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Original poster

absolutely devastated

21 replies

chatee · 05/01/2011 13:23

i am absolutely gutted, went to complete today and our buyer has pulled out so not only do we lose our dream bungalow(which is desparately needed for our dd who is dsabled)
but we also lose all the money we have spent on searches and legal fees which we have saved hard and sacrificed family things for

have not eaten since and spent the morning crying-dreading telling the dc

how i hate this system...anyone know a millionaire who wants to buy our house for 145000 for fun?

said to dh we may as well waste £50 on the lottery and see what that brings?????

oh and sorry to be miserable as I know there are people worse off but this is seriously going to hinder dd

OP posts:
scurryfunge · 05/01/2011 13:25

How awful for you. Did you have any other offers that you rejected and could now chase up and renegotiate?

Original poster
chatee · 05/01/2011 13:29

no, other offers now as the other people who liked ours have offerd/bought a neighboring property

thx for replying as have no one in real life to tlk too, dh downstairs upset too

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MegBusset · 05/01/2011 13:29

Had you already exchanged contracts? If so then your buyer is in breach of contract and will face severe penalties which could include your expenses - check with your solicitor.

Otoh if you haven't exchanged then it's just one of those things, it's a bugger though so very sorry for you.

Blu · 05/01/2011 13:31

Really sorry. :(
It's horrible when that happens.
Were you exchanging and completing in the same day? If you had already exchanged you keep their deposit.
Why did your buyer pull out?
This has happened twice to me - not on the day of completion, admittely, but deep into the proces, and both times I did manage to re-sell v quickly and keep the property I wanted. The EA will be v keen to keep the chain in place and so will prioritise selling your house! The owners of the bunglow may not find any other buyer faster than YOU can find a buyer!

Stop crying and get on to your EA and insist they find a new buyer as fast as possible!

TheOldestCat · 05/01/2011 13:31

Oh no, what rotten news. Do you think you'll definitely lose your bungalow?

Ok, what does your estate agent say? Could there be any other buyers in the pipeline?

Original poster
chatee · 05/01/2011 13:33

no, was all ready for today- so no chance of getting it back and as soon as 'our' bungalow is re marketed it will be snapped up, we only got it as i was checking morning, noon and night and had a friend in an estate agents office at the right time- the bungalow didn't even get on the internet but will this time as everything is now done for itSad

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Original poster
chatee · 05/01/2011 13:35

our estate agent is working on it and solicitor is going to ask bungalow owner for some time(it's not occupied so not in a chain)but depends how desparate they are for the money from bungalow

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thatsnotmymonkey · 05/01/2011 13:36

look into your buyer being in breach and see of you can get some money back.

all is not lost, why has your buyer pulled out? Is there anything you could negotiate to get the sale back on?

The bungalow-- would the seller wait for you?

Could you move into rented so you are ready to go the next time a suitable house comes up?

So sorry, what a shame.

wannaBe · 05/01/2011 13:38

speak to the owners of the bungallow. They may well hold out for you to get a new buyer.

If they're not in a chain then they may well be happy to wait - they too will be going back to square1 after all as any new perspective buyer will still have to go back through the processes of surveys, searches etc - the ones you've had done won't follow through to the next potential purchaser.

Original poster
chatee · 05/01/2011 13:50

the bungalow estate agents have just called-made me cry again but she will see if he will wait for a couple of weeks

we can't go into rented as dd has a disability and we have adapted here to make it the most friendly we can but we need a bungalow

we had already reduced greatly for them but my dad has offered 5 grand but i feel wrong accepting his hard earned money to offer to a stranger as a bribe

what's meant to be but can you imagine having to unpack????and tidy and then get the house ready for viewings again? nightmare

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paddingtonbear1 · 05/01/2011 13:57

oh no, how awful for you. Fingers crossed that the owners of the bungalow will wait - they might if they know your circs and don't need the money straight away.
How come your buyers pulled out so late?

