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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To withdraw our offee

80 replies

MigraineMonday · 31/05/2018 20:49

I’ve namechanged for this, as it expecting a right flaming.

8 months ago we made an offer on a property which was accepted. WIBU to withdraw it now?

Reasons for:

  • house prices have fallen massively in our area. The offer is now 40K over the value on Zoopla and much higher than other similar properties. We’re putting every last penny of our savings in and really can’t afford for the market to fall and end up paying well over the odds.

It’s taken so long to complete due to the chain. My DH has moved jobs in this time. The new property will now make his commute awful, although the commute to his old office was fine.

DB is a lawyer and is strongly advising us to pull out because of the above.

Reasons against:
Feel like the absolute worst person in the world pulling out and breaking the chain.

OP posts:
NotAnotherUserName5 · 31/05/2018 20:54

8 months?! You've had the patience of a saint waiting so long.

If your gut instinct tells you it's not the property for you, pull out asap!

It doesn't sounds as though you are sure at all.

cadburyegg · 31/05/2018 20:56

Yes, you would be unreasonable, but that doesn’t mean that you should buy a house you no longer want.

  • Zoopla means nothing.
  • Why did your apply and DH accept a job that has a nightmare commute from/to his new house?
User467 · 31/05/2018 21:00

I agree zoopla values really don't mean anything. Eight months seems a ridiculous length of time to still be waiting!

AnyFucker · 31/05/2018 21:01

Another one ?

Just do what the fuck you want.

peachypetite · 31/05/2018 21:01

Zoopla values are meaningless.

Di11y · 31/05/2018 21:01

If you wouldn't still buy it now and it makes your commute a nightmare - don't!!!

AskAuntLydia · 31/05/2018 21:02

No.

YANBU

It is insane to buy the biggest expenditure of your life when it doesn't really meet your needs anymore.

Start looking near your DH's new work.

You don't owe anyone in the chain anything. Like it or not, that's the system we have. If people object to it so much, they need to start campaigning for a change in the way houses are sold in England (and Wales? I don't know how it's done there).

Original poster
MigraineMonday · 31/05/2018 21:02

Cadbury,

I agree Zoopla doesn’t isn’t the ultimate authority on all this, and it won’t make the final decision. Without outing myself, we are in London and the market has cooled very significantly.

My DHs team at work is being wound down and will eventually be closed after a few rounds of redundancies. He was advised to start hunting for jobs and has taken the best job he could get, not the best commute.

OP posts:
Singlenotsingle · 31/05/2018 21:04

As long as you haven't exchanged contracts yet, you're free to back out. No point buying a property if your heart's not in it.

Original poster
MigraineMonday · 31/05/2018 21:05

I feel absolutely sick either way, at spending all our money on a house that doesn’t really work for us anymore or at pulling out at this point.

It took 8 months because of incessant unforeseeable delays up and down the chain (a death, an early birth and legal issues, none of them ours thankfully)

OP posts:
PandaPieForTea · 31/05/2018 21:06

It sounds like you should back out now. You’ve waited patiently, but there is no point making what is now a bad purchase.

firsttimer12345 · 31/05/2018 21:12

We've had our buyers pull out this week because their buyers had changed their mind.

We were supposed to move this week with it being half term so convenient for us all. We were supposed to be exchanging on Tuesday and instead the phone call came to say they've dropped out. So today, instead of moving house, we've had to move all of our packed boxes into storage and prep our house ready for more viewings starting tomorrow.

We still don't know what's happening with our purchase. It's the end of the chain so we're hoping that the vendor will stick it out but he could easily go back on the market.

We've paid out hundreds, if not over £1000, for builders/architects/planning permissions etc for the new house already so will be absolutely devastated if we lose it as we won't be able to afford a house as nice now.

We've been making do with sharing bedrooms and not buying furniture because we were waiting to move. I work from home so I had all my new contracts prepped with the new address on and had lots of work on hold 'until we moved'. I don't really know how we'll cope here long time if we don't get another buyer.

Please just think about how it will affect everyone else in your chain. Your DH's new job is not their fault.

BeverlyStyleMama · 31/05/2018 21:12

This reply has been deleted

Message withdrawn at poster's request.

Tinkobell · 31/05/2018 21:14

Ok. Shit happens. Sorry, what do you want from the thread?

FermatsTheorem · 31/05/2018 21:17

Didn't you post precisely this thread, right down to the 40K drop in prices, about a month ago?

FWIW, although it will be absolutely shit for everyone else (and I know that all too well), buying a house is not a charitable act, it's a transaction. You are not legally obliged to go ahead at this point, and if pulling out is the only thing that works for you, then that's what you are able to do. You certainly aren't the first to do this, you won't be the last.

Original poster
MigraineMonday · 31/05/2018 21:17

Firsttimer, I’m sorry for your situation, it is awful. I can’t even imagine doing that to the whole chain.

We weren’t even looking at the market but our buyers pulled their offer last week and we had to tempt them back in with concessions. It has been incredibly stressful. As part of that, we started looking at what else was on the market to rent and realised how much it had dropped.

The thing is, when our buyers started renegotiating, we had to admit the market has moved and we can’t expect them to pay over the odds, even though it is shitty.

OP posts:
jay55 · 31/05/2018 21:18

It's no longer the house for you. So pull out.
It is too much money to spend if you are not sure.

Original poster
MigraineMonday · 31/05/2018 21:20

I know what you mean about being in limbo, my bloody washing machine has been broken for 3 weeks, with 3 young DC, and the exchange date keeps moving so we put off ordering a new one. We’ve paid close to £1000 in surveys, broker fees etc as well but that pales in comparison with the cost of the house.

OP posts:
londonrach · 31/05/2018 21:21

Op...house isnt right for you now so pull out and find somewhere closer to his work.

firsttimer12345 · 31/05/2018 21:22

It's a shame you convinced them to carry on with the purchase as that could have been your out, guilt free.

Original poster
MigraineMonday · 31/05/2018 21:22

Fermat, I didn’t but someone linked to that thread being reported in the Fail higher up. I guess for a lot of us (maybe in London?) this will be our first time trying to sell/ buy in a falling market so we’re all asking for advice?

OP posts:
Duchessofealing · 31/05/2018 21:22

People pull out all the time - if the people above you really wanted to sell to you they could have gone in to rented. You can’t buy a house based on other people in the chain - it has to work for you. Yes it is sad when people above are packed and ready to go but you’ve waited eight months - that’s unreasonable and you should pull out if you no longer want the house.

Original poster
MigraineMonday · 31/05/2018 21:23

Firsttimer, so true, but a part of me absolutely can’t stomach starting all over again. On the other hand, people I trust (mainly DB) are advising us that this will be a very costly mistake.

We definitely won’t be able to afford to move again anytime soon.

OP posts:
ThroughThickAndThin01 · 31/05/2018 21:24

Pull out. This no longer works for you.