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Original poster

think my buyers are going to pull out....

20 replies

Tillymintsmama · 30/09/2019 12:51

I put my house up for sale in July. 4 bed terrace with a back yard. I want to move to a 3 bed semi with drive and garden.

Got full asking price offer within 48 hours. General agreement that I would be happy to move before Xmas if I found somewhere suitable.

I have made a couple of offers but obviously been outbid and since then I have not been able to find anywhere I would be happy to move to in the 2 mile square patch I am looking at on rightmove. My buyers have started getting tetchy and I think they are going to pull out... agents are doing the fear factor thing with me as I know they just want the sale. They don't care that I need to find the right home for me and my DD.

It's gonna be January now isn't it, before anything remotely suitable comes on the market?

How much will I have to pay solicitors for an aborted purchase, think they sent out draft contracts but didn't do much else. I paid them £300 deposit.

Really despondent.

OP posts:

MiaMoo007 · 30/09/2019 13:07

Is there anyone you can stay with to avoid losing the sale? Or is temporarily renting an option?

Original poster

Tillymintsmama · 30/09/2019 13:11

The agents asked me that; but there's no way I'll do it. Let alone the upheaval in moving twice, I think it's dead money in renting and my mortgage is only portable not redeemable as on a fixed deal for another 2 years. So I'd lose about 3k in extra fees. Not willing to do that.

OP posts:

GameOfGroans · 30/09/2019 13:14

I'd just let them pull out. If your house sold within 48 hours it must be desirable so it should be easy to sell again. Don't let them pressure you in to moving somewhere that isn't right- you'd always regret it. Good luck!

SpaceDinosaur · 30/09/2019 13:22

What ^^ @GameOfGroans said.

If it went once it will go again.

ZaphodBeeblerox · 30/09/2019 13:30

I'd let them pull out. We just pulled out of a purchase in a similar situation. We are chain free since we're not selling our flat until after we move. Found the ideal home, matched their asking price, all agreed in May with a completion date of October. But they've since been dragging their feet on many things rather frustratingly. We reluctantly pulled out when it became clear they thought of the completion date as just a tentative goal rather than a commitment.
I'm sure they will find a good buyer easily as soon as they are ready to move, but think it's a bit frustrating that they couldn't be more transparent about the issues (And I suspect it was the agent misrepresenting them somewhat.. rather than malice on their part).
Agent kept trying to convince them that they should move into rented while finding a place.
Their prerogative to refuse to do that, but it's cost us over five grand in solicitors' fees and surveyors and mortgage application. I hate this whole process while still understanding what individual sellers are going through.

ChicCroissant · 30/09/2019 13:37

If your buyers want to be in for Christmas though, it's not going to happen with your property now. It would be tight even with another one but they'd have a chance so they may well pull out if they find something else.

You mention being outbid a couple of times, are you looking for a house that would be relatively cheap for the area that you are moving to, because that can be hard to do?

Chloemol · 30/09/2019 13:58

To be honest I think you are being selfish here. Only looking in a two mile patch is really going to limit you. It will be restrictive and you wont be able to be very fussy. If you have not found anything by now then it’s doubtful you ever will. You say you are not prepared to rent etc because to you it’s dead money it implies you are not bothered about how the purchasers are thinking. How would you feel if the situation was reversed and you had found your house but they refused to move on quickly?

With Brexit round the corner who knows what’s going to happen to the housing market so if I was your purchaser I would be looking elsewhere

Ridiclious · 30/09/2019 14:52

Last time I moved I only looked in a 1 mile radius and it took 10 months from accepting an offer on mine to moving into my new place. In all honesty if you sold within 48 hours you will again once you find somewhere. Estate agents are devils at pressuring people.

BarbedBloom · 30/09/2019 14:58

To be honest I would pull out in their position as this could still be the situation in January. But it sounds like your house is fairly desirable and would probably sell again quickly.

GlassSuppers · 30/09/2019 15:00

I think you're being unfair.
I've been on the other side of this, being the buyer and waiting for the sellers to find somewhere and it's a nightmare.
I moved in with family in order to keep the sale of my house and waited another 6 months before I pulled out.

