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Original poster

Pulling out of house sale/purchase - what to offer our buyer?

27 replies

Clownpanda · 26/04/2021 22:12

We accepted an offer on our house about 3 weeks ago. A few days later, we had an offer accepted on a house we thought we wanted to buy.

Except, we don't. We rushed it. We don't like the house enough to buy it. We've spent 2.5 weeks trying to convince ourselves it's the right house for us and it very nearly is, but not quite. It went to closed bids and we got swept up in it and bid more than we should have done. But even if we'd got it cheaper, it wouldn't make a difference.

Our seller is chain free anyway and will sell the house again in seconds once it goes back on the market. But I feel bad for our buyer. There's so little coming on right now and the market is so crazy that we're thinking of giving up and trying again in a year or two.

If we do this, I will feel so guilty that I will want to offer something to the buyer. I know they've already paid for a survey. Can I offer to pay for this? How would I do it? Through our solicitor?

Please don't be mean because I already feel terrible!

OP posts:

QueenOfPain · 26/04/2021 22:27

Offering to pay for all of their costs incurred thus far; so the survey and whatever charges they’ve incurred from the solicitor seems reasonable (that couldn’t be transferred to another purchase) seems reasonable I.e. any searches on your house. Very, very reasonable. Far more than most people would offer to reimburse.

I’m buying at the moment and I doubt the vendor would give me a seconds thought if he decided to pull out, and 24 hours away from appointing the structural engineer recommended by the original surveyor.

QueenOfPain · 26/04/2021 22:28

Has the survey taken place? If it hasn’t, it may be that the surveyor will just hold the money for the next property they need a survey on.

umbel · 26/04/2021 22:41

@Clownpanda I could have been your buyer. This has just happened to us and I’m still a bit heartbroken if I’m honest. Our vendors did reimburse us for our survey, via the estate agent, for which we were grateful. We gave them a copy. They did not offer to cover solicitors fees or our mortgage broker arrangement fees (though I’m still not clear whether we will incur these give that we won’t actually be taking out that mortgage now).

But honestly, what would really have helped me accept it would have been an honest explanation and an apology. We didn’t really get either, only some vague explanation via the Estate Agent. I know they owe us nothing, and they have to make the best decision for themselves, but in their shoes I think that’s what I would have done. I just think I’d have felt better and been able to move on quicker if they’d had the decency to address us directly. We live in a small community and I know we will bump into them and I’m dreading it.

LindyLou2020 · 26/04/2021 23:01

@Clownpanda..........
Someone will correct me if I'm wrong, but I don't think you're obliged to offer them anything monetary.
This kind of thing is just part and parcel of the vagaries of house buying and selling.
However, if you do make the kind of offer you are suggesting, I think that would be an extremely kind gesture, and says a lot about you.
Let us know what happens please!

Changingwiththetimes · 27/04/2021 00:47

My sellers pulled out a week before exchange. I had met them and chatted to them about their lovely garden so I wasn't just a name. They offered me nothing, and I was quite smug when they eventually did sell two years later for £15k less than I had offered, so it still annoys me.
It's very nice of you as you are not obliged to, but you could buy their survey from them and maybe half of any conveyancing fee would be great.

Puffthemagicdragongoestobed · 27/04/2021 04:48

We once lost a house because the vendors had changed their mind. After we had done the structural survey, searches etc! It cost us £2100 in professional fees. No reimbursement from the vendors. It still grates now 1.5 years later, less because of the house but more because of the money.
It would be very nice of you if you could pay for their survey but obviously you are not obliged.

MiddleParking · 27/04/2021 05:03

I don’t think you can pay them any amount of money that will mean you shouldn’t feel bad for doing this. If you want to pay it and also feel guilty, then that’s grand, pay it, but if you want to not feel guilty then don’t do this.

Onandoff · 27/04/2021 07:03

Can you not move into renting for a bit? Presume you had good reasons for selling and the market is booming right now. We did that for 6 months to preserve our sale after we pulled out of a purchase (building regs issues) and I’ve quite enjoyed it.

TwoLeftSocksWithHoles · 27/04/2021 07:41

If you do pay for the survey I would make sure you get a copy,

You can consider addressing any issues raised.
You can show it to prospective buyers (if it is good!)

Morechocmorechoc · 27/04/2021 07:50

Don't move into rented. The market is different now. Prices are booming and as you say not much coming up, you coukd end up priced out of where you want. It's life and it sucks, but if you've changed your mind thats ok. Don't feel guilty just tell them asap so they can move on. It happened to us after we paid over a grand and we got nothing back. We accepted its just how the UK system is for housing, not good!!

Bluntness100 · 27/04/2021 07:53

Wow. I can never understand why someone markets their house, accepts an offer, offers on another then thinks nah, I’ve changed my mind,

It’s up to you if you offer compensation for this behaviour.

YellowScallion · 27/04/2021 07:54

If offer was only accepted 3 weeks ago just pull out asap rather than dithering. That's the best gift you can give

Original poster

Clownpanda · 27/04/2021 08:02

Thank you everybody! @umbel I'm sorry this happened to you recently.

