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Original poster

My buyer just pulled out - can’t stop crying.

31 replies

MovingtoLondonAgain · 10/11/2018 05:19

Please talk some sense into me about what’s likely to be my options.

This morning confirmation that the people who are selling us our dream home have had offered accepted on a chain free property - ecstatic!

This afternoon a call from my EA to say Mubarak buyer can’t afford my house after all because of something dodgy in his credit file.

To make matters worse I have been vocal about the need to exchange as soon as possible.

Gutted is an understatement- have been so upset, I couldn’t bring myself to call other EA and tell them.

My house back on immediately. I wil lose dream house won’t I?

OP posts:
Unicyclethief · 10/11/2018 05:21

There will be other houses

VincentVanGoughandhisear · 10/11/2018 05:21

Did you ask have any other offers you can go back to?

I'm sorry this has happened. It's rubbish xxxx

Original poster
MovingtoLondonAgain · 10/11/2018 05:22

I have no idea why auto correct did this : This afternoon a call from my EA to say Mubarak

I meant to say, this afternoon call from my EA to say MY BUYER. Ffs.

OP posts:
Original poster
MovingtoLondonAgain · 10/11/2018 05:24

Thank you. Our house was only on for 5 weeks, we had lots of viewings in this time but this was the only offer. It was what we wanted so we snapped it up.

OP posts:
WantItToEnd · 10/11/2018 05:48

Can you reduce yours slightly for a quicker sale?
Try open house be really proactive op.
Keep the conversation open with the dream house people if you’re honest they might give you a bit of time to sell again.

Original poster
MovingtoLondonAgain · 10/11/2018 05:55

Thank you.

DO you mean an open day for viewings? I have just e-mailed estate agent about what to do actually.

I can’t reduce as on for what I need to move. I am assured by EA and local sales it is not overpriced.

OP posts:
puguin86 · 10/11/2018 05:59

How rubbish OP. Def ask for an open day. ASAP. Can you say to EA you will only accept offers from buyers with a mortgage in principle ?

Original poster
MovingtoLondonAgain · 10/11/2018 06:02

Will speak to EA about the open day.

It actually hadn’t occurred to me that he wouldn’t have had an offer in principle. He was chain free, sold property and living in rent so I think we were a bit blind sided.

OP posts:
IdaBWells · 10/11/2018 06:24

Have an Open House this weekend!

Bumdishcloths · 10/11/2018 06:27

Our sale fell through twice, the third time was a charm - it all dragged on from March to October but we're now in our dream house so there is hope. Thanks for you OP, selling houses is properly shit.

Snowscreen · 10/11/2018 06:36

Yes, open house. This weekend and next.

Good luck.

jemihap · 10/11/2018 07:28

The harsh but simple reality is that if you want a quick and hassle free sale then it IS overpriced, even if it is currently in line with recent comparable sales.

wowfudge · 10/11/2018 08:53

@jemihap How on earth did you come to that conclusion? The OP had a buyer but it was his dodgy credit record that prevented him getting a mortgage. Doesn't mean she want find another buyer, it's just that it is time-out edited now.

OP you had to wait for your sellers to find somewhere to buy. If they are reasonable people they'll be prepared to wait for you to get another buyer. Speak to EA and agree a strategy then let the other EA know what's going on.

sbplanet · 10/11/2018 09:06

I'm with @wowfudge on this - what nonsense to suggest a house is overpriced if the OP wants to sell again quickly! Unless you're suggesting they sell so cheaply they're giving it away!

So OP if you've had lots of viewings you'll undoubtedly do so again - make sure there's something on the listing about why it's being put back on the market? Plus take into account any comments that you can act on from previous viewers that might help another sale. I wouldn't let on that you're 'desperate' to sell as that will put you in a poor negotiating position. Contact the EA of the sellers of the house you want to buy and assure them that you're attempting to move forward as quickly as possible. Good luck, your next viewer might buy!

jemihap · 10/11/2018 09:52

Not sure where I said the OP should ''give it away''... but that's the usual hysterics that comes from those typical VI's who can't contemplate any scenario other than perpetual, rampant, policy driven house price growth.

