sale agreed worries

Hi All,

Just a few questions

someone put a bid on our house slightly below asking price which we accepted and out EA didnt take the booking deposit from the buyer party until he checked out if he could in fact get the mortgage required. EA Rang me last week to say the "would be" buyer is ok for a mortgage and would be down on Monday or Tue to put the booking deposit down. Was speaking to the EA earlier and the buyer still has not come down to put the money on the house and we are still waiting on his valuer from the bank to come down to approve the house. Im worried as the only reason(which this was explained to the buyer) we accepted a slightly lower offer on the house was if both parties moved fast and we got a quick sale(due to circumstances on our part) and am concerned that the buyer is going to pull out...is this normal or does it happen often? The EA is trying to assure us that the buyer has nothing to sell and because of family circumstances himself wants to move his family and himself into the house by may...does thia sound positiave...any info would put my mind at rest one way or another...i know nothing is sold until the money is in the bank or the contracts are signed but cant help being worried and does anyone know how long this normally takes from this stage to closing??

"is this normal or does it happen often? "

All the time. It is the nature of the process currently. The Purchasers have all the ground - the vendors are at their mercy. It is a complete shift in power in the overall process.

All you can do is make sure your Title Deeds are with your solicitor, that they are all set to issue the contracts and that, once they are issued, that you then put pressure on the proposed purchasers to sign and return them.

Until the contracts are signed by both parties - there is no binding contract and either side is free to pull out.

Once the contracts are signed and a completion date is agreed, either party can still decide not to complete, although they are in the wrong to do so, and then it is a question of working out what to do in the circumstances.

My views - the deal is only done when the money is in your bank. Until then, anything can go wrong.

mf

MF1
Thanks for the reply...yeah thats the general feeling of sale agreed and thats why im worried....i just wish i know one way or another...wish i could ask the buyer out straight and get a straight answer rahter than doubting the EA as i suppose its in his best interests to keep us calm!!! Although he is doing a good job so far!
In your opnion from what i have described does it sound like he may pull out? The EA says its sounds good as the buyer has stated that his family want to be moved in by may and he has nothing to sell but just looking from an outsiders point of view!
I have rang my solicitor to see if the deeds are registered but i cant really do anything else until the potential buyer gets the booking deposit down and the banks valuer is sent out.
Due to family circumstances on my part it would be very benifical to get the house sold asap which is why im so antsy and why we accepted the lower offer...otherwise i could just sit back!
Thanks again!

Don't let the potential buyer know your anxiety.

Think of tactics such as;
1. Getting a friend to contact EA asking if house is still for sale. If he indicates that it is............get worried as he obviously has no confidence in initial potential buyer.
or
2. Telling EA that friend of friend might be interested in a quick purchase at same price. This news via EA might speed up potential buyer?

A booking deposit isn't binding, but the lack of it at this stage would have me really concerned., so I would consider a bit of bluffing...........

Best of luck..........