Our reason is simply that we don't think we can find something to buy. The market has gone crazy - we did do our research and just a few months ago there were things coming up which we liked and were in budget. But now the supply has reduced and anything decent goes to a bidding war. I don't know if things will calm down in a few months or if that's just how it is now, but either way it's a struggle to see how we will find anything we like without paying more than we are comfortable.

Of course, it is early days. We could just keep searching until something does come up which we are happy with (obviously our buyers may get fed up during that time and drop out anyway.) I just feel we are stringing them along as I'm feeling so pessimistic about finding something.

If we drop out I think we will at least pay for the survey. Unfortunately it took place on Saturday (apparently demand is so high right now that the surveyor is working weekends!!)

OP posts:

Original poster

Clownpanda · 27/04/2021 08:06

We have looked into rented but the rental market has gone completely mad too, and I don't even know if we would get somewhere suitable. Plus I'm worried if the market carried on as it is then we will end up priced out if we sell with no onward purchase.

OP posts:

umbel · 27/04/2021 08:23

I do understand that it’s a difficult position to be in. We are of course now in it ourselves, having sold our property to FTBs and now having nowhere to move on to. Properties within our budget only weeks ago are being snapped up within hours and hardly anything is coming on. It’s hugely stressful. I feel sick at the thought that we might have to put our buyers in the same position we now find ourselves in, particularly as their purchase is almost complete.

Can’t you speak to your buyers about the situation, find out realistically how long they might hold on for, and hold your nerve in the hope something comes up?

Having lost what we pictured as our long term new home, we are now reconfiguring our expectations and considering other plans. What is different for us perhaps though is that we are clear that we do want to move.

BeechTreeView · 27/04/2021 08:31

Sleep on it. Then communicate with your buyer they may be happy to wait. But buying the survey would be a gesture and might prove useful in future.

But there was a reason you wanted to move....

Original poster

Clownpanda · 27/04/2021 08:46

I think that you are both right. We probably need to speak to the buyers and explain our position. If they're happy to wait it might be ok. We do still want to move and are happy to keep looking for a bit - even though we do feel quite pessimistic about finding something.

I am not worried about the vendors at all - they will get another buyer in 24 hours I think. We were one of 7 bids!!

OP posts:

RolloTomassi · 27/04/2021 09:05

Gosh it's still mega annoying for the vendors though, all that interest and managed to pick the one who changes their mind a fortnight in. What a waste of everyone's time.

OP I think it's thoughtful you're offering to cover the survey - lots wouldn't! If you can I definitely think you should, it'll be some good karma into the universe, and will no doubt assist your buyers in affording to restart the process.

Sitdowncupoftea · 27/04/2021 10:17

This has just happened to us months down the line. My solicitor has said seller is liable for all our fees. We were messed about throughout. Why a put a house on market let someone pay survey , searches etc only to change your mind. The OP circumstances may not be same as ours but we got to exchange of contracts and seller decided to change mind so in our case he's liable for all costs we have paid.

Original poster

Clownpanda · 27/04/2021 10:32

I probably wasn't clear enough in my OP, but if we could find something suitable in our price range we wouldn't pull out. We're only considering it because the market has gone crazy and nothing is coming up.

We panicked and offered on a house, thinking we could live with the compromises, but we can't. I now realise this was an error and one we won't be repeating. So if we offer again, it has to be something which is right for us.

We certainly wouldn't be pulling out just before exchange, not least because that assumes we would have somewhere to move!

OP posts:

londonsaint · 27/04/2021 11:23

It's a bit crappy all round, but you've ultimately got to do what's right for you.

It's the crazy market that's driving this and having to be under offer before you can even view. The panic is driving rash decisions, overpaying and too much compromise. I suspect a lot more chains will collapse over the next few months when people at the top either can't find anything or people look objectively at their situations.

TheTestOfTime · 27/04/2021 12:28

This happened to us as buyers. Although our sellers messed us around for 2-3 months and then decided not to proceed for “personal reasons”, with no offer to pay any of our costs. Knowing the reason why, or even just receiving an apology, would have made us feel better.

We were really upset at the time but we subsequently found a much better house, and because it was slightly cheaper and I think rates had gone down, got a better mortgage offer. Overall, we actually paid out less than if we had got the first house, even taking the costs from that into account. We were lucky though in that our buyer had no chain and was happy to wait.

Constantcrayfish · 27/04/2021 12:47

Offer them the option of remaining your buyers for now - that way, you take the risk of them pulling out if something else more proceedable comes along, but you don't remove their chance to buy your house if they want to.

10YellowTulips · 27/04/2021 12:57

That's really kind of you OP, I'm sure your buyers will be grateful for anything you offer.
My vendor pulled out after 3 months and didn't offer me anything, not even an apology. The EA apologised but not the vendor. And they had gone quiet several weeks before finally pulling out so clearly they knew/suspected sooner but didn't bother to tell me anything.

Frazzle76 · 27/04/2021 13:20

We can't find anything either! We are at the top and there just isn't anything coming on that's suitable. Either bottom end and too much compromise or waaay out of budget. So you're not alone in the 4am rightmove desperation.
Just make sure you're not eligible to pay the estate agents fee anyway- as they found you a buyer and it's you pulling out.

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