Should we pull out of buying?

[Andy_and_lou]

Ok Long story short, we went Sale Agreed on a house just after Christmas, waited and with alot of excuses from the vendors end we finally got contracts about 8 weeks later, no date on them of course. Another 4 weeks have gone by with a different excuse every week, they couldn't get a date from the vendors of the house they were buying, they then went and bought another house and they are waiting on contracts and a date for that house, now the latest excuse is their mortgage broker is messing them about and they are waiting on the loan approval or something to that effect.

We have said to their Auctioneer and Solicitor that there are a few houses for sale in the same estate and we are now considering them (no bids on any of them btw). But to be honest none of them are nearly as nice as this one (haven't told them that obviously) We have looked at buying new in the same area but these houses won't be ready for another year. We are selling our own house and I'm afraid out buyer is going to get pee'd off and pull out.

My husband called to the Vendors a few weeks ago before we got the contracts and before they had bid on the other house, to find out what was going on. They said they really wanted out but were having trouble with getting a date from their vendors, hence, they bid on a house that was ready to be occupied. Do you think we should call to them again, cos this business with the Mortgage is all news to me (auctioneer told us this today btw) Should we get our solicitor to give them a date and if nothing is done by then we are pulling out, what is the norm???

 

[BrenG]

There is no norm here. In our particular case we agreed purchase last August and will eventually close next week. reason we persisted is because we really wanted the house. Obviously you will need assurance that they are definitely going to close and it would do no harm to play a little tougher as purchasers are thin on the ground at the moment. Maybe giving them a timeframe to complete will work. It's really a question of how much you want the house.

 

[bobk]

renegotiate the price.

I would tell them you want a 10k reduction or let them put back on the market.

Unless it's the 'house of your dreams' then maybe settle for a 5k reduction

 

[redo]

Their solicitor is probably recommending that they do not sign your contracts, until they have signed their contracts involved in the other part of the sale. At the end of the day, why would they agree to sell you their house, if they had not agreed to buy somebody elses.

It's a hard one to call. The vendor is probably more worried about the sale falling through, than you are. Buyers seem to be harder to attract. Although you could try and negoiate a 10k reduction, my advice would see if they would sign a different contract. A contract that would prevent them selling the house to anyone else, as long as you still wanted to buy it.

 

[oblib]

Just thought I'd share my story with you so you can see your not the only with these types of problems.

The short of it is: went sale agreed in early Nov 06. Waited 3 months patiently for contracts. Finally arrived but contract was a complete mess - mistakes all over the place including the purchase price! Not sure if the intent but it was likely to stall for a bit longer. We sent the contract back asking for corrections but instead of that they asked (through the auctioneer mind you) that we sign the contract and write 'pending amendments' on it. It all seemed to fishy for us so we pulled out. We were willing to pay over the asking price for their home initially but I doubt they will get that now. Hit them where it hurts for messing you around.

Again, not sure this helps in anyway specific but at least you can take comfort in that fact this kinda stuff happens probably more regularly than you think.

 

[Marie]

This is - pure and simple - the nature of the property market and the nature of 'chains'. Anne decides to sell her house and move to another town, puts an offer on the house she wants there. Purchaser Bill likes Anne's house and puts an offer. Anne finds the house of her dreams but Charlie and Christine can't exchange contracts until their deal with Deirdre and Donal goes through...............but Eddie (from whom they're buying their new house) has just had a disappointment as his vendor, Francis, has decided she can't afford to trade up and will just do up her house instead!

Whole 'chain' collapses!!!!!

This is "the norm" in the property market. A straightforward hassle-free experience is the exception rather than the rule...............which is why when there is "No Onward Chain" or "Vacant Possession" Estate Agents write it in capitals, emphasised as a selling-point.

If it is the house you want (and you say it is) then its just a matter of patience. The hold-up you are experiencing is not usually an indication of anything untoward; nobody is 'do-ing' anybody else and bidding for another property at this stage might (you have to consider your situation yourself) be extremely confusing for all concerned.

 

[Andy_and_lou]

Thanks for the Replies.

I know it's a chain situation but as far as I can make out these people don't have family here and the husband is currently working and living in another county. I don't know but if it was me I would go and rent while I was waiting for house esp with a hubby and kids. Anyway that's neither here nor there. We are looking at another property now but then I don't know how long we will be waiting for that.

 

[A_b]

unless it is your dream house would seriously think about pulling out. Not worth the stress. Did the same not so long ago and am in much better situation now ... and stress free!