AIBU in retracting our offer on house

[user1491297286]

DH and I found a property we loved last week and (after months of searching) decided to put in an offer. Our first offer was rejected and we eventually agreed to meet the vendors half way, resulting in us agreeing to pay 5k more for the house than we wanted to and going to the top of our budget. The vendors accepted our offer on the basis that they found somewhere themselves. Last night, DH and I discussed things again and revaluated our finances and outgoings should we purchase the house.

Although we can afford the mortgage, we are putting ourselves in a position where we would be stretching ourselves and would be worried about finances each month. We also considered interest rates rising, and the fact we want to start a family, which again could mean we would be unable to afford the repayments in 5 years’ time.

Last night we had a message to say the vendors have found somewhere and have had an offer accepted today so they are ready to proceed. We both feel absolutely terrible and stupid. We should have evaluated things properly before placing an offer but we fell in love with the property and got carried away.

Are we going to be blacklisted for pulling out here?! I feel our reason is rather pathetic and embarrassing but cannot think of any other reason to give!

I think your vendors were cheeky buggers by saying they wouldn't accept your offer until the found somewhere they like. So if they hadn't found anywhere they would have declined. It doesn't work like that. They aren't going to get much more than the asking price so should have been looking within their price range beforehand, not saying lets see how much we get and then look.

Anyway there;s no love in house buying/selling...just move on.

Don't worry too much. We pulled out on a property after deciding it was too far from our dcs school. They werent happy but no money had been exchanged so meh. Buying and selling houses is brutal. It happens.

Slightly different point than the question you asked but I have never regretted pushing myself to the maximum I could have afforded with every house purchase. In fact my only real regret is not seeing if I couldn't have pushed myself a bit more.

Ditto as sopsmum said. We used even the chidlren's savings and did not have even anough spare change for a pot of paint or new furniture for each house - just had inherited junk (real junk) stuff but it paid off - that massive risk taking and stretching to the limit.

We are trying to sell a house and if someone did that to us it would make a stressful situation horrible. It sounds as if you have made up your mind, so you had best do it quickly.

You say you'd been looking for months. Really you should have done your sums properly beforehand not once you'd made an offer that had been accepted! Lesson learnt for you.

Hopefully the vendors you were buying from will get another buyer quickly and not lose out on the house they wanted.

It is a good time to buy though with the stamp duty threshold increased so you may save money there.

Gladys123 Don't worry too much. We pulled out on a property after deciding it was too far from our dcs school. They werent happy but no money had been exchanged so meh.

I can tell you as a seller that lost out on a house we were buying due to our buyers pulling out on us it didn't feel 'meh' at our end. If it happens to you at some point you may not feel so unbothered about it.

@Mumratheevergiving this thread is over 3 years old, so I'd imagine the vendors have found another buyer by now.

Thanks TheBeeatAmbridge. How odd it was in my list of active threads. Yes, they've all had plenty of time to move!

You should do what is legally allowed. If you have not signed the contract or paid the deposit you can change your mind without a penalty. It happens a lot. 1 in 3 sales fall through. Don't buy because you feel ''obliged'' to.

This thread is 2 years old!! Guessing the OP is sitting happy in her hone by now!!

It is bad to mess someone around like that but people pull out all the time. The issue is whether you'll find what you want for £30k less. We'd have loved to spend £30k less but you only have a choice between what there is and what you're happy with. Prices can go up so you might have to pay what you've offered anyway.

Been waiting for an interest rate rise for over a decade now, constantly told rates can't go lower and then they go lower!

You might be blacklisted, if a house comes on with the same agent and they have more than one offer you won't be given the benefit of the doubt.

If I could afford the more expensive one at a push I'd go for it. We went out of our comfort zone for our current house, it was hard when the kids were in nursery but now they're school age we have loads more money and the house has gone up 30% in value in 5 years.

Argh didn't spot it's an ancient thread. Still waiting for the interest rate rise!