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Original poster

Should I pull out of this sale?

43 replies

Badbadtromance · 05/12/2017 16:40

My house has sold to FTB. In the v beginning I did say I would go and live with family if they wanted the house and ihadnt found anything but as we get closer to exchange I'm seriously doubting that me and two kids could be happy at my mum's. She's pretty bad tempered and lives in a rural area so teenager kicking off. I'll have to leave 20 minutes earlier each day and drop and pick up teen as no transport. I really thought I would have found something by now but been outbid on three properties. I also worry that I may not find a cheap enough house in the area I'm leaving which is perfect for the town and schools. I'm mortgage free and a single mum

OP posts:

PasstheStarmix · 05/12/2017 19:40

god+

Gertrudethestag · 05/12/2017 19:51

We have been the awful sellers that have pulled out (we weren't near exchange though). The process was dragging on & on and DH became really ill. In the end we had to do what was right for us & our family. DH was in hospital and it felt right to pull out of selling.

We wrote to our buyer and paid their fees as we were so apologetic.

We hope to try selling again in 2018 now that DH is healthy.

I often fret about what the solicitors, estate agents and buyers thought of us though

op it's a tricky one! Good luck with your decision

GreenPurpleRed · 05/12/2017 19:59

We pulled out recently too. We had hoped to leave the UK but the timing wasn't right unfortunately.

We pulled out a week after accepting so didn't feel too bad. I'd probably pull out in your situation if it wasn't the right time bit I wonder why you just don't delay exchange?

Isnt that how chains work, everyone has to wait until everyone is ready?

LookingForwardToChristmas · 05/12/2017 20:02

To pull out this late, when the other party will have paid for everything including a deposit on removal fees, for something you said would not be an issue is really morally irresponsible and awful of you.

meala · 05/12/2017 20:07

What a horrible thing to think of doing at this short notice. So glad that I am in Scotland where you'd be responsible for expenses. You shouldn't have agreed a sale if you weren't committed to moving!

wowfudge · 06/12/2017 07:31

You could always try negotiating with the buyer, rather than going straight to withdrawing from the sale. If they are renting, they shouldn't give notice until exchange so it doesn't make a huge difference to them. The thing they will need to look at is how long their mortgage offer is available.

As others have suggested, why don't you rent instead? You could always rent somewhere smaller with suitable storage - large loft, garage, etc - and then you'll have an incentive to get on and find somewhere to buy.

whiskyowl · 06/12/2017 07:48

What wowfudgesaid.

"We wrote to our buyer and paid their fees as we were so apologetic."

This is the best approach if you do pull out. In all decency, you should cover their fees and costs.

iMatter · 06/12/2017 07:53

Please don't do this.

It's a really really shitty thing to do, especially when you told them you would move out.

Find somewhere to rent to get you through the next few months if you can't face being with your mum.

If you are hoping to tie your (new) buyer and your would be purchase up together my optimistic guesstimate would be that you'll be looking at next April/May before you complete.

Take this sale.

Fadingmemory · 06/12/2017 08:44

Difficult situation but what a let down it.would be for your buyer. If position was reversed, how would you like it? Not trying to be critical but give a perspective. Any possibility for your teenager to sTay with a friend.or other family member? He/she may just have to suck it up It won't be.comfortable at your mother's but any port in a storm. Good luck!

another20 · 06/12/2017 10:47

One in three sales fall thru before exchange for loads of reasons from the buyers and seller side - so this is not unusual and not something that you should feel bad about. Your buyers could pull the plug at any moment as well - they might yet.

Evaluate the situation from your own perspective and do what is best for the emotional and financial health of your family.

KitKat1985 · 06/12/2017 13:17

I do sympathise with your situation, but I think puling out now would be a really shitty thing to do sorry. I think you either need to move in with your Mum and see how it goes, or move into rented (or try living with your Mum and go into rented if it doesn't work out). To be honest if you are in rented / at your Mums and are therefore in a position to proceed quickly you may well be in a better position to haggle on the price of somewhere you like anyway.

Needmoresleep · 07/12/2017 07:50

Look at the scope for short term rentals in your area. If you were in an area which has summer holiday lets you may well be able to negotiate cheap winter rates, lower than regular rents. Short term let also exist in cities, e.g. used by newly arrived expatriates, but will be more expensive. Or ask agents what is available for a 6 month term, put your stuff in store and downsize. You are not paying mortgage so it should not be too expensive. Again it is what people moving to a new area commonly do. Or go to your mum's and appreciate the saving in rent.

Then view properties as, effectively, a first time buyer with a good deposit.

thecatsthecats · 07/12/2017 09:54

I would exchange and complete in these circumstances in a falling/stalling market. You'll be attractive as a buyer with no chain, and you can prepare to move into rented property if you like whilst at your mum's.

Just for me, it sounds like you stand to lose a good sale at a price when the market was higher. You might find those houses that are out of reach become affordable.

yorkshireyummymummy · 07/12/2017 15:43

I'm amazed at the number of posters who say that you shouldn't do this ' morally irresponsible and awful' ' what a let down it would be for your buyer etc'. It's not the OP's responsibility to look after the potential buyer! It's her responsibility to look after herself and her family!!!! How many of you would do something which you thought might be a huge mistake just so you didn't upset somebody you don't know?? Like another20 said, one in three house sales fall through for one reason or another so it's not unusual. Everybody goes into a house sale knowing the financial risks and if you loose out, you loose out. That's life and sometimes it goes against you. But the OP has to do what is right for her and her family. YouDont make the mistake of doing something which may have potentially disastrous effects on your family just so you don't upset a stranger by doing something totally legal do you? I've only been on mumsnet for about six months and I didn't realise how full the world was of non judgmental, moral, EBF child rearing chicken cooking experts. I must have been fooled by everybody I have ever met.

LookingForwardToChristmas · 07/12/2017 18:31

But the OP made it clear at the start that she would still sell if she hadn’t found somewhere as she would live with family. The would-be-buyers progressed in good faith that the OP wasn’t lying and have spent a lot of money on mortgage application/surveys etc. so yes, morally the OP is responsible especially to pull out right at the last minute.

PasstheStarmix · 07/12/2017 18:52

I agree with lookingforward and especially right before Christmas. I hope all monies will be returned as it's the only decent thing to do.

specialsubject · 07/12/2017 19:59

My take would be that you have to sell that house. Too risky to lose a buyer.

Original poster

Badbadtromance · 20/12/2017 18:20

Update. I didn't pull out of sale. Completion was yesterday and I'm currently settling in at my mum's. Even teenager is happy. Thanks all

OP posts:

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