Buyers pulled out days before exchange

(34 Posts)
sellotape12 Fri 22-Jul-16 19:01:28

I can't think. What would you do if you were us?

I have the contract for a sale in our hands, but we've just found out our buyer has got the wobble about Brexit and wants to pull out!

We have another place we're trying to buy on, and obviously can't do without the sale.

I'm really, really, really, angry. There are countless reports from professionals and city analysts alike saying that the Brexit situation at the moment is just an imaginary threat to the housing market. Okay, it might affect prime property space in the fanciest bits of London, but I don't feel our buyer has given any proper reason. We are in an area that always seems to go up in price.

I haven't yet told the agent of the place we're buying onwards.

Do we just try and find a new FTB? Try and get a meeting with the buyer and persuade them? Or just take he whole thing off the market and start the process again next year.

SugarMiceInTheRain Fri 22-Jul-16 19:07:53

So frustrating isn't it? And the annoying thing is that all the people having last minute panics about Brexit or not buying until things settle down is precisely what will cause problems for the housing market so it becomes a self fulfilling prophecy. We're trying to sell FIL's house (fortunately we aren't hurrying to move ourselves so just selling at the moment) and our buyer just pulled out the day before exchange of contracts was due, for some very airy fairy reason. So annoyed at being messed around...

SlightlyperturbedOwl Fri 22-Jul-16 19:09:24

I would put it straight back on the market now on the off-chance you are lucky and get a quick sale in the next few days. After that, if you don't, I'm not sure, but you will have to inform the people you are buying off in the next week. You maybe lucky and they may give you a couple of weeks to find another buyer.

expatinscotland Fri 22-Jul-16 19:11:01

All you can do is put it back on the market.

Costacoffeeplease Fri 22-Jul-16 19:12:42

Don't try and meet the buyers to persuade them - they'll think you've lost the plot completely - what can you possibly say to persuade them?

Spickle Fri 22-Jul-16 19:16:02

Try and find a new FTB. Sounds like you live in a popular area which goes up in value, so there is a very good chance you will sell again quickly. Were there any previous viewers who were interested, but perhaps could not proceed at that time, when you sold before? If so, get the EA to contact them once again.

I lost a house I fell in love with because I hadn't got a buyer for my property so I registered my interest with the EA in case it fell through. Sadly, I didn't get the house but houses do sometimes get sold then unexpectedly are available again.

Good luck!

specialsubject Fri 22-Jul-16 19:52:42

Forget this buyer, waste of time. It is a month since the referendum so brexit is not the reason. People still need houses , there are too many people in the country for the available housing and those facts won't change. There's another buyer out there.

Doinmummy Fri 22-Jul-16 19:56:13

If the agents are worth their salt they should be speaking to them and if it is just cold feet they should be reassuring them.

Ilikedogs Fri 22-Jul-16 23:16:47

Not sure if it's 100% possible but if you find a new buyer and they are willing to use the same solicitors as your previous buyers they may be able to use the conveyacing already done on the sale. That might keep things moving at a decent pace.

JellyBelly89 Sat 23-Jul-16 07:57:34

I disagree with poster saying brexit was a month ago it can't be that. Maybe they've been waiting to see what would happen. The last week reports have come out about price drops in certain regions being predicted.

As a FTB who bought last September, I would be worried about buying now. Unless it was somewhere like Midlands or North which hasn't been hit by the massive rises in the same way, I would be very put off buying right now. Houses round my way are shifting quick but then getting relisted. Hoping for a quick sale in a few days is your best bet I reckon, but depending on your situation I would consider moving in a year or two instead.

fastdaytears Sat 23-Jul-16 08:01:01

I bought under there's circumstances (well not Brexit). I basically filled a gap at the very bottom of a chain which ended up with someone having booked their flights to Australia, got kids in school etc really had to move.
I made my offer and got to exchange really quickly. It was great for me!

fastdaytears Sat 23-Jul-16 08:01:32

Sorry, so my advice is find another FTB. The agents should have people they can ring who are trying to get into your area.

keepinrunning Sat 23-Jul-16 08:03:41

Brexit as the reason doesn't necessarily mean its to do with what the house prices will do. Could be concerns over income / job security. Fully expecting my company to go into redundancy talks in the nearish future. Glad I wasn't hoping to be buying a house at the moment, wouldn't be confident about the risks of increasing our mortgage jut now. Hope you find a new buyer soon!

