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Original poster

Our buyer has pulled out :(

54 replies

MummyM33 · 06/08/2018 13:18

No real question I just wanted to rant really. Our buyer pulled out last week a couple of days before we were due to exchange. I'm so stressed now as we risk losing our dream forever home. This system absolutely sucks that people are allowed to do this and it ends up costing us money.
Anyone else out there in this situation and want to go through the process together?
Our house is back on the market but only had one viewing so far, the agents are saying the first couple of weeks of the summer holidays are always super quiet and it will pick up soon.

OP posts:
hooliodancer · 06/08/2018 13:42

It happened to me this time last year, except it was the people we were buying from. It was on the point of exchange. They 'changed their mind's.

We were due to complete 3 days later (people, never let your solicitor persuade you that is a good idea) so were packed up.

I all it cost us 12k, factoring lost earnings, a holiday we had had to cancel to fit in with our buyer and all the other stuff.

3 months later they changed their minds again, and asked us if we wanted to buy it! We refused.

We have now moved across the lane from them. Just last week their new buyer pulled out on them at exchange. I have to admit I laughed..

wowfudge · 06/08/2018 14:05

Nothing wrong with a few days between exchange and completion - doing both on the same day is very risky. Yet people do.

Mildura · 06/08/2018 15:18

Nothing wrong with a few days between exchange and completion
I think the suggestion was that the period between exchange and completion should have been longer than 3 days, therefore removing the need to be half packed prior to exchange.

loveka · 06/08/2018 15:22

A few days was very risky for us! It meant we had to pack and boik removals which is not refundable. Also had to sell our wndowment to complete.

I would never do it again.

When buying selling I will never trust anyone again! The next house we were buying fell apart at exchange too. That one 'only' cost us £2k...

Old4new2018 · 06/08/2018 15:33

Happened to us last Easter, day of exchange told couple buying our house had split up so couldn't proceed. Went back on the market straightaway, viewings were very thin on the ground. Luckily we accepted an offer, a little below the first, after 2 weeks. We are now past the exchange date suggested but on to final enquiries. I haven't packed a thing, not after last time. I am dreading the solicitor bill as we haven't settled up for the failed sale yet. If this one falls through we won't go back on, I think I have aged at least 10 years, I'm snappy with the kids and have lost all zest for life. What was meant to be an adventure, moving to a new country, has been a year long nightmare!

SlothMama · 06/08/2018 15:42

I'm sorry OP I hope you find a new buyer ASAP! The system is ridiculous, it needs to be changed to one like Scotland has

Mildura · 06/08/2018 15:47

The system is ridiculous, it needs to be changed to one like Scotland has
The system in England and Wales certainly needs a rethink, but the Scottish one is not perfect.

Dorothyislost · 06/08/2018 16:10

@Mildura what's wrong with the one Scotland has?

Bellabutterfly2016 · 06/08/2018 16:38

My brother is selling his house and he's determined not to get into a chain for this very reason!
He's not desperate to move so him and wife have said to agent they're only interested in either cash or no chain buyers and then they'll go into rented or move in with her family and start afresh.

Chains are very stressful for all involved

MeMeMeow85 · 06/08/2018 17:00

Sorry to hear this OP. We’re buying at the moment (we’re chain free). We were due to exchange last Friday to vendors “going into rented”. Turned out to be untrue as they got themselves into a chain without telling us and told us on Thursday evening that they put in a new mortgage application last week. They now want to complete end of September!!

I refused to exchange on Friday, as I want to consider our options and maybe pull out now. We’ve spent £3k so far 🙄

Hope you find another buyer soon!!

Original poster
MummyM33 · 06/08/2018 17:01

I'm so sorry a few of you have been through this too. Luckily we were planning on exchanging, then not completing for a few weeks so most things have been left unpacked. He had raised over 70 enquiries (most being ridiculous!) so we'd had a feeling this was going to happen. Our solicitor has said some of the work done can be reused but he will have to bill us for he 'wasted time'... with that many enquiries I'm expecting a large bill!
I agree the system needs to be more like Scotland where at least your contracted earlier on.
I hate having to be on tender hooks we'll get a call that there is a viewing, with a toddler it's a nightmare keeping the house tidy at all times!

