Sale agreed few months, can I ask for more?

ArthurMcB said:
The delay is due mainly to the buyer being abroad
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I sold a property to a UK-based couple a few years ago that took almost six months to complete.

The big delaying factor was that they had to apply for PPS numbers which took an age to process.

I wonder is that the problem here?
 
I'd be inclined to give them 10 days to either "put up or shut up" at this stage. I'd relay the message via the EA as well and inform them that if the sale falls through, they're out of a job. I hate messers.
 
Sale agreed for 5 months with little movement? I'd be putting it back on the market like most have said here. Even without the market going up, I'd be putting it back on the market. The estate agent should be working for you btw, not the buyer. They should be on your side, in that if you put it back up & it goes for higher money, their commission will be a bit more too.
 
Sarenco said:
I sold a property to a UK-based couple a few years ago that took almost six months to complete.

The big delaying factor was that they had to apply for PPS numbers which took an age to process.

I wonder is that the problem here?
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Whatever the problem is/was, it's not the vendor's. If the potential purchaser is not in a position to purchase, I'd be pushing back on the EA. Surely they have check-lists they complete to ensure the basics are in place before introducing the buyer into the process? This is not rocket science, in fact, it's not even science, just tick the boxes work.
 
mathepac said:
This is not rocket science
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I wonder how many estate agents even know that a purchaser has to have a PPS number? It came as a surprise to me.

There is no doubt that the OP can pull out of the current deal and can put the property on the market. However, that will not necessarily guarantee a quicker sale at a higher price.
 
Sarenco said:
There is no doubt that the OP can pull out of the current deal and can put the property on the market. However, that will not necessarily guarantee a quicker sale at a higher price
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Thanks everyone for all of the replies. I think the quote above is important for me to remember. Buyers solic has sent list of closing requiremebts to my solic as of today (randomly) so it must be close to completing. In this case, im probably better sticking with it.
 
I had a simar situation with a close friend, they went sale agreed in late May, and they still have no contracts signed as of today. In mid July, i advised them to pull the sale, fire the auctioneer, and put it back on the market with someone else.

They specifically asked for a cash buyer in advance of it being put onto the market, and requested the auctioneer to vet all bidders in advance for proof of documentation etc. He told my friend they were a cash buyer, but they have aome delay with their bank. If it was me i would have pulled the sale months ago.

So far, they have not pulled the sale, and the house has increased by about 25k minimum.
 
Put it back on the market. Advise the potential buyer you are doing so. Use the same EA (they should be fine with it).

Continue progressing the contract. If they pull out so be it.

If necessary, take your time signing off at the end if you have some viewings lined up.

I would normally keep my word - but they haven't kept theirs if they bought on the implied basis of being fast moving cash buyers.

The only risk here is some black swan event causing longterm damage to the current market uptrend, hopefully you will be off market again in 3 weeks.
 
Thanks again. If i thought that progress was not happening then I would pull the sale and go back to market. However it seems to now be on the brink of closing so in that case I will stick with current buyer but am monitoring it closely.

I asked tenants to move out a few months ago thinking it would close quickly. Iv lost out on 3 months rent. Could I ask the EA to ask the buyer to pay something extra to cover this in light of all of the above?

I sure they would tell me to take a hike but is there any good way to approach this?
 
That amounts to request a higher sale price. Because you have not exchanged contracts, you can tell the EA to inform the buyer that you don't agree to the original figure anymore due to lost rent. And that the new minimum sale price is now X.
 
Yes @Bilbo1 i suppose its the same thing...i.e asking for more either due to market increase or due to lost rent.

No harm in asking though and they will likely say no. And if, as i think, completion is close then ill just suck it up and wait.
 
Has your solicitor said the closing date is close? Having bought & sold twice recently, even after signing contracts, it still can take time if one party drags their heels.
One thing I don't think has come up here is, is your house you are selling in a fast moving area? If you put it back on the market will it go fast or sit for a while?
 
myate said:
Has your solicitor said the closing date is close? Having bought & sold twice recently, even after signing contracts, it still can take time if one party drags their heels.
One thing I don't think has come up here is, is your house you are selling in a fast moving area? If you put it back on the market will it go fast or sit for a while?
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Hi myate

Yes the house is in a very fast moving area. Id imagine it would go sale agreed within a few weeks but then who knows how long it would take thereafter.

I actually must check with solicitor re setting an official close date. But what diff will that really make now that theyve sent their closing requirements and contracts have been drafted for some time now? A closing date can be missed as well so isnt it kind of arbitrary? Thanks.
 
You can always add some kind of clause that sets the expected closure date and a daily charge after that date.
 
@ArthurMcB the way I see it is, at the moment you have nothing, except some guy who 5 months ago said he would buy your house. You have no contract, I assume no property valuation has been done and no property survey has been done. So in other words NOTHING has taken place to indicate this guy is going to follow through on what he said.
Can you imagine if you went down to your local main Mercedes dealer and said I will buy that car, 'Please take it off your forecourt now, no I'm not giving a deposit and I'm not signing any purchase contract for at least for 5 months maybe more' . The car would remain 'For Sale' on the forecourt and you know what you would be told!!
Do the same with your house.

ArthurMcB said:
As far as I can see its close to completing but iv been thinking that 2 months ago.
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How can it be, when contracts haven't even been exchanged?

ArthurMcB said:
Whereas current bidder, as I understand it, is close to drawing down.
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This is another thing I have a problem with (I strongly suspect you are been spun a yarn), how can he be 'close to drawing down', drawing down against what ? Think about it, there is no legal agreement to buy your, or indeed, any property, there has been no valuation done (assumption) and what lending agency would give hundreds of thousands of Euro to a guy who just said he's going to buy a/ some/ any house ?
It is usual to 'draw down' on the day, or day before completion of sale.

I know if it were me, I would feel I'm being strung along and would vehemently resent it.
As mentioned previously, the EA is meant to be working for you, tell him (don't ask) you are putting it back on the market immediately,
if the original guy is serious he will move on it, if not, it was never going to happen.

Just my 'tuppence' worth.
 
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Thanks @SparkRite

A survey has been done way back in june.

Solicitors are communicating with eachother. Contract has been drafted 2 months ago but not signed by me as its pointless until buyer (a foreign investor) is in position to sign.

Buyer is getting mortgage from ICS and my solicitor got confirmation from their solic that ICS had sent docs abroad to foreign buyer and those mortg docs hsve since been returned by buyer.

Im comfortable, as far as I can be, that progress is being made and buyer is genuine. My prob is that its been so slow. I regret that I wasnt more urgent about this bsck in May. I have relied too much on the word of the EA. Lessons learned.

I have lost rent as well due to me asking tenants to leave early june.
Iv asked EA to ask buyer to consider upping offer in light of this and market movement in 5 months so we ll see what the response is. If they say no i will put it back on open market and possibly with a new EA.
 
The aspect I don't like is that the EA knows the buyer.

How well is the question and is it on a personal level?

If they know each other in a professional business sense, that's fine, but in a personal sense would set alarm bells off.

I'd have another EA give an opinion on valuation and make decision on that
 
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