Downtrodden - buyer pulled out after we accepted offer!

[RedRum27]

First time seller (house came via inheritance) and we had an offer, slightly lower than what we wanted so buyer increased offer. Due to start process today solicitors etc, estate agents tried to contact buyer but no answer, they didn’t turn up at appointment then emailed to say they were pulling out! Does this actually happen??? Not much of an explanation. Admittedly house has been on the market for 2 weeks but had lots of interest which we are happy with as we want to sell. Just feeling really downbeat and gutted as we don’t want to prolong this....fortunately we have more viewings booked in next week. But is this ‘normal’ or common for people to pull out the day after you accept their offer?!

Unfortunately yes.

I twice had people pulling out the week we were due to exchange, the second time the day we were to exchange. I wish they had pulled out earlier. Don't worry, you will get there eventually but it's likely to be slow at the moment

It's horrible, isn't it? There are lots of flakey people around who couldn't care less about pissing people about. I'm just glad I don't have to live with anybody like that!

I guess it happens very very often on both side. When we were FTB, we made an offer, then seller pulled out one week after they accepted our offer.

Yes! Happens a lot sadly.

Totally. About a quarter to a third of accepted offers do not end up in a sale. The agent should be making sure the buyers are in a good financial position to proceed (their own house under offer, mortgage in principle etc). One property I sold had three accepted offers and each time the buyer pulled out for one reason or another, nothing to do with the house itself. The system here is completely frustrating and needs an overhaul - make offers binding with timelines for things like surveys and mortgage approvals - but for whatever reason the government doesn't change it.

Thanks for your replies I feel ‘better’ knowing this isn’t uncommon. Why on Earth is the system like that?! It was just very frustrating because it got our hopes up big time, then the day after accepting the offer - boom! Fingers crossed we get somewhere with viewings next week. I can imagine the anger/upset it causes on the day of exchanging contracts

Is the property still listed on Rightmove?

It is in England but you can’t do it in Scotland unless the law has changed since I lived there.

Very common and be prepared for it to happen at other stages in the process as well. Also if you are in a chain, it may be someone else’s action further along or behind you cause a ripple effect thus scuppering your own sale.
Try to remember the house is not sold until you have the money in the bank - that way it may seem annoying but not depressing if it falls through again.
Good luck.

@GreyGardens88 yes

Elderly relative’s house sold for asking price on the second day it was marketed online back in February. Solicitor called one day recently to say it should all go through in next two weeks. Called a little later on that day to say buyer wanted to drop his offer to 35k less. Family agreed he was being very cheeky and, since the house is very realistically priced and in a desirable area, it is now back on the market. Lots of viewings in the last couple of weeks and the family is optimistic it will soon sell. No rush.

We've bought and sold several times now and unfortunately it is really common for things to go wrong. Over the years we've had everything from the property selling to the first person who viewed it (and completing smoothly) to our last house sale falling through 3 times before finally completing 4th time around. Never anything to do with the house, just buyers messing about/changing their mind/change of circumstances.

We've found being in a chain complicates things even more as you're then relying on every "link" in that chain having a smooth transaction too. And the higher value the property, the more complications there seem to be.

The house we live in now also ended up empty for 18 months prior to us buying it due to chain collapses. Frustratingly common and the system needs an overhaul as someone else said. You can easily lose thousands when people (buyer or seller) just pull out.

It seems like system could do with an overhaul. Good news today, viewings resumed and a family who missed out previously have put an offer in end of today 5k over asking price and are in no chain so fingers are tightly crossed. Selling a house does so much to your nerves!