OP posts:
Original poster
MummyM33 · 06/08/2018 17:03

@hooliodancer omg 12k... I think I'd be put off ever selling and moving again :(

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MovingThisYearHopefully · 06/08/2018 19:15

So sorry Mummy. This happened to us last year in November. It was our buyers buyer who was found to be unmortgageable. Should have been discovered back in July when they offered on the buyers flat. Incompetent EA & broker, each blaming the other. We put our house back on the market again but lost the house in February. Neither our ex buyer or ourselves have found new buyers since then. What a terrible market it is. I hope you have better luck. Flowers

hooliodancer · 06/08/2018 19:27

Yes, I felt broken by it actually.

I'm now glad we lost that house, as the house we bought is better.

I am still feeling the financial loss though.

mumsastudent · 06/08/2018 19:33

a few years ago we went through this - 3 different buyers! There was a change in the financial assessment that year & our 1st buyers were some of the first to come a cropper - they tried twice so they couldn't buy. Next ones same thing. Number 3 we were told were cash buyers - our solicitor hadn't heard anything for a couple of weeks & we were than told that they were applying for a mortgage so we waited for month to before chasing & were told by estate agent that they had changed their mind - gee thanks. Number 4 came to our house by himself spent about ten minutes looking told agents offered full figure. Neither he nor his wife came for second look but surveys were done he offered full price & we sold & moved. So don't give up!

EmmaC78 · 06/08/2018 19:38

Sorry that has happened OP.

To be honest the Scottish system is not much better now. People leave it later and later to conclude missives here. My buyer still hadn't concluded a week before it was due to settle and then changed his mind and pulled out.

Original poster
MummyM33 · 06/08/2018 19:56

@mumsastudent I don't think I could go through this stress again let alone 3 times!! I said to partner if it happens again we will give up on the house we're buying, sell this one and go into rented. At least then we'll be chain free!
@hooliodancer awful that you're still feeling the financial stress but great that you ended up with a house you prefer, I'm telling myself everything happens for a reason which I'm your case it did :)

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appleandpears · 06/08/2018 20:08

Yes, Scottish system is no longer the same- just last month one of the buyers in chain went AWOL, but with nothing concluded he eventually pulled out of purchase the same week we were all meant to move. That never used to happen in Scotland, but missives ‘signing’ (contract conclusion) are being left until much later in process now (actually until week of move in, in our last experience two years ago) so pretty much the same as English and Welsh systems in terms of being let down by buyers/sellers at a late stageConfused, in my experience anyway...

ianbealesonwheels · 06/08/2018 20:18

Wine for op and @hooliodancer. Awful system

BettyBooJustDoinTheDoo · 06/08/2018 20:24

Does anyone know what country has a good buying and selling system? The English system surely must be one of the worst, the fact you can pull out at the last minute with no come back at all and leaving the injured party to foot the bill is horrendous, let alone the emotional fallout. Very sorry this has happened to you OP.

Original poster
MummyM33 · 06/08/2018 20:29

Thanks for the🍷 @ianbealesonwheels much needed!! @BettyBooJustDoinTheDoo I'm not sure which county's system is better, would be interesting to know though! I can't understand how this is such a common issue yet nothing has changed over the years?!

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caroldecker · 06/08/2018 21:00

It will always be so - any system has to protect buyer and seller. No buyer will commit a substantial amount of money without searches, queries answered and survey done. Any of these can provide a reason to walk away or reduce price.
No seller is going to commit to give up home if their purchase doesn't work out as buyer.

Original poster
MummyM33 · 06/08/2018 21:02

@caroldecker I completely agree as a buyer too in this process. Perhaps the solution is having a clause that allows you to withdraw should an issue come up in survey/searches with the solicitors agreement?

OP posts:
caroldecker · 06/08/2018 21:03

Scottish system is no different to England - no missives are exchanged until searches/surveys and queries answered.

Original poster
MummyM33 · 06/08/2018 21:04

Then maybe a 14/28 day period where you can pull out (no questions asked) after offer. I'm just clutching at straws with ideas but surely something has to be done

OP posts:
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