My buyers pulled out on the day of exchange(32 Posts)
Just to warn you that this is a venting message and a "why is the house buying/selling process SO incredibly difficult" message.
We accepted an offer from our buyers back in March. We were told that they were cash buyers and would be flexible on dates as we had not seen any houses we wanted to buy and didn't want to move into rented accomodation as we have 2 young children. After accepting a low ball offer based on that information (10% below asking), we were subsequently told that they were equity buyers but that their sale would go through independently. Once we had found a house to purchase we were then told that they were going to enforce a chain (i.e. tie their sale with our purchase).
Then we start haggling over fitures and fittings. They had assumed everything (including audio/visual equipment - i.e. speakers, amps, etc) was included. A bitter round of arguments ensued.
We were then 2 weeks away from exchange when they decided that they didn't like the completion date (it was too close to their holiday) so wanted the date brought forward. This almost jeopardised the chain but the people we were buying from agreed to move out earlier.
Then yesterday when all was in place to exchange on both the sale and purchase, our buyers pulled out. The wife "had changed her mind" and they are now going to live with her parents.
I don't know who I'm more angry with. The buyers or the inept agents who failed to do proper due diligence in the first place. When I spoke to them about the misrepresentation they said "things change". Actually I do know. I hate the buyers and I think the agents are idiots.
Why is this sort of carry on allowed to happen?
Feeling the pain here as we are due to exchange today (although it won't happen) after 18 months. Sold twice only for it all to fall through on day of exchange, lost 5 houses (although the current one that we are due to buy is lovely so it did work out for us that way in the end). And what's more lost £70k on value of our house and in negative equity so having to stump up actual cash to complete the move.
Our current house is just too small for us (and I can't stand it!) so it is worthwhile, but the whole process of moving is just guaranteed to bring on a breakdown. The 2nd time we got to day of exchange and everything broke down I broke down myself. The baby was about 6 months at that point and it felt like we'd never get shot of the hell-hole and into a family home for her to grow up. But it does look like we've finally cracked it and even if we don't exchagne today that it should all go through next week in time to complete for the Bank Holiday.
I completely agree about agents not being straight though - we put in an asking price offer on the new house with the proviso that they were out in 6 weeks as the chain below us was all ready. Agent agreed so we started the process only for the vendors to then say they weren't going anywhere until their own purchase was complete. So 6 weeks has stretched into 4 months (and counting) all because the agents didn't tell the truth to start with.
Just read this thread. Yesterday our buyers pulled out, seconds before exchange. They have messed us around for nine months, putting in an offer, withdrawing, offering money to take our house of market, changing their mind. Finally agreed to buy over asking price when we had another buyer who wanted our house. We agreed as cash buyer and offered us long completion. We agreed, did everything by the book, just found a house, got a mortgage agreed yesterday and same day they pulled out. I am devastated, their reason is shambolic. I think these people are professional messes. Cost us money, emotion and my sanity.
And still it appears that some buyers pull out on the day of exchange, to the distress of some posters, which it seems is why it was revived.
Ours pulled out at the start of this week, about a week before we were hoping to exchange. The Bastards. The stress has been hideous, can't eat, hyper ventilating etc
House back on market, but according to estate agents market is flat ATM, whereas when we sold in March it was buoyant, and had 3 offers.
Tidying up takes for ever, garden looks like a jungle, and just cannot face another winter in this house. I bloody hate living here
Hey I've had exactly the same thing happen to me orangeandemons, happened last week again days before exhange. Buyers decided they didn't want to live in the area anymore and it took 8 weeks to work that out...! We took longer than that to find the house we were due to be buying which now looks like it will fall through as we have until Friday to sort something out and no viewers yet! I feel absolutely sick and as the time passes it gets worse!!! We've spent money on solicitors and mortgage applications too so set to lose over £500. When we accepted the offer we had another offer the following day which obviously as we'd accepted one we honored their offer!! The people who offered haven't found anywhere yet but were contacted a week ago and were "mulling" things over and situations had changed therefore they were now wondering if they would buy to let for now, but since we've heard nothing since last Tuesday I would imagine that door is closed.
I am worried sick about losing the house we took so long to find, especially as we put an offer in the day it went on the market (didn't even get on RM) and the people before us who put in an offer also did same day (they failed to get the mortgage which is why we were able to offer). Has anyone any advice??
Join the discussion
Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.Register now
Already registered with Mumsnet? Log in to leave your comment or alternatively, sign in with Facebook or Google.
Please login first.