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Original poster

Sale of my house has fallen through what AM I going to do?

78 replies

ShinyPinkShoes · 04/04/2008 12:23

Just had the call I've been dreading and I can't stop bloody crying

Buyer says due to purchasing other properties he is £10k short of agreed price and I really can't drop the price any more so it looks like I'm back to the start of a process started over a year ago.

House is rented out but rent doesn't cover mortgage entirely. I am renting and was hoping to buy after sale had gone through.

We have pandered to all my buyers demands, jumped through all hopps we could and he pulls out anyway!!

Agggh!

OP posts:
grouphug · 04/04/2008 13:01

Hope you get another buyer soon. It could be fate and that the another delay means the house of your dreams comes on the market.

Chocolateteapot · 04/04/2008 13:05

So sorry, it's a nightmare when that happens. When you say you can't afford to drop anymore is that because the outstanding mortgage wouldn't be covered or because it wouldn't leave you enough for a deposit for your next place or something else ?

goblinvalley · 04/04/2008 13:06

Aw, sorry to hear that. That's a really shitty thing to do to you. Hope you get another buyer really soon.

((((hugs))))

Original poster
ShinyPinkShoes · 04/04/2008 13:11

He was already getting the house at a very good price hence my being relunctant to reduce the price even further.

It would reduce my deposit significantly yes

I'm a firm believer that things happen for good reasons- there has better be a BLOODY good reason for this though

Thanks everybody x

OP posts:
oranges · 04/04/2008 13:13

can you really not sell at the reduced price? I think the market is falling, and you will find it easier to buy a place too, remember, if you can get rid of this place.

claricebeansmum · 04/04/2008 13:14

He might be trying it on at the last minute

Chocolateteapot · 04/04/2008 13:15

I think he might well be trying it on, given all the publicity recently about falling prices, the difficulty in getting mortgages etc. Do understand why you are reluctant to drop but is it worth trying to negotiate a little at this stage ? You do have to take into account that in a lot of places the market is falling and you may find that all other offers come in at this level anyway. Obviously they might be higher but it is something I think you do need to keep in mind.

Original poster
ShinyPinkShoes · 04/04/2008 13:47

I've already dropped the price once for him and I've been told it's gone up in value since then.

Really can't afford to drop by that much and yes I agree he's trying his luck!

OP posts:
NorthernLurker · 04/04/2008 13:50

who told you it's gone up in value - tha agent? Because if so I wouldn't believe them! I don't think you should take 10 grand off either - but could you meet him half way to keep the sale?

midnightexpress · 04/04/2008 13:51

Oh how awful. This happened to me a few years ago. I remember sitting in my car crying when I go the message (on my way back from holiday - cheers).

If it's any consolation, in the time the buyer had spent fannying around, the flat had gone up in value and I then sold it again really quickly and it all went through fine.

If you say yours has gone up since he made the offer, perhaps things are not so gloomy where you live? Up here in Scotladn things are certainly moving pretty quickly.

Original poster
ShinyPinkShoes · 04/04/2008 14:06

Things had been dragging on so long that it looked as though I might need to remarket it again so I got it valued by 2 estate agents just before Christmas.

My solicitor is talking to everybody this afternoon to see if this is in any way retrievable. I have a lot of confidence in her so fingers crossed!

Thanks for all your helpful comments, feeling much calmer now!

OP posts:
NorthernLurker · 04/04/2008 14:12

Unfortunately I think things have changed quite a lot since before Christmas. Depends where you are but if there's been no spring 'bounce' then I think you would struggle to find a buyer. If our sale falls through I'm quite certain we won't be remarketing at a higher price - and the consensus is the property market in our area is still relatively strong

sparkleymummy · 04/04/2008 14:54

Can you really not even try to meet him halfway? The market is definitely dropping. You're unlikely to receive the same level of offer from another buyer at the moment. If you really need to sell then better to drop £5k now than risk being stuck on the market and losing your solicitors fees to date.

noddyholder · 04/04/2008 15:08

I agree you could maybe try to get a good deal when you buy.Just factor the loss in when you offer on your purchase.You will probably recieve 10% less if you remarket now

hanaflower · 04/04/2008 15:10

This reply has been deleted

Message withdrawn at poster's request.

Original poster
ShinyPinkShoes · 04/04/2008 15:10

My solicitor has been an absolute star.

She's spoken to a few estate agents for me and the consensus is really NOT to reduce the price any further. £10k and only £10k will resolve this.

I had another idea which has just been put forward to the buyer so am nervously awaiting a call back with a response.

I do appreciate how things are at the moment, however things are still really shifting in my area and achieving close to asking prices which - if anything- have gone up in the past month.

Thanks for all your responses- will keep you posted

OP posts:
noddyholder · 04/04/2008 15:15

Well if its taken over a year I wouldn't listen to the agents.It is in their interest to keep prices up otherwise they are admitting there is a downturn.It will cost you to be stubborn though I still think that a year later it probably is worth 10k less and you will be able to get a deal when you buy esp if you have cash

Swedes · 04/04/2008 15:15

Poor you. Sorry it's so upsetting.

My feelings are that property prices are definitely on the slide. I think they will slide further as people lose confidence and mortgages become harder to secure.

I don't know how much £10k is as a percentage of the whole price but if it's less than 10% I'd be tempted to take it.

PixelHerder · 04/04/2008 15:21

ooh good luck, does sound like he is trying it on - is he a property developer?

Original poster
ShinyPinkShoes · 04/04/2008 16:09

Just had another call and it's all back on!!!

Is it too early for a G&T d'ya think?

OP posts:
noddyholder · 04/04/2008 16:30

Thats great houses are so stressful !

PixelHerder · 04/04/2008 16:58

hurrah - and no definitely not too early

Original poster
ShinyPinkShoes · 04/04/2008 17:20

I am so relieved but still a bit in shock.

Funny how it takes seconds to get stressed out and hours to come down from it all!!

OP posts:
clam · 04/04/2008 20:57

Why is it all back on? Does that mean the buyer was trying it on after all? If so, he's a bastard!

horsish · 04/04/2008 23:23

good luck SPS

i am a seller at the moment too and will absolutely NOT budge from my price.
Stand firm!
I hope it all goes ahead as planned.
if not do not be scared by the press into accepting an offer below whatyou can afford.