Pulling out of house purchase after offer

[ImTheCaddy]

I'm a FTB and I'm really restricted in where I can buy as I need to stay very close to an elderly parent.

I've put an offer in on a flat in a block in the right location and I'm kind of happy with it, but it needs a lot of work and it's tenanted at the moment. The vendors don't seem to be showing any signs of giving the tenant notice which is starting to annoy me. Also this block has half the flats with the windows replaced and half with the original terrible windows. Flat A has the old windows.

So now another flat has come up in the same block. It's identical in lay out, BUT it has the windows replaced (worth around £7k) and is in over all better condition. PLUS it's empty.

Same price.

Is it really bad to pull out of flat A? We are about 3 weeks post offer. I guess I'd lose some of the search costs but otherwise not much.

I'm new to all of this so I'm really not sure!

I would.

You have to do what's best for you!

The vendors of flat A are investors. I'm renting. No chain so I wouldn't be causing anyone further down/up a chain any issues.

Don't worry about it, just withdraw your offer and go for the second flat. It's not as though you're very far along the line, and this happens all the time.

Pull out - or at least offer on flat b. You might find that the leases are all the same so you might not have wasted too much on the search. If they haven't given the tenant notice, you could be hanging around for ages. Its also better value if the windows have been done.
We pulled out of the first offer we put in- just didn't feel right

It's a little awkward but you need to do what's best. And the fact the flat is empty is amazing! You'll be in in no time.

Withdraw. If the deal no longer worked for them, they would pull out without giving you a second thought.

Absolutely withdraw offer now.
It’s got tenants in and that could be a problem as they are still there.
Other one has the new windows and in better condition.
What ya doing wasting time on this thread,it’s a no brainier withdraw offer now.
Good luck op.

I just found out today that the buyer of my apartment has pulled out, 2 months after we accepted his offer.

We are utterly devastated. We have paid the mortgage for the last 2 months and gotten rid of ALL of the furniture. 3k gone. We cannot afford any more mortgage payments on it as we are paying a mortgage elsewhere. We had hoped that we could afford a house with it gone but that's not gonna happen now. I'm heartbroken.

You need to see if youre willing to accept not getting it though. Someone might out bid you. Would you be ok with that? If you got neither?

Sorry to hear that Buyerpulledout, but this flats owned by an investor and is tenanted. Hope you find another buyer quickly.

Is it really bad to pull out of flat A? We are about 3 weeks post offer. I guess I'd lose some of the search costs but otherwise not much.
You could always tell them about Flat B and ask them (Flat A) to lower their price.

Thanks all. I'm going to put the offer in for flat B and see what happens.

I could live with not getting either as they do come up in that block a lot but I'd rather get on with it.

I don't feel bad about flat As vendors, they have had their flat for over 25 years. They had it on the market before and turned down quite a few offers so I don't think they are in a hurry at all.

I'll report back tomorrow when the estate agents open!

🤞🏼🤞🏼🤞🏼

Pull out from flat A and count yourself lucky. Very likely that it would have fallen through due to issues with the tenant - they could not leave when given notice and then the eviction process takes several months, could be over a year if the LL makes mistakes.