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Advice- sale fell through

(25 Posts)
JE678 Tue 28-Jun-16 15:56:55

Our buyers have just pulled out citing job instability after Brexit. The EA is pushing to market again with an open day asap in the hope we might be able to hang on to our onward purchase. Can anyone working in the property market advise me? Has it already stagnated? Would we do better to wait a while and let the dust settle? I know nobody has a crystal ball but what is the lay of the land at the moment? Are people still making enquiries? Putting in decent offers? We are outer London if it makes any difference. Thanks.

Somerville Tue 28-Jun-16 15:58:14

You don't lose anything by trying an open day, surely? So it's worth a go.

JE678 Tue 28-Jun-16 16:00:38

I suppose my worry is if we remarket and don't sell that people will remember it when we next market it and think there's something wrong with it/wonder why it's sat on the market.

whois Tue 28-Jun-16 16:06:26

Sorry you've lost your buyer.

No advice - I think it is difficult. There will still be lots of buyers who want to buy and are looking at it long term, but then there will also be lots of people (especilaly FTB) who will be scared of the chat of falling prices.

Would doing an open day hurt? Its only one day of disruption and you might get a good offer.

whois Tue 28-Jun-16 16:07:28

x post

I don't think in the current Brexit climate that people will be thinking there must be something wrong. I would assume the chain fell through.

I had to do a 2nd open day on mine after the buyer fell through and it didn;t seem to hurt.

JE678 Tue 28-Jun-16 16:10:07

Thanks all, I know it sounds silly but it really helped to articulate it. I think you're right there's no harm in holding the open day. I'm not confident we'll get decent offers but I'll keep my fingers crossed. We're probably one rung up from FTB generally which may help.

likeaboss Tue 28-Jun-16 20:53:14

Message withdrawn at poster's request.

Oliversmumsarmy Tue 28-Jun-16 22:18:08

I think people are in danger of talking themselves into a property slump.

JE678 Tue 28-Jun-16 22:49:11

Thanks likeaboss that's reassuring.

Olivers I'm sure that's an element of it. Our buyers did have good reason though. His company have already announced they are moving many overseas and he is not a UK national. I think we were very unlucky. Fingers crossed we can secure a new buyer soon.

Donatellalymanmoss Thu 30-Jun-16 09:57:34

It's not really a case of talking up a property slump, it's just common sense to carefully consider whether to make a substantial financial commitment when there is both political and economic instability along with the threat of job losses in the local area, surely.

Oliversmumsarmy Thu 30-Jun-16 19:33:55

I think a lot of the companies that said they would move to mainland Europe if we voted leave might decide that the UK is actually a safer place to have their business.

House sales fell through on a regular basis before the Referendum.

Imperialleather2 Thu 30-Jun-16 22:54:06

I'm a property solicitor. Nit a single transaction has fallen through due to brexit in our office.

I'm.on the development side with some very high profile clients and have had several new instructions this week.

I'm sure someone else will come on to post that all their matters have fallen through

1moreRep Fri 01-Jul-16 12:33:17

we lost our sale in may and sold again the week later in our first viewing for more money- don't worry if you sold once you will sell again

whois Fri 01-Jul-16 12:36:13

I'm a property solicitor. Nit a single transaction has fallen through due to brexit in our office.

One of my friends was due to exchange this week - he has pulled out as he thinks there will be something like a 20% decline in property values in London.

Another friend is due to exchange next week in London - he is not intending to renegotiate price or pull out.

JE678 Mon 04-Jul-16 21:30:54

Should anyone be interested we had the open day at the weekend. For comparison, when we first went on the market back on April we went on the market on Wednesday, had 2 viewings on Friday and 16 at an open day on the Saturday. We had 6 offers all over asking, with the best just over 20k over asking. As our buyer pulled out we remarketed this week on Wednesday, had 1 viewing on Friday and three on an open day on Saturday. We received two offers of 60k and 90k under asking. Our EA has had 6 people pull out of purchases at exchange in the past week. Our solicitor has also had several (she just said several, not a number) pull out. I hope this isn't representative of the rest of the country and is just a blip. So we are pulling the house off the market for the moment until the lay of the land becomes a bit clearer.

lazysummer Mon 04-Jul-16 23:00:46

JE678, are you in London?

whois Tue 05-Jul-16 00:20:32

Thanks for the update but sorry it isn't a good one for you.

I think in 3 months time with a new prime minister etc the lay of the land will be a lot clearer.

JE678 Tue 05-Jul-16 06:14:51

Yes, this is outer London. Only just London really as we are right on the edge.

I think that's true, in a few months things may have settled a bit.

Eachpeachpearplum1985 Tue 05-Jul-16 14:16:12

We're in the midlands and just had our first time buyer pull out because of brexit. We're thinking about trying to rent it out and get a bigger mortgage to buy the property we want. I have no idea if this is really stupid or not confused.

user1467753145 Tue 05-Jul-16 22:20:30

OP, 60k and 90k under asking? That just doesn't sound right. Is the property over a million? Hopefully you will find someone soon as soon as the uncertainty settles down. I am looking to buy in east London and my mortgage adviser told me to wait until it settles a bit and my EA told me that property prices are as usual going up and there's no point waiting.

MimsyPimsy Tue 05-Jul-16 22:44:38

"my EA told me that property prices are as usual going up and there's no point waiting"
I think they say that whatever the circumstances smile

JE678 Wed 06-Jul-16 03:12:22

No, we're on at £625,000. It was valued at £625,000 by three agents and £635,000 by two others. We went with £625,000 as we wanted a quick sale. Nothing about the property has changed, it was presented in the same way and there haven't been any other changes. A friend from NCT has just had hers fall through and her EA has said they are largely just getting ridiculous offers at the moment and actually advised her to wait! Counterintuitive for an EA but at least honest. We had one more viewing yesterday and an offer of £500,000- madness! It has officially been removed from sale as of close of play yesterday.

JE678 Wed 06-Jul-16 03:19:00

I should also say it is fully refurbished to a decent standard, we didn't cut corners on anything. I know people can be blind to the faults of their own house but I did look at what else was up for sale and it really is priced fairly and in line with others that haven't been done up as done up ones are on at £635,000. The houses around here are very similar externally so it's fairly comparable. Feedback has been really positive both times just the offers have been prefaced with "house prices are going to fall so we can only offer..." It feels like it will become a self-fulfilling prophecy if they carry on like that.

whois Wed 06-Jul-16 09:21:23

my EA told me that property prices are as usual going up and there's no point waiting

Are they fuck - i've been monitering the East London property market through form Shadwell to Leytonstone and loads of things are coming back to market reduced at the moment...

The EA will of course tell you that becase if they don't make a sale they won't get paid!

whois Wed 06-Jul-16 09:26:23

they are largely just getting ridiculous offers at the moment and actually advised her to wait

I think this is good advice. Everything is too uncertain at the moment - no one wants to pay pre-brexit prices but no one knows if prices will just stabilise or actually fall, and if so by how much. So people are just chancing it at the moment - trying to get a deal if someone HAS to sell.

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