Other comparable sales might have had to wait a few months to find someone willing and able to pay that price, if the OP wants a very quick and hassle free sale which is what they seem to be suggesting, then marketing it just a few percent below recent comparable sales should achieve that.

sbplanet · 10/11/2018 10:44

@jemihap 'should'?! And if it doesn't buyers start wondering why the price has been reduced and just how low it can go! Some people have simplistic views of value it seems.

If it's a good property - which is suggested by the fact it's had numerous viewings then it's a case of waiting for an offer - which will be due to interest more than price. You only have to read threads on here that talk of offering £50k less than asking - because they like the property!

Original poster
MovingtoLondonAgain · 10/11/2018 15:36

Thank you all for the wonderful advice. Yes, we did have to wait for our sellers to find somewhere so will ask them to wait for us if they can. Missed the boat for an open house this weekend but speak to the EA to agree strategy. Although I do remember him telling me that the market was not suitable for that, but not sure what that means!

OP posts:
MovingNextYearHopefully · 10/11/2018 16:03

So sorry to hear this MovingtoLondonAgain. Flowers Sounds to me like you have a house that you have priced sensibly to sell & will no doubt get further viewings & an offer soon. I'm sure your vendors will give you a little time in order to try & secure a new buyer. I agree with the idea of an open house next weekend. Pull out all the stops to get the house ready & hopefully get a new buyer quickly. Wine

Original poster
MovingtoLondonAgain · 10/11/2018 16:05

Thank you so much, that’s really kindFlowers

I am far more rationale today, having cried it out of my system!!! X

OP posts:
TheFantasticFixit · 10/11/2018 17:10

OP we were exactly where you are just a few weeks ago - buyer pulled out for the vaguest & flakiest of reasons, nothing to do with our house. I was devastated, couldn’t see how we were going to move on quickly etc.

When we eventually found our bag of grips 😉, we got the agent to give it a bump on the websites, got a viewing a fortnight later who offered immediately. In the meantime though, our vendor couldn’t wait apparently so our purchase fell though BUT it turned out to be the best thing ever as we then found our dream home, miles away in another location we wouldn’t have considered before and are now on our way, about to exchange with a short chain, hopefully in time for Christmas.

Please don’t worry. As bleak as it feels right now, you just need one person to love it and all will be well.

tenapenny2018 · 10/11/2018 17:13

I don't know whether this will make you feel better, but as a buyer, when recently my seller pulled out just before exchange and just because they can, the cost to me were as follows:

£500 Surveyor fee
£700 Solicitor abortive sale fee
£1,000 Mortgage arrangement fee

In cheaper areas, that would be close to a deposit...

I told myself that it is like playing Russian roulette... if your brain does get blown out in the end, you got off lightly.

tenapenny2018 · 10/11/2018 17:15

Sorry ! Meant to say "if your brain does NOT get blown out in the end, you got off lightly."

Original poster
MovingtoLondonAgain · 10/11/2018 17:53

Thank you TheFantastic for the reassurance. I am actually a great believer in everything happening for a reason as lame as it sounds. I’ve definitely learnt over the years when I haven’t been sucessful for a job interview for example, in the long run it’s been for the best.

I’ll do my best to make it happen but accept it may not.

OP posts:
Original poster
MovingtoLondonAgain · 10/11/2018 17:56

Tenapenny It doesn’t make me feel better, just furious on your behalf! The whole system is just wrong, that’s just wrong. I’m sorry. I have just instructed my solicitor and paid a retainer of £500 but I doubt they’ve done much. X

OP posts:
wangxiaosara · 12/11/2018 15:56

Our house just fall through today as well. Sad