House buyers on 3rd survey

Yes, same happened to us and then we were gazundered. In retrospect we should have stepped away but we were so close to exchange and so emotionally invested that we rolled along with it. That is what they are counting on. What we should have done is refuse the last survey and call their bluff hut hindsight is a wonderful thing

I'm certainly not thinking of/advising on cancelling the deal now. Just keep open to new would-be buyers having that look-around and maybe you'll have one already lined-up in reserve (knowing that they are on a "waiting list" so to say) in case of need.

Once you're as far as exchange - then they'll have a date they HAVE to meet. It's my understanding they could be penalised noticeably if they don't meet it. People are obliged to have the money to hand basically at the date of Exchange. I'm the only exception I've heard of to that one - ie when I bought my first house and I had to pretty much "beg/borrow/steal" to have the standard 10% deposit available (to lend in my case and then I got it back - as I wasnt the one providing that deposit in the event...long story/very rare circumstances).

My solicitor was literally there on the doorstep of where my deposit was going to come from literally on the day of Completion virtually knocking the door down of the "provider". Fortunately they did have everything together and she re-emerged with that deposit in hand. Me - my intuition was telling me it was going to happen according to plan okay and my furniture was all there in a removal van and driving to the door of my new house ready to move in. My back-up plan being "The windows were all still single-glazed and I could get into the back yard and was sure I could find a brick from somewhere to lob through the kitchen window if need be". Fortunately finding a brick wasnt necessary in the event....

Don’t focus on gazundering it’s unlikely that a new survey would be done in that case, more likely finance problems.
I sold a property, after exchange was agreed it took over 3 months for the money to arrive. It. Was frustrating then everything happened in a hurry.
No point in cancelling the deal now nothing much going to happen until spring.

They're planning to gazunder you. It's a buyers market at the moment due to
1 uncertainty caused by Labour/Reeves
Useless estate agents
Greedy solicitors halting your purchase plans/offers when your buyer drops out and you become "unproceedable"

FranP

1. Are they having trouble getting a mortgage? If they are switching providers a recent survey is often a requirement. A provider may refuse to part with the results to a new provider.

2. Is this a delaying tactic because their buyer has fallen through but they want to keep you while they wait to get another. If so I would put it back on the market if other homes in the area are selling at your price. But perhaps you need to wait now to February. But give them a deadline to exchange

3. What is your estate agent and solicitor playing at? They should be pushing on. Your solicitor is making money out of you for doing nothing.

Re possible mortgage problem? Wouldnt they have got the mortgage all sorted before looking?

It was decades ago now that I bought my starter house - but, as I recall, that was what I did and then went looking. Admitted that - even with the 30% or so deposit I had (by sheer fluke and luck of "right place right time" as I hadnt been paid enough to save it) I knew the mortgage multiplier of that era was 2.5 times your salary and that would have meant a one-bedroom flat. But just in case things went wrong all round - I had decided I was going straight to the starter house (ie a 2-3 bedroom house and in at least a passable area).

That was cue for making sure I'd already got my exact mortgage lender lined-up already - not that hard by the time I'd gone through the tables in a "Which" mortgage magazine of the time looking for the best deal I personally could get. That deal was based on having an employer thought of as very secure and I had duly got it arranged to borrow 3.25 times my salary and taking into account my next payrise if it was soon (and it was). So - yep...all done and dusted and already arranged at around 3.5 times my salary - rather than the standard 2.5 times of that era - and so I'd just managed to "stretch" my way through to getting that "starter house" instead of a flat.

One way or another that buyer is probably "stretching" as much as they possibly can (as most people want - or maybe even need) to get "the best they can" out of their salary - rather than having spare money to play around with and not needing to use all their "borrowing capacity".

So yep...willing to bet they do have a mortgage arranged already. The only way they might not, I would say, is if one of them is playing and hoping to get a better job en route to buying a house and they're dragging it out in case they manage to have the better borrowing power of a better job. I'm unfamiliar with the set-up these days - though I think the last I knew was mortgage lenders took into account the last three months worth of payslips (ie maybe one of them is doing a "3 month waitout" to have that many recent better payslips??). Am guessing you know what their job or career situation is to be able to think how likely (or otherwise) that is...

1. Are they having trouble getting a mortgage? If they are switching providers a recent survey is often a requirement. A provider may refuse to part with the results to a new provider.

2. Is this a delaying tactic because their buyer has fallen through but they want to keep you while they wait to get another. If so I would put it back on the market if other homes in the area are selling at your price. But perhaps you need to wait now to February. But give them a deadline to exchange

3. What is your estate agent and solicitor playing at? They should be pushing on. Your solicitor is making money out of you for doing nothing.

Or yes they have a 'tactic' of,if you as the seller thinks 'oh there must be something wrong then with my house?' that you will panic and drop the house price by a few thousand maybe and thus they will benefit from that.Seems dodgy all this asking for more done.And surely these extra surveys are costing buyers more?

I am afraid that I am very strict with buyers. I agree a deadline with them for surveys etc, if they fail to abide by these I put the property back on the market. My reasoning is that if they are flakey at early stages they could gazump or pull out at exchange of contract time. I am always a cash buyer and can move very quickly myself, so I refuse to dance to any buyer's tune. If they want the property they'll get a move on and follow agreed guidelines.

I would call their bluff and give them a date to complete by or you are putting it back on the market. Sometimes you just have to use tough tactics. Happened to us a few years ago and the vendor got it sorted that day

Im afraid i'd have dumped these buyers by now- if i were you i would not have kept on agreeing to more& more surveys done.Surely you only really need one? Is this a new idea then? Because years ago- you found a house, you got A survey done(one) and then either proceeded to buy, or not.Depending on what the one survey showed.

