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Original poster

Buyers pulled out when we were expecting an exchange

39 replies

Happybunny1234 · 30/04/2019 16:09

We got an offer on our property a day after it’s gone on the market at full market price. We were excited and couldn’t quite believe it. The buyers were going to complete on their own property within a month, they are expecting a baby and they just missed out on a property in our road so all looked very positive. 2 weeks later we found the house we wanted and placed an offer which was accepted.

Everything has been going great for almost 2 months, our buyers came to our property one more time a month ago and then their mortgage was approved 10 days ago. We booked a survey on the new house for tomorrow and Bam! the bomb came today that our buyers have pulled out! To everyone’s shock. To say that we are desperately sad and devastated it’s an understatement. We have been clearing our house and packet half of our stuff as we were told we should expect a date for exchanging contracts soon.

Anyone has been in this situation? We are a bit lost. Our sellers have kindly accepted not to put their property back on the market for another 4 weeks (no chain on their side) and we are going ahead with the survey tomorrow which is going to cost us just under £700. If we cancel it we will lose 50% of the money. We are cash buyers so no mortgage is involved but we are just devastated.

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SchrodingersBrexit · 30/04/2019 16:20

I went through a similar thing before Christmas, but it was on the day of exchange. Such a stressful experience.

Did you get a reason?

I think the way we buy property should be overhauled so this shit isn't allowed. The amount of money wasted is really unfair.

Hiphopopotamous · 30/04/2019 16:21

Was anything found on your survey that might have put them off?

I wonder if another house they like has come on the market recently and they've chosen another instead.

Shit situation though, Thanks

Original poster
Happybunny1234 · 30/04/2019 16:29

@SchrodingersBrexit sorry to hear that. Sounds awful. Did you manage to sell the place?

They told the estate agent that the place is too small (it’s a large-ish 2 bed maisonette) with a garden and a terrace and they are moving from a one bed flat Hmm. You think they’d have realised that 2 months ago. Then they’ve sort of disappeared, don’t seem to want to engage with the estate agent anymore.

They haven’t actually done a survey, it’s just the bank that did their own survey for the mortgage which was approved 10 days ago.

There is no protection for the sellers is there?

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Original poster
Happybunny1234 · 30/04/2019 16:30

@Hiphopopotamous our estate agent thinks they’ve probably found a better value for money.

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NewYoiker · 30/04/2019 16:41

How awful :(

megrichardson · 30/04/2019 16:56

How rotten. I'm currently trying to sell and it's amazing the time-wasters you have to put up with :(

I hope you get another offer very soon.

Loopytiles · 30/04/2019 16:57

Not unusual, sadly. Nothing is certain until contracts are signed.

Mammajay · 30/04/2019 17:01

Many years ago, on the day of exchange, and having emptied our loft, we got a phone call from our conveyancer saying the buyer pulled out. There was a problem with the lease on the flat they were selling and they hadn't told us because they hoped it could be sorted out with their buyer. It is very upsetting and I felt almost bereaved for a week ( obviously someone dying is far worse). I am sorry you have had this bad experience.

Original poster
Happybunny1234 · 30/04/2019 17:07

@Loopytiles I know. We had another similar case on a different property we sold last year. However the buyers pulled out after 3 weeks weeks, which was disappointing but at least we didn’t waste too much time and we were not in a chain either. We lost about £600 in solicitors fees though. I just find this so so unfair.

In my country of origin you’d always pay a deposit to the seller when when your offer is accepted (about 2% of the property agreed price), and they’d lose this money if they pull out. It’s enough to put people off and also enough to cover potential fees lost by the seller.

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Ellieboolou27 · 30/04/2019 17:13

Feel your pain op, we are in exactthe same position and we waited 5 months for our buyers as it was the local authorities who were buying it back!
We are devastated as lost the house we had heart set on and now had to market the flat at 30k less due to current market, we’ve lost rental as it has tentants in, the rental paid for our house we currently rent.
A big mess and financially crippling Sad

megrichardson · 30/04/2019 17:16

I swear, once I move I will never move again. I just can't stand the stress!

Original poster
Happybunny1234 · 30/04/2019 17:32

@Ellieboolou27 sorry to hear that Flowers. That’s my fear too, that we will have to accept a lower offer on our property and will lose the house we had our heart set on Sad

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sandybayley · 30/04/2019 18:11

@Happybunny1234 - it's rubbish. Similar thing happened to us in February. We found another buyer within the month but then lost the house we were buying. I cried a lot at the time.

