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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.

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Thatsfuckingshit · 06/08/2018 21:05

I have been extremely lucky that in 20 years and 4 property moves, I have never had the chain collapse near exchange.

However I have been tearing my hair out in the week leading up to exchange. Every time.

First time I bought, the vendor had said they were moving into rented. Then changed their minds without telling anyone and put an offer on a property the week before exchange. It held everything up.

When we finally completed, a week later, we could not get them out of the house, it was 9pm before they left.

We sold that house and bought a brand new property. The people who purchased it were relocating to our area and the day before exchange decided they wanted a full survey dine on our house. Holes drilled in our walls etc, for no reason at all. If we had waited for this, we would have missed the deadline on the new property. I lost my rag and told my solicitor that they could tell our sellers that they either exchanged the next day, or we would pull out. We were going to lose our new build if they didn't exchange. Thankfully, the sellers went ahead with exchange. Turned out they were time wasting as they didn't want to move for another month.

Third was a shit solicitor that nearly broke me.

This year me and exdh sold the marital home. It took 20 weeks to exchange. I was effectively homeless and sleeping on a friends couch with 2 kids. On the day of exchange I was told I would be kept updated. I called at 3pm as I hadn't heard from anyone. My solicitor told me she had held up exchange as she wanted me to confirm, in writing that I was aware of how much money I was getting. Except she never bothered to tell me that. I wrote the emajl while she was on the phone and told her to get on with it. Another shit solicitor and I ended up getting all my fees back as this wasn't the only time she forgot to do something.

The house I am in now, had someone further up the chain that was dicking about. Again I was still on my friends couch. The first exchange date, came and went. I told my solicitor to contact whoever was messing them about, and tell them if we didn't exchange on the next agreed date, that I was pulling out and going into rented accommodation. I couldn't continue living in the circumstances I was. Shockingly, they all got their fingers out and we exchanged.

Again, could not get the vendors out of the house. At 4.30pm, When I knocked on the door to ask how long they were going to be, the vendors mother got arsey and quite abusive. The vendors were nowhere to be seen. I was really overly nice as I didn't want to ruin moving day for anyone. She carried on being horrible, telling me to 'fuck off and come back when you are told you can'. I was so happy to was with me to witness her behaviour. In the end I told said 'that's fine and stood in the doorway and called my solicitor who just said 'that's fine I'll call their solcitor and tell them we will look at breech of contract and if she swears at you again, call the police.' Then told me to repeat back what she said. The woman's face dropped, the vendors turned up 10 minutes later apologising and they were gone within half an hour. Their solicitor had called them after to speaking to mine.

It's been a farce every time. Something has to be done. I nearly had a nervous breakdown buying this house. I don't think I could face moving again.

ohdeardeardear · 06/08/2018 21:11

This happened to use. The day we were due to exchange our buyer pulled out. Heartbroken is an understatement. We had spent thousands. Went back up for sale but viewings dried up. Hoping to go on again soon and rent for a while.

Iamagreyhoundhearmeroar · 06/08/2018 21:16

God, they ran up your legal bill asking stupid questions as well?
Flowers

caroldecker · 06/08/2018 21:20

MummyM33
Looking at it as a buyer, would you be happy losing,say, £20k if:

  1. Solicitor disagreed with your concerns about surveys/searches. For example, a new train station nearby might excite some buyers and repel others.
  2. If you did not get information on, say, a planning matter after the 28 days were up (because the council dragged their feet)?
MummyM33 · 06/08/2018 21:28

@Iamagreyhoundhearmeroar yes the most ridiculous questions which thinking about it now was probably their was of stalling matters whilst they decided if they wanted to proceed. We nearly pulled out weeks ago and wish now in hindsight we had

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MummyM33 · 06/08/2018 21:44

@caroldecker no of course I wouldn't which is why I don't have the exact answer, what I do know is thought the current process doesn't work, costs innocent people thousands because others 'change their mind'. Of course there would need to be strict rules and exceptions involved but the game playing and reducing sellers/buyers to breaking point needs to stop.

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zebrapig · 06/08/2018 21:47

Our chain collapsed 2 weeks ago when our buyer's buyer pulled out. I was devastated but in some ways not surprised - they'd been waiting since April for the chain (it was really long - 8 people or more) to catch up and they were living with relatives having broken the chain to try to speed things up. Our vendor decided 6 weeks into our sale to purchase another property having said she wasn't and to top it off it's rented and is only vacant at the beginning of September.

We were lucky that as soon as ours went back on the market we had a viewing booked for that weekend. I had 2 days to get the house viewing ready again before we went on holiday whilst looking after our 7mo. Luckily it paid off and we accepted another offer last Monday and have managed to resurrect our onward chain. It's cost us £5k on our sale price but hopefully the timings will all work better now.

loveka · 06/08/2018 23:01

All the queries we had were raised by our solicitor, not us. I think it is mostly the case?

wowfudge · 06/08/2018 23:13

@Mildura - I got that. Having packed everything myself for one move over the course of a couple of weeks, I would never do so again and have teed movers up so we could get things in motion once we'd exchanged. That was with three days to completion on one occasion.

caroldecker · 07/08/2018 00:09

@MummyM33

its all well and good saying 'something must be done'. The question is what. You have been buyer and seller, so experienced both positions, issues about searches, surveys, mortgages etc.
If you want things to change you need concrete proposals. So far, you have rejected your own ideas as worse than the current system. You need to come up with a better system you are happier with and then you can have a conversation.

RedNed · 07/08/2018 00:41

carol people in England want a better system but not having experienced anything else don't know what to suggest.

