Buyer has contracts for 7 weeks now! what do we do?

[mrslemon]

Our last sale fell through after dragging on for weeks as well so we are extremely anxious. We're going to lose the house we're buying if this keeps up any longer or if it falls through again.

Our buyers were sent the contracts 7 weeks ago. There were some issues raised by them but these were sorted out within the first three weeks. They live abroad, so that's not helpin. Also, our solicitor is dreadful and we have to kick her up the backside on a constant basis to find out information, if we can get her to answer the phone or return our calls.

The buyers solicitor said last week that the contracts were being sent from abroad but that the buyers STILL didn't have formal mortgage approval. I don't understand why they don't have this approval. Now their solicitor is on holidays until next week!! Our solicitor got on to them today and got whoever is standing in for the person on holidays and as far as they were conceerned, the contracts hadn't been returned and they still didn't have the mortgage approval.

Has anyone else been in this boat?? We just feel so helpless. If they can't get the final mortgage approval than they should have known that fact weeks ago. Are delays in getting approval normal?? We got ours within a week of going sale agreed on the house we're buying.

 

[BUZ]

I'm in the same situation with my house, it's 7 weeks since "sale agreed" and they still haven't signed contracts. I have no advice for you I'm afraid but I'm wondering is there a time limit on signing contracts? If we decided to pull out of the sale at this stage and give it to another Estate Agent to sell, are there any legal implications for us? I'm presuming that we don't have to pay any fee to the Estate Agent unless the house actually sells?

 

[CCOVICH]

If we decided to pull out of the sale at this stage and give it to another Estate Agent to sell, are there any legal implications for us? I'm presuming that we don't have to pay any fee to the Estate Agent unless the house actually sells?

It depends on the terms of the agreement you have with the EA-you would more than likely be liable for costs (e.g. advertising)-if you search you will find more discussion on the same topic.

 

[d4denzell]

I was selling a property in Westmeath 2 years ago to a couple who messed me around for over 4 months before changing their minds about buying - it was a further 10 months before I found another buyer. This messing around cost them nothing. It cost me over €10k. As you can imagine I was far from pleased.

In future I will be insisting on a pre-defined closing date when selling any property as well as stating that the booking deposit is non-refundable except in the case where a major flaw has been found in the property, just as a builder would do. Once that date has elapsed I will be automatically cancelling the agreement to sell and banking the deposit.

My previous experience was a harsh lesson - people need to be placed under pressure - if they do not play ball, do not entertain them. Do not allow an estate agent to appease your instincts to want to pull out of the agreement to sell if that is what you want to do, they only want their cut.

 

[mf1]

"In future I will be insisting on a pre-defined closing date when selling any property as well as stating that the booking deposit is non-refundable except in the case where a major flaw has been found in the property, just as a builder would do. Once that date has elapsed I will be automatically cancelling the agreement to sell and banking the deposit."

Unless contracts are signed, you cannot hold the deposit. Most problems arise because purchasers cannot sign Contracts as there is an impediment e.g. they have to sell their own house.

mf

 

[d4denzell]

Not so - if the purchaser is informed that the deposit is non-refundable it is their decision whether or not they wish to pay it over or not at the outset.

In the experience I outlined above, the "purchasers" were not in a chain, instead they prevaricated because of problems with their finances. Never again would I entertain a purchaser who does not have their finances in order, hence my advice to the original poster to assess the situation, back out if they feel that is necessary, and secure a non-refundable booking deposit in future.