We're back on track now with another house . It's actually the one my DH preferred in the first place and round the corner from the first.

It's rubbish. Just when you think you've done with viewings and the uncertainty you're back in the middle of it.

You won't appreciate this now (I certainly didn't) but there is a reason for these things and it will work out in the end. Chin up and put your house straight back on the market. You're bruised and battered right now but you're a bit wiser for it.

SchrodingersBrexit · 30/04/2019 18:31

@Happybunny1234 yes, found another buyer and completed within 7 weeks. Incredibly stressful and I didn't believe I would exchange the second time around until it happened.

Ellieboolou27 · 30/04/2019 18:52

Thanks happybunny it's such a stressful situation, like others have said I'm sure we will look back and see it was meant to be, not much consolation now though. Way I look at it is that we've hit rock bottom, only way is up!

I do think something should be done to protect sellers / buyers though as it's so costly and the system is all geared to make money for no result.

Iamheretoday · 30/04/2019 19:00

Feel awful for you. Hopefully you will get another offer quickly, as it was snapped up after only 1 day on the market last time.
We have just sold and am trying to buy atm and it is the most stressful ordeal I have been through.

Original poster
Happybunny1234 · 30/04/2019 22:55

Thanks everyone for sharing and really sorry for your bad experiences. It’s sickening to say the least. We had a pregnancy loss exactly a month ago too, so luck has not been on our side this year Sad. We had so much to look forward to 2 months ago and it’s all crashing down.

But like some of you said the only way is up now, so keeping head up and carry on.

All the best to everyone x

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Kismett · 01/05/2019 08:52

I think the system here is ridiculous and as long as it stays like this, people will take advantage. I couldn’t believe that there were so little protections for such an important sale and purchase. House moves affect lives in so many ways!

I’m sorry that this happened to you and I hope that you sell soon. You might yet be able to get the house that you wanted.

SoupDragon · 01/05/2019 08:57

There is no protection for the sellers is there?

There's no protection for the buyer either as the seller can pull out at any point too. It's not the best of systems but I think there are flaws in most of them.

SoupDragon · 01/05/2019 08:57

I hope you find another buyer quickly.

MollysLips · 01/05/2019 08:59

@Happybunny1234

We had so much to look forward to 2 months ago and it’s all crashing down.

This is really sad. I'm SO sorry for you. Please have a huge, virtual. against-MN-regulations hug 🤗 and I'm crossing fingers, toes, legs, everything, that things start going your way again very soon.

Burlea · 01/05/2019 09:06

We were told the morning of signing the contracts on a bungalow we loved. No reason given why. We were cash buyers and giving full asking price as they wouldn't drop the price. 3 in the chain below us were also let down. We fortunately found another place very quickly.
Found out later the sellers of the bungalow had done the same trick before.

Trippedupagain · 01/05/2019 09:43

I'm so sorry to hear these awful stories! What a total nightmare. We are currently on the market and have moved quite a few times so know all the pitfalls and people pulling out at the last minute is always my biggest fear. Estate Agents and solicitors can do absolutely nothing to help and I think they probably see it all the time. I agree with a PP that a deposit to secure a place would seem reasonable and would put off complete timewasters.

Trippedupagain · 01/05/2019 11:06

It must be so dispiriting having to dress and prep your house and start all over again. On our last move we had our stuff packed and in boxes for about 5 or 6 weeks before we moved because we knew we would be short of time later on, and then our daft buyers just went on holiday for 3 weeks delaying it all even more. This time, I'm packing up right at the last minute. Tripping over boxes of stuff and not being able to find anything just adds to the stress so much!

Original poster
Happybunny1234 · 02/05/2019 13:34

@Trippedupagain I agree and good luck with your move x

It’s been 2 days now since we were given the news and I’m starting to feel a tiny bit better. Still hard to believe we are not moving this month and there is absolutely no guarantee that even if we find a new buyer quickly, it’s all going to go smoothly. We are becoming a lot more cynical and will ask a lot of questions before we accept an offer (just like our stalkers did).

The funny thing is, both experiences we had with 2 different properties were very similar in some respects. Both offered the full asking price very quickly after just one viewing, the ones last year even wanted the furniture (it was a holiday flat fully furnished and everything was quite new), things started moving very quickly and then all of the sudden pulled out and disappeared without providing a reason. Makes you wonder.

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