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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:
mrslrc · 12/02/2021 18:11

The delays may not be their fault. There are delays in everything to do with house purchasing because of staff being absent through covid. That means the council, solicitors, land registry, banks, building societies and any one else who has anything to do with house sales are swamped, and then factor is more people trying to move before the end of March and the end of stamp duty relief , and everything is taking much longer than normal.
But if you want to pull out, then do so.

Moonstone1234 · 12/02/2021 18:20

I am on the fringes of property. Most sellers think their house will go for more. It’s a very funny time at the moment. I presume you aren’t buying anything but you could give them a deadline. They should be aiming for the stamp duty deadline because they will save a fair amount unless the deadline gets extended. We think it’s 50/50.

rawalpindithelabrador · 12/02/2021 18:22

Guess they saw you coming then. I'd pull out.

TatianaBis · 12/02/2021 18:24

I'm currently buying a property - the searches took a month.

I'm not getting a mortgage but I know that mortgages are delayed due to Covid.

I'd get your solicitors talking and see exactly where they are re searches, mortgage etc. If they're waiting for that ok.

If not, well you could pull out, but sometimes a bird in the hand etc.

ElsieMc · 12/02/2021 18:26

I suspect the mortgage is the hold up. Offers only usually last 12 weeks and many lenders are very strict with self employed, which your buyers will be. Societies like Nationwide only really want to lend around 70-75% so where is their deposit coming from as well. Have they sold a house?

Sounds like they cannot proceed and your Estate Agents need to get to the bottom of what the issue is.

ChristmasIvy · 12/02/2021 18:37

Just to echo what many others have said: you should pull out. The market is very strong at the moment and you would likely get the 10k extra. No matter how much you think people will snub you, they won’t care half as much as you think. It will be yesterday’s news before you know it.

SamLovesLembasBread · 12/02/2021 18:40

It's silly to base such an important decision on the fact that they own a restaurant in the area. You don't have to eat there, and if you're planning to sell and move, who cares if the neighbours don't like you? (And that's assuming the neighbours care, which I doubt many will.)

If you think you can sell for more and don't feel any obligation to the current buyers, that's what I'd do. It really depends on how likely you are to find another buyer (especially one who'll pay more than this one) and how desperate you are to move.

Barney60 · 12/02/2021 18:47

think id give them an ultimatum, exchange by X or you will be pulling out, you will then know for sure exactly what they intended to do.

LockdownIsDragging · 12/02/2021 19:04

If you didn’t want to sell at that price you shouldn’t accepted their offer. If they have started the process of searches and surveys they will have incurred significant costs and it would be totally unreasonable to pull out because you regret accepting their offer.
When you say they are dragging their heels what do you mean, it takes time to get everything together for a house sale?

godmum56 · 12/02/2021 19:07

pull out. Why would you want to give profit in their restarant to people you dislike?

pilates · 12/02/2021 19:08

Agree with pp give them two weeks to exchange otherwise it’s going back on the market.

Broomsticksandbedknobs · 12/02/2021 19:11

I had this a few weeks ago. We pulled out and I got absolutely slated on here for messing the buyers about because we accepted a low offer and then regretted it plus estate agent being sneaky. Puts house up with another agent and sold full asking price first people to see it plus we had two more viewings for the following Thursday but cancelled as the buyer arranged a survey for the following Monday so knew he was serious. So far so good. I think if you go through with it you'll regret it for a long time. I haven't updated the thread as I don't think they'd believe me but it's true.

HaveringWavering · 12/02/2021 19:13

Are you staying in the village then? It must be a bit if a weird, insular place if you think that the average villager will see you walking down the street and cross over, muttering “Curse you evil Sue and Dave for pulling out of selling your house to Antonio and Deirdre”.

MistyMinge2 · 12/02/2021 19:16

I'd rather be the village gossip for a few days than lose out on £10k. Anyway, I highly doubt people will give a shit. Most people have got stuff going on in their lives that they haven't time to worry about something fairly insignificant to them.

If they're restaurant owners I wouldn't be surprised if their mortgage offer has been pulled.

CrankyFrankie · 12/02/2021 19:17

Are they definitely dragging their heels? It’s a crazy bun fight shitshow scenario right now with the rush to beat stamp duty holiday. Lawyers, lenders, EAs, everyone is swamped and seeing dropouts as one less thing on their plate. Can you just try and put a rocket up their arse first? Market is crazy atm, unlikely you’ll get the 10k back if you couldn’t get it before?

whatcangowrong · 12/02/2021 19:19

Pull out obviously. What a strange thing to be concerned about

Jeeperscreepers69 · 12/02/2021 19:25

Wow image and the neighbours are everything........

TheSparkleJar · 12/02/2021 19:26

Is it £10k you're losing out on, or even more. Presumably your house has increased in value in two years, so won't you be missing out on a fair bit more than £10k?

You have to weigh up what's more important - the goodwill of this village and being able to go to this one restaurant without anyone spitting in your soup, or having that money in your bank account. Is their food that good?

Anyway, it's a mean spirited village if they'd snub someone over someone else's house purchase falling through. Maybe look for something in the surrounding area?

CatAndHisKit · 12/02/2021 19:41

OP isn't angry at that reduction, but about the speed. Many sellers sell for less exactly because they agree a quick sale.

This happened with my daughter , she took it off the market , accepted a huge reduction for a quick sale and they delayed for 5 months. Put it up for sale at original price and see what happens as nothing has been signed.
SAme here! Accepted a lower offer frm cash buyer (developer) as I've lost previous buyer and wanted a quick sale. Yeah, right! Been 4 onths and he's done the searches in December just after we 've put house back on the market, but I went back to him as thought he was getting going now. NOw over a month, he had another view, but I'm still none the wiser when the exchange will be - I think he's about to ask for a discount!
Has you daughter sold after 5 months? or do ou mean just gone back on the market...
The whole system (people can mess you about for months) is a total nightmare! [anrgy]

Wearethechampionsmyfriend · 12/02/2021 19:48

Pull out.

justasking111 · 12/02/2021 19:51

Op doesn't say how long this has gone on for, two weeks, six?? Mortgages can hold things up.

CatAndHisKit · 12/02/2021 19:55

sorry for missing letters - and Angry

CatAndHisKit · 12/02/2021 19:57

Pretty sure she didn't mean a couple of weeks! Agents and solicitors usually advise what to expect re time-frame so she wouldn;t be complaining if it was proceeding accordingly.

CottonHeadedNinyMuggins · 12/02/2021 20:01

Given the current situation with food/drink businesses, it might be because they're not in the same financial position that they were and the resturant might not even survive covid/they might not be able to complete.

Perhaps they're struggling with a mortgage.

AlternativePerspective · 12/02/2021 20:15

Well, given the OP posted once only and didn’t come back, it’s impossible to have an opinion really.

If she wanted a quick sale how quick? A week? A month? Three months? Also, £10k might not actually be a massive reduction if the house was worth say £500k, and once the stamp duty reduction ends in March she will be lucky if people will agree to more because now they’ll have more financial outlay.

Buyers can be a pain but IME sellers seem to expect the earth and gratitude from buyers if they agree to the tiniest reduction.

Bearing in mind people almost never offer the asking price for a house, a 5% offer under asking is the norm, and I highly doubt the house was only on the market for £200k.

Added to which, if she pulls out now she will have to go through the process of viewings, offers, searches, surveys, she’s unlikely to complete any sooner than she would if she just stuck with the current buyers.

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