EFFIN BUYERS PULLED OUT!

[Amadrienia]

I am so upset and fed up with everything, need vent/rant/reassurance/advice, honestly just so upset and can't stop crying and stressing!

We put house on market Sept20, sold pretty quickly but took us ages to find somewhere, Mar21. It wasn't just any house, it's THE house, layout, area, price, schools for my 3y old, everything just great. Fell in love before we even viewed it. We managed to secure it after a quick bidding war, it went within 2 days.

Then problems started, their sellers seller who was top of chain didn't own the access road so there was a few months faff and our buyers pulled out as couldn't wait cause of stamp duty (don't blame them).

We sold within 2 weeks, around June21, and in meantime top of chain collapsed so sellers found a new build which was due to be done Nov21 latest. Off we go!

Today found out our buyers pulled out as couldn't get a mortgage, they were in rented and supposedly already had everything in place, that's why we went with them, accepted lowest offer cause wanted a quick move. WTF didn't anyone check on that, supposedly they got money abroad which is complicating everything and now they can't get a mortgage. 4 EFFIN MONTHS AND NOW THIS COMES UP?

On top of everything I'm 28 weeks pregnant and don't need this shit! Estate agent thinks we'll sell within a week, already got a viewing for tomorrow, but I'm worried about vendors dropping us, don't want to lose that house. Basically new build is ready to exchange, we're ready to exchange just need a buyer who won't mess around.

I can't believe the law in this country allows for crap like this, don't know who to blame or yell at and worried about stressing myself out and hurting the baby but if we lose this house don't see how I'll cope...took us 6 months to find it and been checking Rightmove every day since, nothing even comes close and we've been in this mess for over a year now!

[areyouhavingagiraffe]

OMG, that's awful. Why couldn't the get a mortgage? Did they have a DIP? Or was the lender not lending because of issues with the property?

[areyouhavingagiraffe]

Oh sorry, just re-read, they have a deposit in overseas bank, is that the issue?

[Amadrienia]

We were told they had a 40% deposit and mortgage in principle, now apparently turns out the deposit is from a sale overseas which no one told us about! Would have gone with the other offers we had if we'd known but estate agent assured us this was quickest. And now the lender don't want to lend them the money!

[Whymustyoubringinthebirds]

Not helpful to you but sounds like the deposit monies are coming from a high risk area for money laundering, they could have had a mortgage offer and then mortgage lender through solicitors have found out funds are from abroad, this comes with a whole host of additional requirements and evidence

[leavesthataregreen]

Can the EAs chase up the people who were interested previously in case they are still looking? Get the house straight back on the market. If you had a few offers, it must be desirable and will sell again now. Remember if you get ditched by your seller, they too have to start from scratch so it's in their interests to hold on for a little while.

[Kite22]

I totally agree with you about the whole system for housebuying in this country being absolutely ridiculous.
It needs someone to take the bull by the horns and work out some sort of system where you have to pay a deposit so you have some commitment once the offer is accepted (with caveat that the survey or the mortgage lenders decide the agreed price was wrong).
Your situation is awful, but sadly every day people get the rug pulled at the last minute - some even whilst sitting outside their new home with a van full of furniture.
Moving is so stressful, and part of the reason so many people who would like to be elsewhere, can't face the stress of moving, and sit in homes that are too big for them rather than selling on to families who need that space.

[Paranoidandroidmarvin]

Someone pulled out on me on exchange day on my last sale. It’s awful. All that money down the drain. There is a thread on here about someone pulling out and everyone is quick to say yes do it… it’s easy. But the consequences of someone pulling out this late is horrible for so many people.

Don’t put in an offer unless u have the money. It’s heartbreaking. I’m sorry this is happening.

[areyouhavingagiraffe]

I pulled out of my Sale - lots of issues on the property came to light at the legal stage. It is horrible for everyone.
However, in this case I think the EA has not done their due diligence.....they should have sought evidence of that deposit. I am now chain-free but looking to buy and can easily send evidence of my 40% deposit. Unfortunately, the EA has screwed up

[Amadrienia]

Thank you everyone for quick replies. I have been reading enough horror stories to know never get your hopes up until you have the keys and I have been trying really hard but this seemed to be a done deal that now we've got emotionally invested and were hoping to plan to move this month not start all over again. head against wall

We never pulled out on anyone as don't want it done to us but we were chased every day for proof of funds before our
vendors would take it off the market and considering we got same estate agent you'd think they would have done the same our end. I mean seriously!

Fingers crossed this person viewing tomorrow will offer, we live in a 9 year old new build which is still under warranty so hopefully shouldn't be much trouble.

Keep hearing everything happens for a reason, just really hard to see it right now the way things are. We will hear tomorrow what the vendors are doing, hope they're willing to wait as we got no intention to mess around. sigh

[YukoandHiro]

Oh I'm so sorry OP. How bloody frustrating.

I hope you find a new buyer quickly. Definitely not what you need when you're heavily pregnant. Can you put in a clause about not completing around your due date?

