Offer accepted but....

EndlessSky · 23 Jul 2013 at 21:25

...the vendor says we must complete within 21 days or they will put it back on the market. They know we aren't cash buyers so this is unattainable and even if we were you would still struggle to complete in three weeks.

In reply i think all we can do is reiterate that we are first time buyers with no chain and state that our offer is our offer, and we will work towards completion as per due process. If they are unhappy with that approach, then so be it, and we will withdraw our offer.

I find this rather exasperating, has anyone heard of or experienced anything similar who could shine any light on the situation.

HangTime · 23 Jul 2013 at 22:08

One thing you can do is use this as a means to put pressure on your own solicitor to stop dragging their heels during the process, when we bought our first house after 5 weeks of faffing about the vendors came out with some ultimatum like "you need to complete by this time next week or else" and we were able to do it after hounding the solicitor/agent resulting in them hand delivering mail rather than posting etc to get things moving along. Personally I think it was just the usual case of legal teams leaving our stuff sat around in trays for days before looking at it for 5mins and then posting it back, rather than actively progressing our purchase as from what we could see there wasn't any genuine issues that should be holding things up (mortgage agreed, surveys done, no chain at either end etc etc). We completed in 6 weeks but I think a month could have been achievable if everyone was pulling in the same direction.

Schizo · 23 Jul 2013 at 22:12

As hang time said,hound them everyday to see the progress,i had this when i purchased a house 5 years ago,the people who's house we were buying were not decided (after they accepted our offer) if they wanted to sell or not,i gave them 24 hours to make there minds up or we were going to pull out,3 hours later they sold

Keep on at them,they will drag there heals and make your life hell.

Loosecannon · 23 Jul 2013 at 22:19

Just be very careful that they are trying to push it through as they know there is something not quite right with their house and if you take your time you could spot it and back out.

EndlessSky · 23 Jul 2013 at 22:32

Thanks chaps, some food for thought in there. They have moved out and are living in their new house already, so a part of me thinks they have two mortgages on the go and need the cash to pay off the original one.

We have our reasons to want the process to take the usual 8 to 10 weeks.

The house itself is fine, it used to belong to some good friends and we know they looked after it very well.

Well, I suppose we'll see what happens tomorrow!

Maccapacca · 24 Jul 2013 at 00:33

Just say yes ok, they aren't going to pull out if you take another 14 days if you don't tell them till day 21 especially if the wheels are in motion

BombayMix · 24 Jul 2013 at 10:48

EndlessSky said:
...the vendor says we must complete within 21 days or they will put it back on the market. They know we aren't cash buyers so this is unattainable and even if we were you would still struggle to complete in three weeks.

In reply i think all we can do is reiterate that we are first time buyers with no chain and state that our offer is our offer, and we will work towards completion as per due process. If they are unhappy with that approach, then so be it, and we will withdraw our offer.

I find this rather exasperating, has anyone heard of or experienced anything similar who could shine any light on the situation.

The flat I bought the seller but a similar clause on it. It took way longer to to complete then what they said they wanted. Nothing came of it in the end.

They could be bluffing, or not, you can't tell. But to put the house back on the market just because the completion slipped by a few days just silly, cost them fair more time and money then just waiting.

Jez · 24 Jul 2013 at 11:00

maccapacca said:
Just say yes ok, they aren't going to pull out if you take another 14 days if you don't tell them till day 21 especially if the wheels are in motion

Exactly my thought, there is no way they will pull out at this point. The fast completion is just their way of saying "make this a quick one".

rhysduck · 24 Jul 2013 at 11:17

If they do put it back on the market after the 21 days they're shooting themselves in the foot as it will only take longer again to complete a sale... seems a bit arse backwards to me!

[DOD]Asprilla · 24 Jul 2013 at 11:51

rhysduck said:
If they do put it back on the market after the 21 days they're shooting themselves in the foot as it will only take longer again to complete a sale... seems a bit arse backwards to me!

This.

The quickest I've managed is six weeks and that was with some luck. The mortgage company is usually the slowest moving part and there isn't a lot you can do to hurry them along.

Jez · 24 Jul 2013 at 12:17

With mortgage i have completed within a month a couple of times on repo's where the banks require it as a condition of purchase. You just need to be damn sure that everything is in place before hand with your solicitor, and absolutely hound them and keep them to the deadline. (and prey for a bit of luck and no complications).

physichull · 24 Jul 2013 at 12:41

rhysduck said:
If they do put it back on the market after the 21 days they're shooting themselves in the foot as it will only take longer again to complete a sale... seems a bit arse backwards to me!

This again.

Who knows how long it might take for them to get another buyer. It makes no sense really.

Blue160 · 24 Jul 2013 at 14:08

The worry is if you pay for survey, solicitors fees, mortgage fees etc and then the seller pulls the plug if you slip past their deadline you'll be seriously out of pocket. I think it would be better to negotiate a more realistic deadline before proceeding with the purchase. Buying a house can be a minefield even without an unreasonable vendor.

Father Ted · 24 Jul 2013 at 14:17

Have to agree with this, 21 days for completion is completely unrealistic. Who knows for instance what a survey might bring up that might require further investigation and delay things. There are just too many variables involved to make a commitment like that viable.

EndlessSky · 24 Jul 2013 at 20:36

Well firstly thanks to everyone who took the time to reply. We went back saying its unrealistic and we certainly don't plan on slacking etc. but if they want certainty feel free to reject our offer.

I think the agent had a word with them as they have taken the fierce wording out of the next dialogue and are happy to take it off the market when we produce our AiP and proof of deposit.

I think it may be an over aggressive "check if serious" tactic from the seller, maybe they have been stung before?

HangTime · 24 Jul 2013 at 21:55

There's a good chance I'd say, you often hear of time wasters viewing houses when they haven't got their finances lined up or own property on the market (if not FTB) and it must drive people round the bend.

A lot of the time I suspect people with no forward chain throw in these deadlines to try and get things moving as a generic "we want to complete as quickly as possible" is pretty meaningless and will say sat on the bottom of the in-trays

James · 24 Jul 2013 at 22:02

Hi there, I think you'll be very lucky to complete in 21 days!
That said, if you have a good mortgage adviser and conveyancer it can be done!

We're roughly running at about 6-12weeks at the moment with a mad rush in for August!
If there's anything you'd like to ask about the process etc just ask I'm happy to help!

EndlessSky · 24 Jul 2013 at 22:06

Thanks James, that's very kind.

I'm a relatively mature first time buyer and I must admit the whole process can seem quite protracted. There seems to be a lot of people involved who don't do a huge amount!

Yaayuh! · 24 Jul 2013 at 22:15

It sounds like they just want a quick sale. Go with it and if it takes longer (which it will) then they'll have to wait.

James · 24 Jul 2013 at 22:21

EndlessSky said:
Thanks James, that's very kind.

I'm a relatively mature first time buyer and I must admit the whole process can seem quite protracted. There seems to be a lot of people involved who don't do a huge amount!

No problem!

Yes unfortunately there's a lot of lazy people as well which doesn't help the whole process!
Might be worth looking for a decent 'no move no fee' solicitor, some of them offer a 'search insurance' which means that if for any reason the sale collapses through no fault of your own your next lot of searches are free.
Plenty around online by googling just make sure whoever you intend to use 'google' their name first and add review to it.

You'd be amazed at how much of a clear picture you can get with all these review sites now available on line!

Offer accepted but....

Tea Drinker