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Thinking of pulling out of property purchase...

(28 Posts)
pollypanic Thu 29-Nov-12 15:03:32

We've had an offer for a property accepted. It is a long way from dream house but there is a lot right about it. We need to make some improvements to the house but we have had the results of the survey back and it has thrown up a few issues that will make the improvements we want to do a lot more expensive as well as costing us £1k to fix. Through the solicitors we have contacted the owners but they are not budging on fixing the problems before exchange or reducing the price.

In the meantime another house has turned up that also is not dream house but has a lot right with it, needs less doing to it and is cheaper.

We haven't put an offer in on the second house but will need to quickly if we are to go for it.

I feel ill with stress about pulling out of the house purchase, we are the end of the chain. But it is a lot of money to spend just because we don't want to upset someone.

Urrgggh! What to do?!

Has anyone pulled out and how did it go down?

Has someone pulled out on you and did you hire a hitman?

noddyholder Thu 29-Nov-12 15:53:29

I have several times. It is a horrible call to make but tbh it happens a lot and estate agents are used to it! Just be sure you want house two and don;t hanker after the first house once you have pulled out (bitter experience)

lalalonglegs Thu 29-Nov-12 16:36:18

You've given them the chance to renegotiate and they don't want to, they have to half-expect you to walk away (although 1k seems a fairly trivial amount to argue over). Walk away if you want to, that is the way the English system is. Alternatively, don't buy either and wait to find a house you really do like.

specialsubject Thu 29-Nov-12 16:37:33

you do not buy a house because you don't want to upset people.

If you are sure (and you must be) then make the call sooner rather than later. You haven't exchanged and are entitled to do this.

if in doubt, don't buy. There will always be another house.

RyleDup Thu 29-Nov-12 16:42:15

I'd pull out if they won't drop the price a little.

Pancakeflipper Thu 29-Nov-12 16:46:15

Decide and act quickly please.

2 weeks before our move date the house we were buying was pulled off the market. It was painful. We lost money. We had pissed off buyers for our home.

alabamawurley Thu 29-Nov-12 16:50:32

As lala said, you've offered to negotiate and they weren't interested.

Look at this way - the new house will give you more money and time to spend on your family - would you really sacrifice that to avoid possibly upsetting some random stranger? Its not even a choice as far as I'm concerned.

libelulle Thu 29-Nov-12 16:55:42

Don't not pull out because of the fear of upsetting anyone. But on the other hand, 1k is indeed a small amount in the grand scheme of house-buying, so make sure you are being realistic in thinking that the other house would work out cheaper in the end. Don't forget that you haven't done a survey on it yet!

I guess the key question is how would you feel if you lost out on both houses? If you wouldn't mind taking that risk just to get shot of the burden of this one, then go for it. If you feel sick to the stomach, then maybe it'd be better to stick with your current plan.

Onlyaphase Thu 29-Nov-12 16:58:28

I've pulled out of a house sale and felt shit about it. But in the great scheme of things I'd rather feel shit about it than buy a house I no longer want.

If you're sure about pulling out, phone the estate agent as soon as you can. Expect a hefty bill from your solicitor. Don't feel too shit.

DonkeysDontRideBicycles Thu 29-Nov-12 21:45:10

Are the owners of the 2nd house ready to go, is there a chain?

suebfg Thu 29-Nov-12 21:49:11

If you're having second thoughts, pull out! I've pulled out of two property purchases because of things that came to light and I look back now thinking it was the right thing to do. I once should have pulled out of a property purchase and didn't and regret it to this day.

duletty Thu 29-Nov-12 21:55:08

If you don't really want the house...then don't buy it....it's a transaction without emotion...however....

Our buyers pulled out 3 days before exchanging saying that they wanted to do a lot of work to it and wouldn't be able to live in it...and they had offered us a lot more than asking price which had enabled us to make the offer on the house we wanted. We were absolutely devastated, but that's the way it goes. We have an offer now of £7000 less which we have accepted from another buyer but means we are going to live in this probate house in a shambolic state for years.....like the one we are selling, it took 7 years of hard work and three small children to bring it up to a gorgeous house but now is too small for our family.

Your obviously not taking the decision lightly but you can't continue with the purchase if it's not the right one for you.

We have always had to buy old decrepit houses and we have always immediately had to spend money doing some stuff to make it safe.

Mandy21 Fri 30-Nov-12 08:41:20

Are you considering pulling out because the owners won't budge on the £1k works, or are you having second thoughts about the house in general?

If its the former, then consider that a) if you pulled out, you'd lose the cost of the survey, some of the solicitors' fees etc, your time and trouble for having got to this stage - that could be close to £1k anyway and b) you don't know that the owners of House 2 would accept your offer or that a survey at House 2 wouldn't reveal even more costly repairs.

If its the latter, then pull out and consider what you really want and wait for the right house, rather than rushing into House 2.

pollypanic Fri 30-Nov-12 13:26:40

Thanks for all the replies, sorry to take so long to get back to you.

