Is it usual for buyers to keep pulling out?(9 Posts)
We haven't go anywhere near survey stage yet so it can't be due to any problems they've found.
We've had two buyers in the space of two weeks make an offer, increase that offer and then either go uncontactable when we are trying to accept it, or they pull out?
Is this usual? I'm close to giving up and trying again next year.
It could be that they realise they can't follow through with their higher offer/their lender won't lend. Why were they increasing their offers - bidding war?
I don't think it's usual, but I'm not an expert.
Is it a buyers market where you are? Lots of choice? Could it be that 'buyers' are making speculative offers on multiple properties and going with the one they like best/get the best price on and pulling out of the others? We had a similar thing years ago and it was maddening, they'd strung us along for weeks and we had to pull out of the place we were buying too .
I guess it depends on the market where you are.
If usual practice has been for properties to sell quickly then people are probably falling into the trap of making an offer to get it off the market then getting buyers remorse when they more calmly reflect on the situation.
I think the market is cooling in most places but that is tempered by a lack of available properties too so people are still lurching into making offers when properties do come up.
I'd be asking your EA to ensure they check for proof of funds before accepting offers as that should weed out those who simply can't afford it.
I'm not really sure if it's a sellers or buyers market here. We seem to be getting offers but they aren't that high and we didn't manage to knock a huge amount off of the property we are buying either.
There aren't many properties of our type available so perhaps they are making offers to "hold" them in case nothing better comes along. It's so frustrating though.
If it's not usual behaviour maybe I will give it one last go before throwing in the towel! It's so difficult keeping the house spotless for viewings with a toddler!
It's happened again! I don't believe it!
This one viewed twice in two days, bringing round relatives at the second viewing and then had a third viewing with more relatives. Made an offer. We accepted. He wanted another viewing the next day - no explanation given. The estate agent said he was just excited so wanted to show even more relatives!
I was getting a bit fed up at this point as it seems excessive and I keep having to hide outside the house with a toddler each time they bring people round, but it went ahead and this morning I find out from the estate agent they are withdrawing their offer!
The reason given was that the garden needs some tidying up. Which it's needed for every viewing he's had! And the gardener was coming round that afternoon too which he also knew. We accepted so much less than the advertised price just because we are sick of viewings. It seems a pretty flaky reason to me.
I'm so fed up now. I feel sorry for the chain if we pull out now but I really don't think I can take any more of this.
Since we've had three people pull out, all at very early stages, do you think the estate agent could be to blame? I kept chasing him to check proof of funds and get solicitor details and was told he didn't know who he was using yet. Despite also saying he wanted to move in June!!!
I can't really think what due diligence they should be doing to check people are making actual serious offers though.
Do you think I should move agents? Or perhaps even use one of those "sell your own house" agents?
I would absolutely consider different agents, just check your contract allows you to, you are normally stuck with one agent for a certain amount of time.
When I made offers on property in the last couple of years, the EA didn't even forward them to the seller until they had proof of funds - letter from solicitor confirming enough money in the bank and/or mortgage agreement in principle. The mortgage in principle are a bit tricky, because the figures are completely inaccurate and don't seem to match what the banks will really allow. At least they are expensive so they should show some kind of commitment.
You can always accept an offer but keep the house on the market until proper commitment of some kind, details of solicitor, survey booked for example. There's never a guarantee until exchange (England?) , but it would remove complete time wasters.
Your not alone! I've had it done to me on a past house 4 times! All within a week
It's very disheartening and incredibly frustrating, we swapped agent and had no problems after that. Our first EA seemed to be quantity rather than quality.
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