the market?

[Mekon]

We had an offer on our place 9 weeks ago. The offer is fine, subject to a bit of dicking about on their part, but despite pressure on our part, and searches and survey throwing up nothing, they aren't making any progress. We've been being told exchange is imminent for 3 weeks, but nothing's changed except the occasional drip feed of random questions - eg today - do we have the documents for planning permission for a change of use over 20 years ago that has been superseded by a subsequent change of use that we've already supplied docs for? It's causing stress. Sadly, despite multiple recommendations, our solicitor appears not to be very proactive.

Agent is confident he'll get quick multiple bids and a better price if it goes back on. Reason for not doing it is that we're good to go on our purchase, and don't want that to fall through if we start again.

Advice?

[JustinP1]

Tell the buyer exactly as you have said here.

Give them a deadline to exchange contracts before which you will put the house back on the market.

If they are serious about buying they will get their stuff together, or if they pull out at least you found out now.

[Busamav]

From my last experience , this is leading up to your purchaser risking a lower offer just before the day of exchange .

[TimCrighton]

Its a common problem at the moment, lots of purchasers are keen in theory but the actual commitment of buying in what is still a turbulent market is somewhat different and its amounting to a lot of sitting on the fence!

I would suggest imposing a timescale for exchange - also make enquiries as to what is holding things up - presumably you've answered your enquiries? Also put a rocket up your own lawyer, just make sure he/she understands the situation as well.

[Dave_ST220]

JustinP1 said:

Tell the buyer exactly as you have said here.

Give them a deadline to exchange contracts before which you will put the house back on the market.

If they are serious about buying they will get their stuff together, or if they pull out at least you found out now.

Exactly. Are they FTB'ers? We were in same boat, nothing seemed to be happening, all of s sudden we exchanged yesterday & complete end of month. The whole system is a bloody farce. When we purchased our first house the mortgage was in place, we had the deposit, the seller was moving back home, it still took 14 weeks! No chain, nothing. & they can pull out even after exchange leaving you to sue them for any loss.

[Mekon]

Busamav said:

From my last experience , this is leading up to your purchaser risking a lower offer just before the day of exchange .

I am in Cambridge, where we are seeing regression to the mean/dead cat bounce. friends nearby just got an offer £18k over what I accepted 2 month ago, albeit there was a £15k spread between the 4 offers she got. Our EA is itching to contact the people who made those offers, as they are all better than the one we accepted. What's stopping me is that we are ready to exchange, and I'd prefer not to risk losing the property we're buying (did a stonking deal).

TimCrighton said:

Its a common problem at the moment, lots of purchasers are keen in theory but the actual commitment of buying in what is still a turbulent market is somewhat different and its amounting to a lot of sitting on the fence!

I would suggest imposing a timescale for exchange - also make enquiries as to what is holding things up - presumably you've answered your enquiries? Also put a rocket up your own lawyer, just make sure he/she understands the situation as well.

I think that is right. Had the EA on the phone to their solicitor this am, trying to the root of the delay. it appears that they had delayed signing their mortgage acceptance form, so are waiting for their mortgage to come through. EA is suggesting we give them until Wednesday to exchange. Our solicitor is pushing their's to start hassling the mortgage company.

Edited by Mekon on Friday 17th April 12:29

[2something]

People are still having a lot of problems getting a mortgage, make sure that they aren't messing around because they are struggling to get one.

[Sam_68]

Busamav said:

From my last experience , this is leading up to your purchaser risking a lower offer just before the day of exchange .

To be fair, we get exactly these sorts of dumb-ass enquiries and dicking around from purchaser's solicitors all the time.

It could be cold feet or leading up to a revised offer, but TBH my experience would lead me to guess it's simply their solicitor being a typical conveyancing solicitor (ie. a semi-competent fkwit with no grasp of practical reality).

[Davi]

Sam_68 said:

(ie. a semi-competent fkwit with no grasp of practical reality).

bit OTT mate, I'm yet to deal with one I'd class as highly as semi-competent

[Dave_ST220]

Sam_68 said:

Busamav said:

From my last experience , this is leading up to your purchaser risking a lower offer just before the day of exchange .

To be fair, we get exactly these sorts of dumb-ass enquiries and dicking around from purchaser's solicitors all the time.

It could be cold feet or leading up to a revised offer, but TBH my experience would lead me to guess it's simply their solicitor being a typical conveyancing solicitor (ie. a semi-competent fkwit with no grasp of practical reality).

Sounds about right! Sometimes i wonder what the fk i am paying them for!

[Davi]

Dave_ST220 said:

Sounds about right! Sometimes i wonder what the fk i am paying them for!

mostly to cover their indemnity insurance

[Dave_ST220]

Davi said:

Dave_ST220 said:

Sounds about right! Sometimes i wonder what the fk i am paying them for!

mostly to cover their indemnity insurance

lol

[pikey]

View from the other side:

I knew someone who'd found a corker of a house to retire to (highly unusual to find a similar one) and in turn needed to sell theirs. The chain was all in place but the people buying theirs pulled out. The solicitor said it wasn't a problem and could string out the deal for quite a while by asking stupid questions and being slow to respond.. in the meantime, find another buyer.

They did that, the sale went through and everyone was happy. No-one ever knew.