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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Hate our house buyers

167 replies

user1468749801 · 11/02/2021 02:47

We panicked and took £10k less for our house than we paid for it two years ago and our buyers continue to drag their heals despite us asking for an early exchange. We would pull out as the house is worth more, however turns our the buyers are the owners of the neighbourhood restaurant close by and really popular. So do we just go through with the sale or risk being snubbed by our whole neighbourhood...and not being able to go to the single decent restaurant in our village.

OP posts:
bigdecisionstomake · 11/02/2021 07:56

@DDiva has it spot on - you need more facts before making a decision.

There are certainly massive delays at the moment with searches coming in - find out if this is the case, your solicitor will be able to tell you so your buyers may not be dragging their heels at all.

If you can establish it is just the buyers taking their time then speak to your estate agent and ask them for the Rightmove analytics. That will tell you how much interest your house is getting (even if marked SSTC) and the agent will be able to tell you if they have had any other enquiries. They should also be able to give you an idea of how the market is currently. If there is still interest in your property and your buyers are being snails for no apparent reason you can say to them you'll put it back on the market whilst they get their act together, just as a contingency.

Dogsarehairy · 11/02/2021 07:59

You may (will) have to pay the state agent if you drop out with a proceedable buyer- how much is that and your legal fees so far?

NailsNeedDoing · 11/02/2021 08:03

Are they dragging their feet unnecessarily or are there inevitable delays that often come with house buying?

You need to accept that accepting 10k less than you wanted was your own fault and not blame them for your own mistake. It seems a bit harsh to direct all your anger at people who you haven’t described as doing any thing at all wrong.

Lostinthemail · 11/02/2021 08:06

If you accepted the 10k lower because you wanted an early exchange and that’s not happening for whatever reason, you’re perfectly reasonable to pull out. I don’t think anyone would snub you for that, even though I personally wouldn’t care if they did.

Palavah · 11/02/2021 08:08

Noone else is going to be able to complete before the stamp duty deadline so are you realistically going to get anyone else to offer what they offered, let alone asking price?

It wasn't their fault you panicked. You don't have to like them, you just have to like the outcomes better than the alternatives.

TheSockMonster · 11/02/2021 08:13

Only you will have all the facts OP and can know what’s best to do.

Is the house worth the same as it was 2 years ago? How have house prices in your area fared since covid? Some areas have seen prices fall, many others have gone up. London has been particularly stagnant. Have you done anything to add value to the house? If not, remember that the kitchen, flooring, bathrooms, carpets etc are all 2 years older than when you purchased the house.

How much additional stamp duty will buyers have to pay after March 2021? It could be as much as an additional £15k. You are extremely unlikely to be able to find a new buyer and complete before then, so the new buyer may factor it into whatever offer they are prepare to make.

What percentage of the house value is £10k. Yes, it’s a lot of money either way, but £10k off a £150k property is a much bigger drop in value than £10k off a £850k property.

Can you do some phoning around and see what delays there are in searches? It may be that your buyer has experienced genuine delays. If not, giving them a deadline before re-listing is perfectly reasonable.

Whammyyammy · 11/02/2021 08:17

@NovemberR

That is a ridiculous reason for not pulling out of a house sale!

I'd frankly be worried if they're actually dragging their heels because they can't afford your house any longer and are intending to go for another last minute reduction or pull out of the sale.

I imagine that the pandemic and the lockdown has had a shattering effect on the finances of restaurant owners...

^^this
bloodyhairy · 11/02/2021 08:17

Eh? What kind of a reason is that to pull out? Confused You're being very bitter about this, but no-one held a gun to your head to accept their offer, and 10K isn't a huge loss in the grand scheme of things anyway.

PegasusReturns · 11/02/2021 08:23

What is your desired outcome?

Do you want to achieve a higher sale price?

Do you want to sell at the current price but in the next 2 months?

If the former and you are confident that you’d achieve more then pull out.

If the latter set a clear deadline with the purchasers and stick to it.

Newfor2021 · 11/02/2021 08:24

I find mumsnet soooo strange!!

If I wrote a post:
AIBU to pull out of the house sale because we accepted £10k less than we wanted?
It’s been several months down the line and I’ve decided because of this I HATE the new buyers, even though they seem popular well liked people?

Everyone would respond with YABU! Hmm

DoormatBob · 11/02/2021 08:29

Surprised by the comments. I thought on MN if you pull out of a house sale you are the most selfish person in the world!

