Buyer dropped out... AGAIN

[RedRoses718]

AIBU to be absolute devastated that our second 'buyers - buyer' has dropped out AGAIN, meaning we are back on the market again...

I am so fed up with the English system! WHY do people do this :(

How far through the process were you? And what reasons were given? Did they try and negotiate a reduction in price?

Oh sorry, just reread and you mean someone back along the chain pulled out. Yes, it sucks. We sold then bought separately to half the pain.

No, both times (different buyers) their own buyers dropped out meaning they had to go back on the market! Both their buyers buyer were re-locating somewhere else for job reasons or decided to buy elsewhere! Its both after the memorandum went out and we go off the market..

@BarbarianMum yes :(

so sorry OP. I know how gutting that is.

Much sympathy from me. My buyer pulled out recently and I've had to go back onto market, so my seller has done the same.

It really sucks. Hopefully you haven't spent too much on any solicitors fees?

I had one pull out in January 2 weeks before exchange, sold it again quickly, this one pulled out the day we were supposed to be exchanging. Since then have had half a dozen viewings, everyone says they love it but it's not quite right.

It's killing me, as I have already moved so now have the expense of 2 houses and an enormous loan that is incurring interest until it sells.

@Hecateh Oh that sounds terrible! So sorry to hear that :(

In Scotland, your offer is legally binding. Why can't they change the law down here? It is so wrong... I feel beside myself, been trying to sell out house since Feb and can't believe this has happened twice! Is there anything you can do to protect yourself?

Why do people pull out though? Its SO inconsiderate and horrifically selfish! I just want to call them and go mental... :(

It’s heartbreaking when this happens.

I was purchasing a property a while ago and was in the week of exchange but it was the seller who took the property off the market. A month later the agent called to ask if I had found something else as the sellers had resolved their issue and property would be remarketed and wanted to give me first refusal.

People’s circumstances change but I think there should be some form of deposit given by either side that in the case where the property doesn’t complete that the withdrawing party loses their deposit to the other side to compensate for expenses maybe.

Sorry this has happened.

We had a house sale fall through twice due to the buyers pulling out. We are in Scotland. It didn’t make a difference with regards to being protected- our solicitors advised that we would lose too much to pursue compensation etc. It was incredibly stressful.

I hope that things work out for you.

I’d love a change to the law too. I had a really long-winded process selling my last house, largely down to buyer dragging his feet at every stage. Kept being reassured by the estate agents he was serious and to stick with it. Then he pulled out just before exchange, no reason given, no further communication. More than four months after his offer was accepted.

I was surprised to see on a thread recently how many posters say they’d be put off a property where the buyer pulled out. It’s very, very common now and down to people’s behaviour in the main.

@Byllis really? New buyers put off by a house that someone had pulled out of? Even if it was the chain collapsing and not the direct house?

Back on the market this afternoon and have three viewings tomorrow. Spending my Friday night cleaning my house! But two are cash buyers, no chain and nothing to sell... pray for me!