We've been on the market twice since Feb this year (still on now) and only had a handful in viewings and no offers. It's soul destroying. We're stuck in a flat we've outgrown with a baby in our room we have no bedroom for.

[TangoWhiskyAlphaTango]

It's happened to me too 4 months down the line. The saving grace you have with your purchase is that all of your legal side is done. If your sellers re market they have to go it all again with new buyers. I sold again within 48 hours and it finally went through 3 months later.

[LuluLefevre]

We lost our buyer last Monday and are under offer again now. Went on Rightmove on Weds, offer by the weekend. It’s so soul destroying but hang in there.

[user1471538283]

How awful! Get your ea to contact the others who were interested and get lots of viewings. It should sell quickly.

[pilates]

I would say the agents should take a large proportion of blame. They should have asked for proof of mortgage AIP and source of funding.

[Idontlike]

Could you get a bridging loan so you don’t lose the house you want?

www.which.co.uk/money/mortgages-and-property/home-movers/bridging-loans-explained-afsnw3h37sc0

[MrsCat1]

I feel your pain Op. We finally moved last year after our sale fell through twice - once on the day before we were due to exchange. But it was third time lucky so here we are having moved at the end of last year. Hopefully another buyer will turn up quickly and one day soon this will just be a nasty memory.

[Eastie77Returns]

So sorry to hear this. I am on the other side as have had two purchases fall though as the vendors changed their mind. It’s awful all round. Hope you find another buyer ASAP.

[gogohm]

Unfortunately this happens. It's down to your estate agent to check they had the funds, we had to take in bank statements and the mortgage con principal last year. I actually think the red flag was them being willing to wait 6 months for you, a normal buyer would not wait for that long - we gave the people we bought from 2 weeks or we would pull out because we actually wanted to move

[Amadrienia]

Unfortunately the previously interested parties are all gone since we accepted these back in June21 so have to start over. Got a viewing 15 min after the house relisted so hope they will like it and offer. Worry isn't selling this place it's losing our dream house. We had a look at bridging loans and unfortunately they're not an option for us. So it's all up in the air now, still don't know what the vendors are thinking, worried they'll lose their new build as know developers wanna complete and move on or go "sod this" and change their mind altogether. But yes, if it all goes to pot it's the EA fault, still trying to think whatever happens is out of our control and try not to stress over it until we know more but keep praying it can still be saved.

Sorry to hear about everyone else's struggles from either side, I agree it's bs the way things work. This is why we only want to try and move one more time but are at mercy of things out of our control as had we known we would've gone with someone else but no one told us.

[LuluLefevre]

Great news about the viewing. We’ve just fixed our chain and so far the chain is holding for our onward purchase we found someone willing to move quickly.

My advice based on what we’ve been through is:

1. you and/or your DH drive it - chase the EA for proof of funds or mortgage and don’t take the house off Rightmove until you have total satisfaction
   
   
2. Set the dates you need as part of the negotiation- e.g. you can only accept on offer based on agreement to commit to go all out to exchange on x date and a completion on y date (matching up with the newbuild completion to satisfy your vendors)
   
   
3. Ensure your buyers are using a proper solicitor, not a cheap conveyancing outfit. You can ask who they intend to use as part of your consideration of the offer. You can always accept on the condition they use another company if it turns out they are intending to do it on the cheap.
   
   
4. if the searches are recent, see if you can get the previous buyers to give or sell them to the new buyers. This could save lots of time getting to exchange.
   
   
5. be completely proactive- call the EA, call the solicitor, ask questions - daily if necessary. Don’t trust anyone is prioritising this apart from you!
   
   Wishing you all the luck!!

[BlueMongoose]

When we bought last the HA wanted proof of all our funding from our financial advisor before they'd even deal with our offer.

[Amadrienia]

Thanks Lulu, those are all great advice and will make sure I bug DH to keep pestering. I need to focus on my pregnancy and not getting worked up as things have been far from smooth since we started trying to have a family.

So little update: Got 4 viewings between tonight and Thursday.

Vendors are willing to wait for us currently, didn't say how long but if we manage to sell in the next week or two hopefully all will be OK.

EA profoundly apologised, couldn't give a lot of details except when it went to offer it all fell apart. Branch manager will vet everyone personally so this don't happen again.

🤞

[Isseywith4witchycats]

we are selling my MILs flat in essex she died two years ago, it was rented when she went into residential care the renter wanted to buy and near exchange went for a cheaper flat but rented longer till his sale went through, so listed it for sale took £20000 off price for supposed quick sale accepted an offer in February this year supposed to be cash buyers, paperwork has taken forever due to them not supplying documents needed and then three weeks ago one week before exchange they pulled out, turns out they had to sell to be cash buyers and their sale fell through so almost two years later we are back to stage one and having to relist it again

[Franklin12]

Why do people claim to cash buyers but they are no such thing because it depends on them selling/cashing in something.

[Cindi85]

It's a seller's market right now, so I hope you sell again soon. Good luck!