What has changed between wanting a quick sale and now potentially having a house unsold for many months. If you pull out I assume you will still have some legal bills to pay.

SchadenfreudePersonified · 11/02/2021 08:31

@NovemberR

That is a ridiculous reason for not pulling out of a house sale!

I'd frankly be worried if they're actually dragging their heels because they can't afford your house any longer and are intending to go for another last minute reduction or pull out of the sale.

I imagine that the pandemic and the lockdown has had a shattering effect on the finances of restaurant owners...

Everything written above.

Pullout of the deal. Tell them you are sorry but you need a quick sale. Put the house up again for the original asking price - you may have to accept another under-bid, but at least you'll be selling it and able to move.

Chewbecca · 11/02/2021 08:34

Ignore all the popularity contest rubbish.

You need to work out if you need to sell the house, at that price, now?

What are you moving to? Do you really want the new property? Can you afford it with the agreed sale price of your current property?

If you pull out, will you lose the next purchase? Are you ok with that? Will you stay or look to remarket your home and find another place to buy? Are you ok with that?

These are the decisions you need to make.

orchidsonabudget · 11/02/2021 08:34

No one gives a shit.
We did something similar afraid that we would be responsible for closing a much needed amenity- a pub in a village
And it closed anyway.

orchidsonabudget · 11/02/2021 08:35

ROFL at doing a duke 😂

ivykaty44 · 11/02/2021 08:42

You tell the estate agent that as the sale hasn't gone through the house needs to go back on the market and tell the buyers they have 7 days to complete exchange or the house is advertised and you'll be pulling out of the arrangement with them

they've got a margin and they are not keeping to their side of the deal

IndecentFeminist · 11/02/2021 08:46

Without knowing how the OP defines dragging their feet this is all pointless.

Given her logic regarding them 'ripping them off' (just because your house was worth X 2 years ago doesn't make it worth that now) and concern about the status of the local restauranteurs...I wouldn't entirely trust her definition to make a whole lot of sense. 😏

RainingBatsAndFrogs · 11/02/2021 08:50

OP:
When did you accept the offer?
Why do you want quick exchange? Are you buying somewhere else?
What stage is the process at? Have they had survey / valuation done?
What is the hold up? Searches in some areas are taking ages.
Have your solicitors and EA been ‘on the case’?

It really is not possible to advise meaningfully without this info.

ChancesWhatChances · 11/02/2021 08:51

Pull out, you’ll be happier for it

user1471505494 · 11/02/2021 09:00

Is it the buyers or the solicitors who are being slow. We are selling a house chain free and respond immediately to the requests for information. We are also in contact with the buyers. The solicitors are useless. They request information, sit on it for weeks then decide they need more.

pinkyredrose · 11/02/2021 09:03

You're not sure whether to pull out because they own a good restaurant? Seriously?

Pinkdelight3 · 11/02/2021 09:03

OP 'panicked' and accepted the offer. That is in no way the buyers 'screwing her over'. She's also only lived there for two years and wants to move, so maybe it's not worth what she paid for it. Maybe she panicked and overpaid for it. She's also having mad thoughts about the neighbourhood snubbing her because of some restaurant owners. And she also 'hates' the buyers. Regardless of any heel-dragging, I wouldn't say the OP is the most balanced of vendors to be dealing with.

LIZS · 11/02/2021 09:06

Why do you need to sell so urgently that you panicked? Realsitically would you get more now , especially with sdlt holiday going? Most house sales are yp and down, rarely as quick as hoped. Don't cut off your nose to spite your face. The fact they are local is irrelevant.

Xenia · 11/02/2021 09:08

If you have not exchanged say unless they exchange in 2 weeks you will be seeking additional offers.
(My son exchanged in December 17 days from instructing solicitors - his lawyer's fastest in 17 years the lawyer said. No chain)

Glitterb · 11/02/2021 09:30

Are you sure it is the buyers dragging their heels? I would speak to your solicitors first off and find out what is going on. Unfortunately at the moment things are massively delayed and solicitors are not as on the ball as they should be. I am currently i the process of buying my late Mums house (basically buying my brother out) and it has taken 6 months as my solicitors have been absolutely useless. We are now in a situation were my mortgage offer is about to expire and they are demanding another valuation. It this was a sale I probably would be blaming the buyers, however as no third party involvement I know it is my solicitors.
I have houses down the street from me that sold in August, they still haven’t moved!