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Should I pull out of this sale?

(44 Posts)
Badbadtromance Tue 05-Dec-17 16:40:26

My house has sold to FTB. In the v beginning I did say I would go and live with family if they wanted the house and ihadnt found anything but as we get closer to exchange I'm seriously doubting that me and two kids could be happy at my mum's. She's pretty bad tempered and lives in a rural area so teenager kicking off. I'll have to leave 20 minutes earlier each day and drop and pick up teen as no transport. I really thought I would have found something by now but been outbid on three properties. I also worry that I may not find a cheap enough house in the area I'm leaving which is perfect for the town and schools. I'm mortgage free and a single mum

FanSpamTastic Tue 05-Dec-17 16:50:21

I think it depends on how likely you are to find another buyer? And why you are moving?

If you want more space then can you afford it? If other people are bidding higher for the space you want then would you ever be able to match them? If not then I would stay put and pull out of your sale.

If you are being outbid then was your house priced too low or do you have unrealistic idea of how much the extra space you want will cost?

Badbadtromance Tue 05-Dec-17 16:54:28

I want to move up the chain and can afford to but so few houses so loads of buyers. Really unsure about going back to mums as we will be squashed in and I'll have to share a bed with my daughter

CanIBuffalo Tue 05-Dec-17 16:56:42

Can you rent once you have sold?

HeadsDownThumbsUpEveryone Tue 05-Dec-17 16:57:25

Why not rent somewhere as a short term solution, rather than stay with your mum? Your FTB will probably feel very let down and out of pocket by a large amount especially if they only agreed to commit as you promised you would be out regardless of whether you found a property or not.

How far from completion are you?

Badbadtromance Tue 05-Dec-17 16:58:57

Hope to complete by 18th. I thought of renting but so expensive

HeadsDownThumbsUpEveryone Tue 05-Dec-17 17:02:29

The 18th of December shock I know it's not your fault that you have found nothing suitable yet but that is cutting it quite fine and is probably going to ruin their Christmas (so they are unlikely to make another offer if you do pull out and try to resell later).

I appreciate renting is expensive but so is buying a house. You could pull out but I would strongly look at other options before losing the sale. How long realistically would you need to be renting for?

MumOfTwoMasterOfNone Tue 05-Dec-17 17:04:02

Well you legally can if you haven't exchanged but I think it's very unfair when people do this, as they will have incurred expenses and will be getting things ready to move. Plus, if you are back in a chain it will make things difficult for you, particularly if you don't have a buyer, when you find the right house.

bobbyshafter Tue 05-Dec-17 17:05:38

I would hold onto your buyer if you have sold at a good price. The market is dropping....

JoJoSM2 Tue 05-Dec-17 17:20:26

You’ll never move if you pull out. If a bigger house comes up, you won’t be taken seriously without your house being under offer.
I think renting sounds like the best option if you’re serious about moving. It’ll put you in a very strong buying position.

PasstheStarmix Tue 05-Dec-17 17:26:44

I wouldn't pull out when you have your buyer as it's not easy to sell in today's market. A lot of people won't advertise their houses until after Christmas so probably some new ones will come on in January. I'd move in with your dm for now and if she drives you crazy rent for the remaining period but hopefully you'll find somewhere before then. You'll be the perfect buyer having no where to sell as well. Good luck smile

ElsieMay123 Tue 05-Dec-17 17:28:55

Ouch that's pretty rough if you agreed the 18th then delay (for how long?) with less than 2 weeks notice, but it's your choice.

What do you think they will do? Could it cause the sale to fall through and are you prepared for that? Will you leave your buyer trying to find somewhere to rent for an undisclosed period and store their stuff? Will they try and restart negotiations based on the extra costs they will incur? I would want to be pretty sure of the consequences of changing my mind at such a late stage!

It sounds like you're having cold feet and only you can decide if you can live with deciding to rent/move back/delay, but honestly if I was the FTB I'd be calling you all kinds of names if you changed the date now.

ElsieMay123 Tue 05-Dec-17 17:30:21

Sorry, misread, you said pull out entirely. Well yeah, I'd still be calling you names ;-) but still your choice!

