Buyer pulled out

[Moneymaybe]

I was selling an inherited property. We had two offers, one around £25k more than the other so we prompt accepted the larger. Then a week later, the buyer pulled out. AIBU to be really disappointed about this? My husband is saying to keep my chin up, but I can’t help but think how we would’ve spent that extra money. I know it sounds grabby, but I can’t believe grown ups would act like this!

They key here is don't take anything in property buying or selling personally and never spend the money (even hypothetically) before its in the bank.

Annoying for you but think how lucky you are to inherit a property. Not everyone does.

Perfectly standard for house buying and selling.

It's not certain (in England and Wales) until you've exchanged.

So many people never receive a penny in inheritance. Be grateful for what you have.

Nothing is sold until exchange and completion. Anything before that is in the lap of the Gods!

Much better they pulled out then, rather than further down the line when you had racked up solicitor costs

Nothing is for certain until exchange of contracts!

You can’t believe an adult might change their mind on a large purchase? I understand it’s disappointing but they haven’t done anything wrong

Yes it does sound grabby and a bit naive to be surprised when a sale falls through at such an early stage. Sounds like you saw pound signs rather than looking at which offer was more likely to proceed successfully. Ask you agent how well they are vetting buyers.

Having an inherited property to sell is something many people do not have

Of course people pull out of a large purchase, a house is a major decison. Yabu, don’t spend money thats not in the bank!

Sounds like they would have overpaid for it so makes sense

Grown ups acting like what? Changing their mind?

Whilst I wouldn't call it grabby it is silly to be really disappointed. I'm assuming you haven't gone from an imaginary £25k to zero - and that if it's inherited you are going to make a pretty big whack of money on the lower offer as well. There really is nothing here that you need to be keeping your chin up about. You are fine!

Thanks for the responses. It isn’t England or Wales, so slightly different and formal offer had been made through solicitor. And those saying I’m lucky to have inherited, I’d obviously rather not be in this position and have my loved ones instead, I just assumed that went without saying!

I’ll chalk it down to experience and get over it.

Absolutely this,happens all the time!

I'm sorry but when you say "you can't believe grown ups would behave this way", what on earth do you mean? An initial offer is just that, even once accepted. Perhaps they have had a mortgage offer withdrawn, one of them has lost their job, or even their buyer has pulled out. They may be acting very responsibly by withdrawing their offer sooner rather than later As somebody has already pointed out, the highest bidder is not always the best purchaser. Did you ask your estate agent to qualify the two potential buyers in any way?

Apologise, I maybe need to clarify. In Scotland, a closing date is best and final offers. A house is taken off the market once one has been accepted, and noted as under offer. We accepted an offer on the basis that nobody else would view and it was taken off the market. I’m quite surprised people think it’s totally acceptable to make an offer, and then back out later down the line.

I don't really understand the process in Scotland but as they have backed out that must mean you were at a stage where backing out was still possible. In future until you have passed that stage and backing out isn't a possibility never assume it's all going to go through.

Bad luck OP. It’s a horrible process.
It does happen.
Good luck with your next buyer.