Sorry, I didn't give too many details of the work that needs to be done, just in case the owners are MNers or I out myself!

The £1k is in addition to the added expense to the improvements we want to make. For example instead of spending £20k on improvements it is now more likely to cost £35k. I agree £1k is trival in the scheme of things, but everthing helps! We've just had a builder around to give us a better idea what the costs will be.

I think we are also going off the first house since seeing the bigger, cheaper house two. We have been house hunting intensively for over a year and these are the best houses we have seen in all that time. So annoying they came up so close together. They aren't dream house but the reality is we can't afford dream house on our budget so this is a good compromise.

We are four weeks in from when our offer was accepted. Took all that time for the mortgage to be sorted and survey. We hadn't even talked exchange date yet. Owners are in a chain so I feel quite shit about that.

The second house has no chain. I don't want to keep the owners of the first house hanging on while we do a survey, just until our offer is accepted which hopefully with be today or tomorrow. If it isn't we'll go with the first house and the owners will be none the wiser.

Badvocsanta Fri 30-Nov-12 18:30:27

I have.
Twice.
And it was the right thing to do.

pollypanic Fri 30-Nov-12 19:54:44

Did you give a reason Badvocsanta?

Badvocsanta Fri 30-Nov-12 20:34:45

Both times it was issues with survey. Both times the vendors refused to put things right /drop the price. I know I sound harsh but you have to do what's right for you. This is one of the biggest decisions of your life. It worked out well for us - in the end - we have been in our new home 1 year tomorrow! smile

Badvocsanta Fri 30-Nov-12 20:35:21

Both times it was issues with survey. Both times the vendors refused to put things right /drop the price. I know I sound harsh but you have to do what's right for you. This is one of the biggest decisions of your life. It worked out well for us - in the end - we have been in our new home 1 year tomorrow! smile

OhComeAllYeZombies Fri 30-Nov-12 20:53:35

We had buyers pull out on DZoH's late mum's house last Friday - the day we were supposed to exchange contracts with completion set for next Wednesday. Their reason? The house isn't in the catchment area of their preferred primary school. They had known this from the beginning. There were no survey or mortgage issues. We decided they didn't deserve a hitman.

Despite now being the absolute worse time of the year to put a house back on the market, it is in a very sought after area and there have been two viewings already this week with three more scheduled for the next few days.

LaCiccolina Fri 30-Nov-12 20:56:17

Phone the agent re state reasons for pulling out. Restate u will pull out if a negotiation cannot b made. Work out what u will accept, if they don't budge, u tried.

Can't do everything for people can u? Ultimately it's their choice.

jakesmith Sun 02-Dec-12 09:40:09

I would definitely pull out, you have to be ruthless, it will cost a lot more to sort later and if you're not happy now with it you won't be happy later. But do consider in future, not proceeding unless you are 100% to avoid being in an awkward position later. I would personally not make a crap excuse to the EE or make the issue about money or it will look like you are trying to gazunder (demanding a last minute reduction) and when you do that you look far worse than someone who has suddenly had their dream house come on the market. Good luck.

Rudolphstolemycarrots Sun 02-Dec-12 16:29:33

Maybe prewarn them that you need the price to be X amount and that you will have to pull out as changes are too expensive if they don't budge.

Which house do you prefer? It's sad but if you have to pull out, you have to pull out.

ouchmyfanjo Mon 03-Dec-12 22:25:43

Oh no perhaps you are my buyer pollypanic!go on give a hint whereabouts in country you are.i will be nice to fellow mner!!

ouchmyfanjo Tue 04-Dec-12 22:24:42

oh no didn't mean to kill your thread.i am sure you aren't because your details are a bit different to the situation i am in. good luck with whatever you decide.

Chris12356 Wed 16-Mar-16 16:23:14

Here's one for you. We have inherited our latest fathers house which we put on the market with an estate agent, a problem we facedo was our dad had released equity on the property so we only have six months in which to sell or the people who granted the equity release will auction the property for any value to retain their funds.
Our estate agents were aware of our situation and suggested a good honest starting point would be 225k however after a number of viewings and disappointing reviews it was suggested by the estate agents that the house was over priced and dropped it to around the 200kids mark. Immediately one of the sellers form our estate agents who had shown the property a good number of times said they wanted to buy the property. BINGO we thought. We couldn't have been more wrong. She had cancelled a number of potential buyers as she wanted the house, with our concent and we accepted 195k, only to find two weeks later she had reflected on it and thought it was too much work for her then pulled out. Had it been a customer with no prior knowledge of the property would have been upsetting, but in this situation with a seller who had known all the way along what needed doing I felt was discusting.
Not only had she let us down as an estate agent and a buyer she had also removed a good number of initial potential buyers from the time the house was off the market.
Does any one know where we stand?
Are there such things as ethical values with estate agents?
Thanks for reading.

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