My estate agent at the time told me that loads of houses go on sale on Boxing Day and they were right, we found one with no chain. Could you take yours off the market until then?

I can't see you finding one before then to be honest and you did agree you'd be competed before Christmas..
If your buyers were to find a property with no chain it'll still be possible for them to complete before then.

Original poster

Tillymintsmama · 30/09/2019 18:54

I don't think i'm being 'selfish' or 'unfair', I was completely candid with them in July that I'd be happy to move before Xmas if I found something suitable. I'm not just moving for the sake of it!!!

Thanks to those of you who have reminded me that if I got a decent offer within 48 hours of being on market, that may well be the case again in January. I wouldn't blame them for pulling out, I don't expect them to wait forever, but I'm hoping it's just estate agent inducing the scarcity /fear factor. I refuse to be railroaded into a major life changing purchase on this basis.

OP posts:

Pipandmum · 30/09/2019 19:04

Your solicitors should have given you a statement of expected fees and costs. If not, just call and ask.
Personally I’d shove everything in storage and do a short rent in the smallest place possible so you don’t get into a similiar situation again, or find a place you love but can’t offer on as you haven’t sold.

AlmaMartyr · 30/09/2019 19:14

This is what worries me; we're house hunting but haven't found anything we like yet. Estate agents have advised us to go on the market because it'll put us in a stronger position when we do find somewhere but I'm worried about feeling railroaded into moving. DH is very reluctant to consider renting under any circumstances.

Original poster

Tillymintsmama · 30/09/2019 20:42

Yes, @AlmaMartyr it's railroading, nothing less, that you'll get from estate agents in this position. I'm a stubborn taurean so I will dig my heels in and won't be cajoled.

@Pipandmum I'd love to not lose the sale, but my mortgage has 3k fees for early redemption, so it's just not a viable option for me.

OP posts:

Ridiclious · 30/09/2019 21:47

See my post in Property for railroading estate agents. I wouldn't be influenced but I know it's different for everyone

lovelyupnorth · 01/10/2019 06:44

If I were your buyers I’d pull out as I wouldn’t want to hang on forever.

Can’t understand why you wouldn’t rent for a short period. Especially with Brexit looming who knows what could happen to the housing market.

We sold in March and are renting for a year as wasn’t 100% sure where we wanted to live and what we’d compromise on.

PammieDooveOrangeJoof · 01/10/2019 06:50

Can you speak directly to your buyers? We had this with the estate agents trying trip get us to borrow money and all sorts to make us move quicker. Spoke to the buyers and they weren’t fussed about waiting at all! The estate agent just wanted his commission.
Is no one else reading it will cost you an extra £3k to come out of your mortgage completely if you rent and then rent on top?
I’d speak to the buyers directly if you can and see what they really think.
Then if they do want to pull out I’d let them as I agree, if you sold in 48 hours you are v likely to sell again.
Good luck.

TheBrockmans · 01/10/2019 06:57

If they have a mortgage offer on your house then that might expire before Christmas so they might not just be being tetchy. It would be better for you to be honest with the estate agent. If they also have a buyer then at least it gives them options to keep looking/ arrange rental accommodation etc. I can understand wanting the right house but in this market it is hard to tally up sale and purchase. Do you have to move while you will have to pay redemption fees? In what timeframe do you need to port the mortgage, think we have 6 months to port offer from one to another. Have you spoken to a mortgage advisor as we thought we had a good deal, but turned out we could improve on it.

PrestonNotHeston · 01/10/2019 16:26

Have they paid for searches, surveys, etc, yet? If there's a very real chance you might pull the house off the market in the next few weeks, it would be pretty unfair to let them commit to that expenditure.

Original poster

Tillymintsmama · 01/10/2019 17:54

Yes, they've paid for a survey certainly. I don't know where you're getting the idea that I'm pulling the house off the market.... I'm trying to find somewhere suitable to move to!

OP posts:

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