Yes i thought they are stalling till theyve more money to proceed- maybe till after christmas?

Cariadagain I agree, I think these 'buyers' are hanging it out to get a lower price or because they are actually not yet in a position to procede, but there will be some where there is a genuine reason for what is happening.

Exactly so Sarnia.

My patience would have expired some time ago. Get in touch with the solicitors and get answers to what they are playing at. It sounds like delaying tactics to me. They are dragging their feet, well aware that there is a chain of buyers and sellers. They may be acting like this in the hopes that they can lower your selling price even further and being so far down the process and having found your next home, you will capitulate rather than ditch them and start back at square one.

Monica - it was the lower offer to start with and then delaying getting survey no. 1 done that's got me suspicious of that buyer.

I follow your logic of people being more careful these days - if you mean it = you get on with it imo and not dragging out with survey after survey after survey. If they really wanted this house - on the agreed terms - they'd get on with it...rather than giving someone else a chance to "poke their nose in and interfere with another offer".

If survey no. 1 (presumably the general one) had indicated possible problems and the buyer was a genuine type person I reckon they'd have come back with saying in the same conversation "There's a couple more surveys I want done please - this one because of this comment and that one because of that comment" and not inch the surveys out bit by bit and weeks apart.

The most likely reason is they havn’t got the finances tied up yet, maybe they have had to change lender who wants another survey.
Possibly the amount they are borrowing is too high.

Bunnny

There’s nothing wrong with the house and it’s in a lovely area. I believe. I think they are going to do the gazuming thing. Horrible tactic and should not be allowed I would never do this to anyone

Forewarned is forearmed - so I guess you've got your tactics lined-up to deal with that?

I'd still not be "hiding the fact" that my house is for sale in your position unless/until they've safely exchanged contracts. I "theeenk" it should be harder for them to pull any stunt then. I would still be showing viewers around in your position - telling them the truth that the house was sold...but saying I'd got my suspicions the buyers might pull out and that was why I was doing so just-in-case and they'd get first refusal if they wished to if that happened.

When I sold my last house I deliberately stuck to the traditional 4 weeks between exchange and completion on my last house - to ensure there was plenty of time for any last minute faffing of any description. That didn't go down well with my buyer - who was a generation or so younger than me (ie I think she was in her 20's). I even spotted a middle-aged woman walking down my road just as I was going out one time and realised it was mother come to try to persuade me to change my mind about taking all that 4 weeks - but because I only "knew" from intuition who she was - and didn't factually know I could still pretend I had no idea of her identity and keep proceeding with going out to avoid her.

The stunts some people pull are no odds to anyone - I "knew" exactly what was what and what stunts would be attempted on buying my current house - and the vendor got told by me to the day when I'd have found my buyer for my last house (I was right and had two to choose between on that day) and hence he'd have realised that I'd got that right somehow and probably would "know" if there were further viewers on my new house.

Then I told my vendors estate agent that "If anyone else comes viewing my house it's been agreed I'll have - I'll withdraw and buy another house that's with another estate agent instead" and I beat off that tactic that two other potential buyers were playing and they were not a happy bunny when they went to play it and ask for a viewing after my purchase had been agreed and the estate agent wouldnt let them - because I'd told them I'd know and they'd lose me.

You have to be so aware what the other party might get up to if they're unscrupulous (and so many people are!!!!).

I got told years back that I mustnt just think like "a nice person like you will think" - but must be aware what the other person will get up to if they're not a nice person.

Time to "think like them" and work out how to "head them off at the pass" if they do try gazundering.

sold was selling his house.

He sold it to someone else fairly quickly after being messed around by the first prospective buyer.

CariadAgain

They are pushing their luck. Sounds like a tactic to me and I reckon they're going to try and gazunder you at the last minute.

I wouldnt be taking them seriously at this point...

It could be that.

I remember when someone we know sold his house and the buyer kept delaying, he got the buyer to sign a contract where the buyer had to pay the vendor a certain (not insubstantial) sum each month until contracts were exchanged.
It went on for about six months then the buyer pulled out because he couldn't sell his!

It's not uncommon although these buyers are rather dragging it out.

It is pretty common to have 2 - the basic mortgage company valuation survey and then an independent structural survey or house buyer's report.

Sometimes these can throw up the need for specialist surveys for damp, electrics, plumbing, timbers etc.

Bunnny

There’s nothing wrong with the house and it’s in a lovely area. I believe. I think they are going to do the gazuming thing. Horrible tactic and should not be allowed I would never do this to anyone

The other side of the current uncertain economic outook is that where people are moving, they are wanting to make sure that the property they are buying is a good and safe property for their money - that there will be no unexpected bills for care maintenace and repair, so, yes, some may be wanting extra surveys and checks they would not otherwise have reuired had the market been more buoyant.

There’s nothing wrong with the house and it’s in a lovely area. I believe. I think they are going to do the gazuming thing. Horrible tactic and should not be allowed I would never do this to anyone

Coal seams reach a long way from the actual mine. In our last house we were advised to have a coal survey and sure enough, there was coal, but only about two inches thick! The pit head, not in use since the 50s, was three miles away.

In this area they seem to ask for a 'coal' survey as a late request as the very old coal mine which closed ages ago and very little coal was ever brought out of it. In another area it was radon. These things tend to turn up late from the searches.

They are pushing their luck. Sounds like a tactic to me and I reckon they're going to try and gazunder you at the last minute.

I wouldnt be taking them seriously at this point...