To want to send an angry email to our house buyer after he pulled out days before exchange

[Parkingbird]

We sold our house in late Feb and we were so close to getting a date to exchange - we were looking at early June. Buyer wanted an earlier date in late May, but we were out of town so it wasn't possible. Then we received news that he pulled out yesterday. I'm devastated as it took us a long while to sell and also we may now lose our dream house - no word if our seller is willing to wait for us.

We have never communicated with our buyer but a quick Google search turns his company profile up and I'm this close to sending him an angry email asking why he chose to pull out and how he has wasted our time and money, and all the effort involved to change my toddler's preschool and activities etc, not to mention the risk of losing our new home!!! I know this changes nothing but I want him to know what his actions have done to us.

This system is so broken. Why can't a deposit be made so that nobody can back out as and when they like???

It's so frustrating when this happens , we had a buyer on old house pull out and noone informed us til weeks later I was so mad as we were obviously house hunting and found one we liked.

I would just focus on next buyer and just hope it doesn't happen again. I think there should a clause put in place even adopt the American way to protect sellers.

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I would send an email but I wouldn’t be angry, I would ask if there is a reason and is there anything you can do to change their mind. Depending on the rely then you could explain your disappointment

I'm not sure (from your comments about moving in on exchange) that you fully understand the house buying process. He would only have wanted to move in after completion, so either he wanted exchange and completion on the same date, which you would have been aware of as the solicitors would have explained, or you thought exchange of contracts was the time the buyer owned the property from, or something... but you could have exchanged from anywhere, you don't need to be present as it's part of the process the solicitors manage. It's likely you've shot yourself in the foot here. I do hope you find another buyer soon.

Don't send the email. Nobody spends thousands on conveyancing and surveys for fun. Who knows why he pulled out, presumably it's related to why he wanted to exchange in May. Perhaps he thinks you and solicitors have been messing around...
Not sure why you couldn't exchange though. Being out of town doesn't matter. So keen that you changed preschool but couldn't sign some paperwork?

It's frustrating and upsetting when a buyer pulls out. I've been there myself on the day of exchange.

But I do wish people would recognise that they have not "sold" when they are under offer with a buyer.

The selling process involves a potential buyer making a price offer for the property that once accepted the property becomes under offer - Not sold.

The property is sold on completion after exchange.

Buyers do this, if they are becoming increasingly frustrated throughout , they like to pull out to be of the most inconvenience possible.
Or If there has been no issues then there could be a real genuine reason, loss of job, loss in the family, anything. At this stage, they would have lost money on surveyors and solicitors fees too.

Oh God OP, I feel for you but this is on you. Next time you need to prioritise getting the sale over the line above everything else. If you can't clear your house quickly, start that decluttering process now. And change your solicitors.

Until contracts are exchanged anyone can pull out for any reason. So whilst sending an angry email might feel good for a few mins it isn't going to change anything. Just move on and find another buyer.

I exchanged and completed on the same day, unfortunately I didn't understand that and had no way to move my remaining furniture out. But it made my buyer happy as she kept one or two bits of it. I accepted the offer end of January 2023, and it dragged out to July with the buyer's solicitors being so petty on the lease document (it was a leasehold house). So if it wasn't a leasehold, it would have been more straightforward.

Sorry op some people are being horrible on here. Like they wouldn’t be annoyed if it happened to them 🙄.
yes you can’t send an email, but our property procedures are absolute bonkers. You can see why they say house selling is the most stressful thing you can do!!! Hopefully your next viewing is successful.

I agree, it is a shit system. So far, we have accepted 5 "offers" on our house. All pulled out for one reason or another. One didn't actually have the money (so why offer? Makes no sense to me!) one decided instead to move abroad, one just...vanished. Currently have another buyer but have zero faith it will actually happen. Fucked off with the whole thing.

Our house now was leasehold so I get you completely it takes bloody ages to sort out!!

Why are people still berating the OP for "not understanding" the difference between exchange and completion? She made it very clear the buyer asked to do both on the same day and it was impossible for them, as many sellers, particularly with small children, would also find.

(In my experience, it's also a common request from a buyer who intends to gazunder at the last minute, so I stand by my original comment that this buyer may well have been a timewaster anyway.)

Hope your viewing goes well @Parkingbird and that you manage to salvage your onward move.

We've bought a few properties but never been in a chain (we've never been selling anything and we have always bought probate properties). I always think how incredibly stressful it sounds. Hopefully you find a new buyer soon.

No wonder you're fed up with it all. It's so stressful, we've discussed that we are out growing ours but that fills me with dread especially if you find a house you love.

It happened to me back in the Nineties. Unfortunately it’s really shitty but it happens. Hopefully you can find a new buyer. Statistics show that a third of house sales fall through. We have a horrible long drawn out process in the UK and it’s awful for everyone involved. I guess he must be feeling bad about letting you down and understandably you want to vent your frustration but it changes nothing. Onwards and upwards x

This system is so broken. Why can't a deposit be made so that nobody can back out as and when they like???

Well that would have happened at exchange.

Write the email for your own catharsis but don't send it.

Nice little earner for the estate agent - taking deposits and then presumably keeping the interest!

Our estate agent did take a £2,000 deposit from the buyer when we accepted their offer. So some companies do take a deposit to ensure they are serious.

Jesus! I would run a mile from that, anything can happen!

You didn't do what he wanted, so he didn't do what you wanted.

Houses are not sold until contracts are exchanged - even then buyers can pull out but there are normally severe financial penalties for doing so.

We accepted an offer from a cash buyer in Feb, we have no chain and even with both sides pushing we only completed last week!

The process is just SO slow here. If we had an onward purchase or they weren’t a cash buyer, I dread to think how long it would take. If more complicated sales are taking several months or more, it’s easy to see how it goes wrong. Life carries on.

Sorry to hear it OP, it’s really disheartening.

And there is no "system" for buying/selling houses. It's sale by private contract, which can be anything you wish, but normally is based on a fairly standard template.

If you want to sell your house to a specific schedule date you can always auction it.

Normal timescale but once queries are done, then a completion date is agreed and exchange can take place. Normal gap between exchange and completion is 2 weeks ish to give people time to do the admin of finalising removals etc.

Exchange is the clear promise of the transaction and 10% deposit paid, completion finalises the transfer of ownership and all monies are paid.

until exchange has taken place anyone can pull out of the process.

Sounds like you were less than helpful and your buyer got fed up and cut their losses.