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Selling/Buying - timescale

  • 19-05-2017 9:09am
    #1
    Zelda247
    Registered Users, Registered Users 2 Posts: 1,157 ✭✭✭


    Our process has been going for one month now and we are getting a lot of pressure from our Estate Agent saying the buyer is very anxious etc. The house we are buying elsewhere is an older ex council property so it seems it may take a longer period to purchase. Do you think our Estate Agent is being unreasonable?


Comments

  • #2
    davedub2015
    Registered Users, Registered Users 2 Posts: 88 ✭✭davedub2015


    So are you buying and selling at the same time? Tell your estate agent that if he pushes you will pull out and go elsewhere that you have no option...

    In the process of bidding for a house and my house up for sale is this what you did yourself?


  • #3
    1641
    Registered Users, Registered Users 2 Posts: 1,283 ✭✭✭1641


    Zelda247 wrote: »
    Our process has been going for one month now and we are getting a lot of pressure from our Estate Agent saying the buyer is very anxious etc. The house we are buying elsewhere is an older ex council property so it seems it may take a longer period to purchase. Do you think our Estate Agent is being unreasonable?

    Has the purchaser signed contracts or have they just paid a booking deposit? If the latter, they can pull out at any time. They may have threatened this with the Estate Agent (who won't want to lose the sale) and he/she is pushing this pressure onto you. Its your call whether to call the purchaser's bluff (perhaps by being straight-up about your own situation ?) or not.

    Are your purchaser's themselves in a chain and, perhaps, under pressure from someone else ? If you think that the purchaser's might really pull out and you really don't want to lose this sale, would it be possible to negotiate some arrangement with them ?

    You say your "process" has been going on for a month now. What does this mean? Have you engaged with your solicitor about the "process" since going sale agreed. Has he/she communicated with the purchaser's solicitor?


  • #4
    Zelda247
    Registered Users, Registered Users 2 Posts: 1,157 ✭✭✭Zelda247


    No contracts signed yet. Our purchaser is first time buyer and renting, we have heard through the grapevine that she really wants the house and can't wait to move in so can't see her pulling out. Solicitors have been engaged for a month, our solicitor just contacted the purchaser solicitor today to say draft contract is on the way.


  • #5
    1641
    Registered Users, Registered Users 2 Posts: 1,283 ✭✭✭1641


    Zelda247 wrote: »
    No contracts signed yet. Our purchaser is first time buyer and renting, we have heard through the grapevine that she really wants the house and can't wait to move in so can't see her pulling out. Solicitors have been engaged for a month, our solicitor just contacted the purchaser solicitor today to say draft contract is on the way.

    Zelda247 - I am just an ordinary punter who has sold and bought. The good think here is that the solicitor's have engaged. Nothing annoys a purchaser more than the perception that the seller is stonewalling (Imagine what they might be thinking -Is this a gazumping situation ? Are they getting cold feet ? Will mortgage approval run out?, etc).

    In the discussion around the draft contract, the solicitors will (or should) agree an indicative closing date. You will need to discuss this with your solicitor. As far as I know (that's not too far, actually!) this date is not written in stone but too much messing around with it opens up either party to potential "non-performance" - once both parties have signed it. The main thing you are aiming for now is to get the contract signed by the purchaser ( and to move your own purchase along). Pulling out then becomes difficult.

    The main thing that concerns me is this :

    "The house we are buying elsewhere is an older ex council property so it seems it may take a longer period to purchase".

    Is this all somewhat aspirational or is there a reasonably foreseeable end in sight for this. If it is more aspirational are you the one who is being unreasonable ? Discuss with your solicitor - ultimately it could be a legal issue.


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