JT05 Sat 23-Jul-16 08:07:43

We only recently, got our current house because the sellers chain broke and we could move quickly. The EA didn't even get a chance to take the previous 'sold' sign down!
Re market it as quickly as possible. Hope you find someone soon.

cheminotte Sat 23-Jul-16 08:07:58

We are your buyers OP . Not really, but we found out yesterday that their sale had fallen through. We are days away from exchange nto. We are putting our house back on and I expect they will as well but ours will sell first. We've 'sold' three times now but never completed. The other two times we were nowhere near as far down the line as this.What is it they say about bridesmaids?

PerfectlyChaotic Sat 23-Jul-16 14:37:22

You're not alone, this has just happened to us on day of exchange...with a week to go until completion. Buyers right at bottom of chain too, so it feels as though we have no control at all! Everything crossed they sell again quickly...can't decide whether to start unpacking or not 😡 Stupid system really.

Oliversmumsarmy Sat 23-Jul-16 14:44:53

I really feel for you. We have had so many stupid excuses over the years when trying to sell places to FTBs that now I refuse to deal with them. They are a PITA. A garden flat I was selling in a very nice area of north London fell through 3 times within 24 hours before exchange. Eventually selling to a cash buyer for more than the FTBs.

'"It's too good for us"

"It's not haunted enough"

"We can do better if we save more"

"I can't go ahead with the purchase because I am dead"

Are just a snap shot of what we have come across.

WhisperingLoudly Sat 23-Jul-16 14:55:49

I feel for you - we put our house on the market the week before brexit. Last week the EA suggested we reduce by 25% due to post brexit uncertainty hmm

HeartsTrumpDiamonds Sat 23-Jul-16 15:04:19

We're in the exact same position - days away from exchange and our buyers backed out on the morning of the awful stupid idiotic ludicrous Brexit result. Right around the time that Cameron was resigning.

We are back on the market with fingers and toes crossed. Regardless, the movers are coming on Tuesday and we are on our way to Canada.

The house we are buying in Canada is absolutely my dream house and if that falls through because of our London house not selling because of Brexit, I will be heartbroken.

I am so angry at everyone who voted Leave. And our supposed buyers. Fuckers. although I do have to admit I understand the buyers' position being from overseas themselves, all the uncertainty etc

BeaArthursUnderpants Sat 23-Jul-16 15:15:37

"I can't go ahead with the purchase because I am dead"

I don't mean to hijack but I would love to hear a bit more about this one! Did a buyer die or was someone actually speaking in the first person about his/her recent death??

Jermajesty Sat 23-Jul-16 15:16:45

Same here. I am still trying to contain my anger. I didn't tell the agents I was buying from, and thankfully got another offer within a week of the original buyer pulling out. The first offer was significantly lower than the asking price but I managed to negotiate her up a bit. But I'm angry at the original buyer for pulling out with no decent reason, wasted solicitors fees and having to accept a lower offer. It's also happened to a friend of mine.

Donatellalymanmoss Sat 23-Jul-16 15:33:57

How can Brexit be an imaginary threat to the housing market? It creates uncertainty and that will always have an impact on people making investment decisions, which includes buying a house.

All you can do is put your house back on the market and hope for a quick sale and patience from the people you're buying your next house from.

RedRosie Sat 23-Jul-16 16:06:23

You poor thing. Very stressful. This happened to us a few years ago (so nothing to do with Brexit obviously).

We put the house straight back on the market, didn't tell the agent of the property we were buying immediately, and our house sold again within a week - at that point we did 'fess up. Our vendor was a bit grumpy but chose to proceed. After all, they don't want to start again either.

So be of good cheer and don't give up - I suspect this happens a lot actually. We are in London and at that time property was moving quickly - if it does in your area there is still a chance you can achieve your purchase.

Good luck.

DiggersRest Sat 23-Jul-16 16:25:51

Of course Brexit is a valid reason not to buy hmm Who in their right mind would buy a house now that is likely to be worth less in 12 months time? ? But of course it's shit timing for you OP so you have my sympathies. We were thinking of selling this year but glad we're not in a rush.

Bearbehind Sat 23-Jul-16 17:12:34

It is a month since the referendum so brexit is not the reason.

That would be funny if it weren't so tragic hmm

It isn't all happy clappy now just because the referendum was a month ago.

It sounds like the buyers have got more and more nervous as the exchange date has got closer and a lack of positive news about where we're headed has put them off.

It doesn't even need to be because they think that house prices will drop, as others have said, it might be job security.

I don't think house prices will be hugely affected by Brexit as lack of supply plus foreign investors snapping up bargains due to the low pound will mean any dip in prices is unlikely.

All you can do OP is get yours back on the market ASAP.

Not everyone will be frightened of prices dropping- you just need a buyer who is happy their circumstances are conducive to buying a house.

You might be lucky and it might sell straight away and you might be able to save your chain- good luck.

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