In Australia you make an offer, have 2 weeks to come up with deposit and then it's binding. You then agree with buyers settlement date (completion) which is usually 60/90/120 days.

All the searches etc are drawn out here because properties are old and may have some covenants. Buyer has to sell with all building regs, no 'indemnity policies'.

It really is an archaic system here.

MummyM33 · 07/08/2018 01:13

@caroldecker as I said before I don't know the answer. I stand by what I said of something needing to change. Not sure why I need to give you 'concrete answers' unless I was lobbying for change right now... which I'm not. My post is clearly a vent of frustration.
Obviously if I needed the answer I would have to go away and research further than just venting on a mums net post.

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MummyM33 · 07/08/2018 01:16

@loveka you're right, our enquiries for the house we were hoping to buy were all raised by the solicitor too, in this case for some reason the buyer included a large amount he too wanted raising, sadly these could have just been simple questions asked through the estate agent. So frustrating and had our solicitor pulling their hair out but you go along with it hoping for a sale :(

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MummyM33 · 07/08/2018 01:19

@zebrapig I'm so sorry this recently happened to you too, fantastic news that you managed to sell again quickly. Although rubbish that it cost you an extra £5k... fingers crossed for a nice simple exchange and completion this time round

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user1487194234 · 07/08/2018 06:55

While it is true that the Scottish system is not as good as it used to be ,the main reason for that is that people will not conclude missives until their offer of loan is through
This can lead to missives being concluded late in the day particularly if their is a long chain
However I don't think there is (yet) the same feeling in Scotland that you can pull out,even though you legally can
That may come ,hopefully not , but at present it is still very unusual for a transaction to fall apart

Minniemountain · 07/08/2018 07:14

We made our offer on our current house on 4th January. Our sellers had a buyer pull out too.
Quiet doesn't mean dead. Best of luck OP.

Atthebottomofthesea · 07/08/2018 09:46

A colleagues friend had their seller pull out 3 days before, I spent most of my time chewing my fingernails as was worried our buyers would pull out.

Does more need to be in place prior to selling? You need the epc beforehand now but should a bulk of searches etc be done too? It would make upfront charges more but once that pack was in place it could be used again even if a chain collapsed.

BlameItOnTheNeon · 07/08/2018 10:11

Oh no that's awful, really hope you find a buyer soon Sad.

We're in Canada and when you make an offer here its legally binding, and you have to cough up the deposit at the point of making the offer, but you can put certain conditions in such as subject to survey. The seller can reject the conditions though and suggest alternative ones, or just reject the offer outright.

For a buyer to pull out because of a survey it has to be a major issue though, like the house is literally falling down. If the reason isn't judged worthy enough the buyer can't back out, or the seller can sue. Very rare though.

We had our house surveyed prior to putting it on the market, including all searches done, so buyers couldn't put a survey clause in, and we only allowed those whose mortgage was pre-approved or cash buyers to view - and our realtor insisted on proof of financing before viewing.

That's pretty normal for here and definitely does make it a bit less a stressful. Selling homes is always crap though Sad

Old4new2018 · 07/08/2018 10:29

I agree with Atthebottomofthesea. I think sellers should buy searches and surveys so that buyers not exactly what they are offering on. We have had to pull out of two houses, one where the survey was red in almost every box and one where they refused to get retrospective planning consent for a planning breach they had made. If we had known about these issues earlier we wouldn't have offered on either - so not wasting ours, the buyers, the EA's and the solicitor's time or the money!

Urbanbeetler · 07/08/2018 10:30

We have been the pullers-out but always with a good reason. Vendors lying about the extent of Japanese knot weed infestations for example. Or finding out that an extension which was essential to move from one part of the home to another was deemed by our surveyors as not fit for habitation because of the poor insulation and lack of planning. And would cost £50,000 to replace with a fit for purpose one.

There are two sides.

MummyM33 · 07/08/2018 10:37

@BlameItOnTheNeon what a fantastic system you have over there in Canada, much less stressful! Can I ask how long it takes to complete after sale on average?

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MummyM33 · 07/08/2018 10:39

@Urbanbeetler and @Old4new2018 I would be exactly the same as you and pull out in those circumstances, no one can blame you for that. The frustrating part for us is there was no reason at all for the buyer to pull out other than he stated he'd changed his mind, grrr!

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BlameItOnTheNeon · 07/08/2018 10:55

Thanks Mummy yeah we were pretty overjoyed when we moved here!
Usually (and we've moved around the country a lot so have bought and sold a lot of houses) it takes less than a month from offer to moving in, and often 2-3 weeks. We've just sold one of our income properties and the buyer has asked for eight weeks which is very unusual, but she's moving across the country so wanted the extra time.

Usually we would have gone with a different offer, but her's was a lot over asking price and a lot over the next highest offer, and she agreed to having no conditions, because her time frame made her offer weaker iyswim.

As we don't live in the house though it doesn't matter as much, and she has agreed to pay heating, electricity bills etc for the last five weeks of her timeframe so we're not out of pocket.

BlameItOnTheNeon · 07/08/2018 10:58

I should have added that its the survey and searched which take the time, so if a house is pre-surveyed and pre-searched the sale can go through in two weeks, if it isn't pre-done its best to allow an extra week for searches and survey.

Bluntness100 · 07/08/2018 11:11

The thing is you see these people posting on here all thr time, basically they get cold feet and change their minds and pull out.

The responses are always the same, it's a shitty thing to do, but you shouldn't proceed if you don't want it, you always get multiple posters saying yes I did it too.

People just pull this shit. They put offers in, fuck everyone around, then pull out. There is nothing that can stop them being arseholes as the system needs to protect both buyer and seller. The system isn't the issue, it's the people that are.

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