KarmaStar Tue 05-Dec-17 17:41:42

Weigh up the pro's and con's?
If you pull out you remain in your home with no concerns other than the reason you wanted to move in the first place .You lose your buyer(but if as you say,the market is flooded with buyers that shouldn't be a huge concern).
If you continue with the sale,you could be spending 1500£ just to get a rental (deposit initial rent and admin fees)plus getting mail address etc changed for a short period then changing again,you could be left in rented for several months which is going to eat into your money and you will have less to buy your bigger house with eventually.or squeezing into your mum's and the headache that entails..
Very hard on your ftb if you pull out but must do what's best for your children and you.
flowersgood luck

LoveYouTimMinchin Tue 05-Dec-17 17:44:55

I think it's one of those you have to suck up, tbh. You said you'd move to your Mums, if you pull out of the house sale then that's you going back on your word that is. Not nice at all.

OhforfucksakeFay Tue 05-Dec-17 17:46:57

You'll be in a stronger position moving in from rented with no chain and mortgage free. Are you calling local agents weekly to remind them you are desperately looking and get them to tell you about houses before they go live ? The best properties round here don't even get onto rightmove before they are sold, we have a serious shortage of properties too.

OhforfucksakeFay Tue 05-Dec-17 17:47:36

The alternative is to say you can't complete before Xmas and gives you a bit longer to find somewhere and avoids Xmas at your mums in the rural area

another20 Tue 05-Dec-17 18:45:42

What are the real issues here?
Living with your Mum?
Worried that you cant afford or find the next rung up the ladder with your budget - if you are being out bid?

If it is only the former - then you can work around this. If you have concerns about the latter then you need to bottom this out soon as you do not want to be in the situation of having sold your house but unable to afford to buy another.

Have you exchanged yet? Could you renegotiate the completion date for 3 months time? The FTB then has a choice - wait for you or loose all they have invested to date. You could even complete and rent for a few months from them staying in your own home - its called 'rent-back' - a relative has done this in the past.

Allthebestnamesareused Tue 05-Dec-17 18:56:08

I wouldnt lose my buyer in your situation. Once Brexit happens I suspect the shit will hit the fan and prices will drop for a while at least. Best sell now and live with Mum (teen will have to suck it up!) and then capitalise on cheaper prices in the New Year!

MyBrilliantDisguise Tue 05-Dec-17 19:00:00

I wouldn't let someone down at the last minute like that.

I would look to rent for a few months instead. If you're mortgage free can you afford to pay for that?

Viviennemary Tue 05-Dec-17 19:02:48

Somebody did that to us once years and years ago. Said she'd move out but then nearer the time said she couldn't but still expected us to buy But there was other messing about . We found somewhere else. But it's up to you. But your priority is to look after yourself and if it's not possible to move in with your Mum or will cause mega difficulties then pull out.

yorkshireyummymummy Tue 05-Dec-17 19:20:33

If you are not 100 % sure then don't do it.
House sales fall through. It's not theirs , it's still yours.
If- as people are predicting here - that house prices will drop when Brexit hits then that means that your move up the ladder will be cheaper too, it's all relative.
If I was you I would stay put. If you are not sure then don't do it. You could try for a delay- say that your accomodation has fallen through so there's no way you can move before Christmas.
But don't feel guilt tripped into continuing if it will be detrimental for you and your kids. Who is more important to you- you and your family or two first time buyers who you don't know??
Yes, I know it will be very disappointing for them but shit happens and this is one of the things which can happen in a house sale. It's not final until the contracts are signed, exchanged, money transferred and the keys are in the buyers hands. It happens lots - we had a buyer pull out on a property the day before completion, another who tried to get us to drop £50k the week of completion.......these things are not uncommon and if it was me I would do what was best for me and my family.

nightshade Tue 05-Dec-17 19:21:46

Dear gawd...I'd curse u up and down If you pulled out...

I take it u will be paying your buyers back their survey fees solicitor fees ...have they given notice on a rental property?...will they be homeless at xmas??..

specialsubject Tue 05-Dec-17 19:26:37

No seller ever keeps the promise to move in with family so while pissed off, they wont be surprised.

Rental is realistically six months minimum, and you will need most of that if you have not even started a buy.

Teenager can do as they are told, but living with your mum doesn't sound realistic .

hertsandessex Tue 05-Dec-17 19:36:41

I wouldn't worry about pissing of your buyers if you really don't want to move and of course you won't have to pay any of their fees. Not nice for them but that's life. Halfway house as others as said is to exchange but delay completion or just tell them not ready to exchange but be ready for them to walk away.

Personally I would go down rental route. You say it is expensive but it's not that expensive (remember of a chunk of your mortgage payment is effectively just interest like rent) and with cash in the bank and able to move quickly you may well get a much better deal on buying which would make up for the costs.

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