Original poster
chatee · 05/01/2011 14:01

personal reasons, me thinks that they have split up over christmas -you know tis the season to be jolly and all that

an hour till we have to tell the kids

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Grumpla · 05/01/2011 20:09

Oh no, you poor thing. That is grim news.

I hope you manage to find another buyer. It does sound as though the bungalow people are prepared to do the decent thing and give you a couple of weeks grace. Have you spoken to your own agent about what you could do to attract a new buyer? Is there any way you could drop the price? Even just by the 5 grand your dad has offered you? Might tip it down into the next price bracket someone else is looking in.

Good luck!

Original poster
chatee · 05/01/2011 21:12

well dh told the dc before i got home from work and (we knew she would) cried constantly all night and worried and kept saying but i won't be able to....lots of little things that would have made her life a little easier and made her a little more independent, have cuddled with her and she is now asleep

will have to see what tomorrow brings if the bungalow vendor will give us a little time?

but will have to spend all day tomorrow making the house look presentable again and that means unpacking (aaghhhh)

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mrshotrod · 07/01/2011 16:29

You poor thing. We had our first buyer pull out at the last minute three months ago. I too cried, alot. We were nearly due to exchange and chain was set up.
Luckily for us our vendor has let the house for 6 months to give us some grace to sell ours. We really want it and like you, have paid for survey etc.
Three months later and two more offers (each lower than the first) then they too pull out. All the while the 'values' of houses go down, except that we've allready put in an offer and had it accepted on a house we may now not be able to afford. It's driving me crazy. 2nd baby on way, trying not to get stressed. New viewing for ours tommorrow. (4th couple)
I really hope something good happens to you. It's a shocking time at the moment in property land. People seem really cautious. The words 'It all happens for a reason' are also rather shitty sounding in our current situations.
Good luck.x

higgle · 07/01/2011 16:39

RE legal fees - you can avoid having to pay these if you only instruct a solicitor on the basis they will waive any fees if the buyer pulls out before exchange and you keep them on to deal with the sale when you find a new buyer. I'm surprised more people don't do this as conveyancing solicitors are short of work at the moment and you can get very comptitive fees if you negotiate. The other expenses should not be to much, unless you have paid out for a full survey - and if you don't get your bungalow someone else might buy that off you in the future.

Fiddledee · 07/01/2011 16:45

mrs - you should renegotiate if you are getting lower offers on your house even if your offer has been accepted. The market has gone down in the last 6 months - the vendors will be expecting you to. Good luck - our chain has broken 3 times, twice close to exchange.

I'm trying not to involve the kids in the house buying process at all any more, dumping on gps while I can.

noddyholder · 07/01/2011 16:45

If you had exchanged already you do keep teh deposit which should be 14k

lalalonglegs · 07/01/2011 16:54

higgle - If I were a solicitor there's no way that I would agree to waive fees if the sale didn't complete - I think even in the good times, about a quarter to a third fell through between offer and exchange. Any good solicitor will try to reuse the paperwork that they have done rather than repeat it and as for not having much work on, most conveyancing solicitors are property and land lawyers - there's never any shortage of border disputes/bad tenants/leasehold issues to keep them busy...

ChippingIn · 08/01/2011 00:14

Chatee - that's proper crap - especially with DD's additional needs :(

I hope the owners of the Bungalow will hold it for you - why not ask if they would rent it out for 6 months like MrsHotRod's did.

higgle · 09/01/2011 07:35

lalalonglegs - I was a solicitor in general practice for many years and although I specialised in litigation my conveyancing colleagues were always preapred to negotiate a deal on this basis. The solicitor doesn't waive fees altogether but agrees not to charge for the work on the abortive transaction that has failed if the client goes on to complete shortly afterwards on another. Unless it is a complex transaction for some reason the amount of work involved is not enormous and the goodwill firms get for offering this service is considerable.

Conveyancing teams do not usually deal with property litigation, so they will be likely to be open to negotiation on fees and terms at the moment.

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