To hate flaky house buyers?

[HackedOffSeller]

13 weeks down the line on a house sale and onward purchase. Last week my buyers pulled out and I'm back in the nightmare that is first time buyers. So far I've had 10+ viewings and two/three offers but the problem I have is with the flaky buyers who are putting in offers and then pulling out a couple of days later with rather ridiculous excuses. As a result I'm likely to lose the house I want to buy. It's so frustrating.

When I was a first time buyer it was always the case that you only put in offers when you were certain you want to actually buy the place. Is this a situation that other people are experiencing or am I just incredibly unlucky to be attracting the indecisive?

[MrTrebus]

You need a new estate agent,they should only be showing people round that have a mortgage agreed in principle, preferably by the estate agent mortgage advisor so it's all under one roof. This is what we demanded when we recently sold and we were done and moved within 3 months (the house we were buying was chain free) the estate agent is the problem not the first time buyers.

[Els1e]

I was in a similar position some years ago being messed around by flaky buyers. So last year when I was selling I made it clear, I wouldn’t take property off market until valuation done and buyers were happy with valuation. Valuation can happen quickly, so not a hold up.

[Nquartz]

I had a buyer with a mortgage agreed in principle but then when she actually applied she didn't get a approved. Luckily we had another offer and it went much smoother that time.

It is such a stressful process, we deliberately bought a house that we can imagine being in forever as I never want to move again!

[ChelleDawg2020]

Personally I've found sellers to be the "flaky" ones. Leading me on a merry dance before pulling the plug just before we exchange contracts. Sellers hold the power here, not buyers.

[HackedOffSeller]

Useful info about offers etc. I spoke to the estate agent about what questions are asked and they are checking that people are in the position to purchase. They are also getting anyone who is expressing interest to come in a see their financial people. So I think they are doing due diligence with the people offering. I suspect these people are offering on multiple properties, which the estate agent can't know about. I'm certainly not getting excited when people are wanting to do second viewings now, as I've had a lot of them which have not translated into offers. The sellers of the house I want to buy might be giving me another week, so hopefully I'll get a more suitable offer in the next couple of days. Luckily if I do move it will be to a place I can live in forever, as I certainly wouldn't want to do this on a regular basis.

It's been an emotional rollercoaster and I'm exhausted.

[dontticklethetoad]

In defense of first time buyers, can you imagine how soul destroying it is when your mortgage application gets turned down?
We gave got a pretty hefty deposit and dh is in the higher tax bracket earnings wise, yet we are really struggling to get approved.

[Els1e]

Dontticklethetoad - it’s certainly not just ftb that can be flaky. I meant any buyer. But any buyer does need a clear idea of their budget. You should be able to get a mortgage in principle based on your earnings before you view anything. Then it is just down the mortgage valuation once you have chosen a property.

[Chienrouge]

Yes, I bet the FTB’s who have their mortgage application refused despite having an AIP are pretty devastated too.

[TinyPaws]

I was a first time buyer. The first offer I had accepted the agent buggered around setting more and more hoops to jump through to take the house of the market and didn’t do so even when I’d met all their criteria. It wasn’t a massive surprise when I was gazumped. Much later they called me again because their new buyer dropped their offer massively right before they were due to complete, I had no interest in dealing with them again.

The second house I offered on, I was on the ball, the sellers were on the ball, the estate agent was on the ball, unfortunately the sellers solicitors were shite which meant that despite the fact that I had finance in place and there was no chain it took 4 months to complete.

[NewPapaGuinea]

Estate Agents need to be doing a lot more background work to reduce these circus acts. They get paid enough and it should warrant more than taking a few photos and putting an advert up.

[Andromeida29]

I do sympathise but also agree that the EA needs to be doing more checks. When we bought ours last year, we couldn't even book a viewing until we had proof of funds, had a solicitor in place and had agreed to see their financial advisor.

[namechangealerttt]

I think people are just more flaky in general these days. I know people who I can make a plan to meet with but I am never 100% sure it's going ahead till they are there in front of me. Not surprised it happens with house buying/selling and the ridiculous system in England facilitates it.

[emmyrose2000]

The UK (English!)way of being easily able to pull out at last minute after weeks or months of pissing about and making every excuse under the sun without penalty is ludicrous and makes the whole thing so so stressful. Why is it still like this? Utter madness. Glad it’s not like that where I live

I agree. 30 days from agreeing on the price (in writing) to exchange of keys is the norm where I live.

Agreeing on a price can take anywhere from an instant acceptance to a few days, so it's quite feasible that someone could put an offer in on a house on the first of the month, and be living in it by the 31st of the same month. There's a bit of wiggle room in the first two weeks due to two particular clauses, but after that it's a virtually watertight contract.

I'm agog when I read stories here of exchanges taking many, many months, and even then they fall apart on the supposed day of exchange. What the hell is going on (or not going on) that all this time is wasted?? It sounds like the British real estate industry needs a major overhaul.

[PJBanana]

I'm agog when I read stories here of exchanges taking many, many months, and even then they fall apart on the supposed day of exchange. What the hell is going on (or not going on) that all this time is wasted?? It sounds like the British real estate industry needs a major overhaul.

It is soul destroying.

Not to mention all the other hassles that come with buying and selling. Especially with the increasing popularity of exchanging and completing on the same day! (We did this last year and it was unbelievably stressful).

Both buyers and sellers will have no other option but to start getting organised, arranging removals, storage, cancelling contracts and arranging new ones etc. All to then have the rug pulled from under your feet with literally hours to spare.

I do not understand how it’s allowed to go on like this.

[ChickenPaws]

We’ve refused to sell to flaky buyers on two occasions. We could tell they were going to be trouble, so instructed the estate agent to tell them to go away with their offers and poor attitude. It was a good feeling

[Fluffyears]

An offer in Scotland is not binding, either party can pull out until the missives are exchanged. It’s a common misconception but it is faster and harder to pull out as the missives are done pretty quickly.

[worridmum]

I thought the system was once missives have exchanged its a contract that while you are not forced to buy the house you had to cover all associated costs plus some extra to cover time wasted?

[Allaboutthatcake]

I’ll rephrase then, you can’t pull out without penalty up here.

[ChickenVindaloo2]

Missives (contract in Scotland) are often not tied up until the week or sometimes the morning of completion. Mainly due to mortgage lenders not finalising the offer of loan until then.

I have 5 settlements (completions) due for tomorrow. Only 3 will definitely happen tomorrow. Not unusual.

[HackedOffSeller]

I don't want to get too excited based on all the examples above, but I've just accepted an offer on my house. First time buyers, so I hope these are from the organised group and not the flaky group. I can now resume my life as a total slob .