Giving deadlines to a buyer on house purchase?

[Trevor555]

Hi all, hope I've posted in the correct section.

Our last buyer took 9 weeks to tell us they couldn't get the mortgage, with zero enquiries on searches.

Is it reasonable to give the next buyer deadlines?

I'm thinking along the lines of :-

4 weeks to complete searches.

6 weeks to confirm mortgage approved.

8 weeks to exchange contracts.

10 weeks for completion.

Is this unreasonable?

[MOBB]

I feel your pain, but I would tell you where to go………….

[Trevor555]

MOBB said:

I feel your pain, but I would tell you where to go .

Being proper people, we took the house off the market, and declined further viewings for this buyer.

9 weeks totally wasted.

[FlyVintage]

It wouldn t be unreasonable to expect a buyer to be qualified by your agent with a mortgage in principle; indeed many should have done this process before they would be taken seriously. I would expect your agents chaser to keep you updated beyond that and you should apply pressure to the right places to keep things on track to exchange. Having some kind of schedule that you intend to impose on buyers when significant elements are out of their control seems at minimum pointless and is more likely to just mark you out as difficult/unrealistic to deal with .

[Jakg]

Trevor555 said:

Is this unreasonable?

Yes, especially as those are all outside of the buyers (direct) control.

E.G. the mortgage company will take as long as they take, or there might be an argument between mortgage company and sellers solicitors about paperwork etc.

[PhilboSE]

As nothing is binding until contracts exchanged you can give any deadlines/ultimatums you like. The buyer may choose not to comply and you will have to decide whether or not to follow through.

I had a bad experience with a seller imposing deadlines (4 weeks from offer acceptance to exchange!) so next time I’ll tell anyonev doing that to FRO.

[Glosphil]

Don't many sellers of new houses insist on exchange within 4 weeks & then completion on a date they specify? Is that in order to push you to use their preferred solicitor?

[sinbaddio]

Been a long time since I bought a house, but when I did the agents wanted proof there was a mortgage in principle before accepting an offer.

[MitchT]

How are you supposed to impose a deadline for completion when, as far as I can tell, it's ultimately down to the rate at which the conveyancer gets things done? The lady next door to me says hers took four months to go through. She's the kind of person who gets on with things and kicks arses if others aren't doing the same, but she could only go as fast as others in the process were willing to.

[Wills2]

Glosphil said:

Don't many sellers of new houses insist on exchange within 4 weeks & then completion on a date they specify? Is that in order to push you to use their preferred solicitor?

Yep I believe they put you on a path and push you through no other way to operate really, otherwise it would be a right buggers muddle with the way people mess about, I was messed about on a house sale and I'd taken it off the market at their request but all they wanted was to bugger about at their leisure, told them to FRO when I found out.

If someone wants your house they will play ball within reason/being polite about things, just in the same way as a buyer you don't want the seller to mess you around.

I think you need to understand the buyers position regarding their ability to buy the house and I wouldn't take a house off the market until things were done and dusted.

[Badda]

I keep them on the market until proof of funds are provided and a solicitor is appointed and searches paid for. Totally reasonable.

[Wacky Racer]

Badda said:

I keep them on the market until proof of funds are provided and a solicitor is appointed and searches paid for. Totally reasonable.

This.

Put up or shut up.

[The Three D Mucketeer]

You haven't got a buyer until you exchange contracts , you've just got some one interested in buying. you're under no obligation to sell to them.

[NDA]

The Three D Mucketeer said:

You haven't got a buyer until you exchange contracts , you've just got some one interested in buying. you're under no obligation to sell to them.

This.

I would keep marketing (and having viewings) until exchange.

[omniflow]

NDA said:

This.

I would keep marketing (and having viewings) until exchange.

For most people who are moving house they are both a buyer and a seller. I wouldn't accept this behaviour from the person I was looking to buy a house from, nor would I behave like this towards the person buying my house. The time for the due diligence is before you actually accept the offer, that's also the time to agree things like no more viewings after event x. There's a point in the transaction where the process is definitely underway - that's the time to stop marketing the house. Once people start spending money then the level of commitment is demonstrated.

[Trevor555]

Thanks everyone.

Seems to be some differing views.

Doing further viewings after a sale agreed doesn't sit right with us.

We'll just hope we don't waste another 9 weeks.

[Boringvolvodriver]

NDA said:

The Three D Mucketeer said:

You haven't got a buyer until you exchange contracts , you've just got some one interested in buying. you're under no obligation to sell to them.

This.

I would keep marketing (and having viewings) until exchange.

Don’t Kirsty and Phil often suggest making an offer on the basis that it is taken of the market and no more viewings?

When we last bought a house the EA wanted to see our proof of mortgage AIP and our (substantial) deposit funds before the offer was accepted.

Our offer was on the basis of a completion before end of March (stamp duty issues due to a change in legislation), 10 weeks iirc with the vendor saying that they would move in with parents to ensure that happened.

Turned out that they were not going to do that and were delaying the process - our solicitor tipped us off on this from his discussions - we had to let the selling agent know that unless contracts were exchanged by a certain date in mid March then we would have to reconsider our offer. They complied!

Anyway back on topic, i would be keeping the property on the market and keeping on top of the EA and solicitors to ensure all moving ok. Asking for Proof of mortgage, deposit funds and that they have instructed solicitors is about as good as you will ever get.

[omniflow]

Trevor555 said:

Thanks everyone.

Seems to be some differing views.

Doing further viewings after a sale agreed doesn't sit right with us.

We'll just hope we don't waste another 9 weeks.

OP - one thing I would definitely be doing is having a face to face conversation with my Estate Agent about their vetting process. Not for viewings, but definitely for offers.

[CLK-GTR]

Buying and selling right now. In both cases the agents wanted mortgage in principle and proof of deposit before accepting offers, and once the offers were accepted properties came off the market and no more viewings were to be done. I wouldnt entertain any other way.

[FiF]

I think it's difficult to set deadlines or a timetable, until you've reached a point where someone is messing about or there is clear evidence of some issue.

The one condition I would insist on is that this ridiculous situation where exchange and completion is all done on the same day. No chance of that and a seller or buyer who wanted that can do one.