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Original poster

Should we pull out of flat sale?

17 replies

Hazelnut18 · 10/03/2022 11:24

We sold our flat 7 months ago and our buyer is still waiting very patiently. We have tried so hard to buy somewhere but it just hasn't happened. We have viewed around 40 houses, put in offers on around 20, way over asking price. But we are outbid every time or it goes to a cash buyer. Today we lost out on two houses before we even viewed them because they sold that quickly. Nothing else decent on at the minute. We are fed up with house hunting but feel shitty about pulling out on our buyer after this long.
Also, another flat in our development has come on for sale at 20k above what we sold ours for because the market has increased so we think if we relist in future we could get more for it.
We are also getting nervous about the cost of living crisis and if we are buying at the worst time! We are comfortable where we are with a small mortgage. But we wanted to buy somewhere together (DH bought the flat before we got married, I'm a FTB).
Should we pull out and try again in 6 months/a year and hope things are less crazy then? But then I'm worried we will be stuck in a flat for the rest of our lives if prices keep on increasing.
And before anyone suggests it - we won't consider renting to make us chain free and we already are looking at cheaper areas further out, making compromises etc. We are only trying to buy a typical terraced house in the north!

OP posts:

SophB15 · 10/03/2022 11:26

Be honest, are you wanting to pull out so you can re-list later at a higher price? Because that’s a really shitty thing to do to your buyers.

You have sold your flat - why are you so against renting? You improve your position no end that way.

Original poster

Hazelnut18 · 10/03/2022 11:35

We wouldn't relist straight away. In 6 months or even more. I know it's a crap thing to do but everything we want to buy has increased in price since we sold. So the extra 20k would come in handy! But yes, i definitely feel rubbish about doing it.
We can't rent. The rental market is just as awful in my area. We don't want the hassle of moving twice and risking still not finding somewhere to buy and then being outpriced.

OP posts:

newbiename · 10/03/2022 11:36

If your flat is going up so is anything you want to buy so it's the same thing.
I'd explain the situation to your buyer.

PastMyBestBeforeDate · 10/03/2022 11:41

They're asking for 20k more than your offer but there's no guarantee they'll get it. Are flats selling as quickly as houses in your area?

Original poster

Hazelnut18 · 10/03/2022 11:45

The main reason though is just we are so fed up with looking. We don't even get excited about viewing houses anymore because we know we won't get it. I think we just want a break for a bit and wait and see what happens with the market. Then when we relist if we get more money for it then that's a bonus. Although I know that means our onward purchase will also have increased in price!

OP posts:

Original poster

Hazelnut18 · 10/03/2022 11:49

@PastMyBestBeforeDate

They're asking for 20k more than your offer but there's no guarantee they'll get it. Are flats selling as quickly as houses in your area?

You're right that it doesn't mean they will get 20k more. So good point. But a couple of flats did sell around same time as us 6 months ago and they even got 3-5k more than us. We had no idea of the market back then and sold to the first person that offered asking price! Our flat is close to universities so don't think we will have trouble selling (it sold within a week) but it is a popular family area so houses are in more demand.

OP posts:

ArseInTheCoOpWindow · 10/03/2022 11:52

When this happens it’s quite normal to go back to the buyer and ask for a higher amount as hose prices are rising so fast.

I’ve known this happen on quite a few occasions.

Original poster

Hazelnut18 · 10/03/2022 11:56

@ArseInTheCoOpWindow

When this happens it’s quite normal to go back to the buyer and ask for a higher amount as hose prices are rising so fast.

I’ve known this happen on quite a few occasions.

Thanks, we hadn't thought of that. With me being a FTB and DH never having sold before we don't really know what's normal!

OP posts:

TabithaHazel · 10/03/2022 20:14

You could ask them for more but they've been waiting for 7 months already so that would be a pretty crappy thing to do - it's not their fault you haven't been able to find anywhere after all this time (although I appreciate it's not your fault either!).

ArseInTheCoOpWindow · 10/03/2022 20:18

It’s not crappy it’s normal. It’s no one’s fault that she can’t find a house. It’s s reflection of a overheated housing market. And in that situation house prices rise fast whilst simultaneously making it very hard to buy something,

The buyers house will probably have risen accordingly unless they are first time buyers.

Guttedbuyer · 10/03/2022 20:21

I'm in your buyers position. If my sellers pulled out purely to relist for more money I would be beyond furious - we've held on for 6 months. There'd be nothing I could do though so if it's what you want to do then do it.

Have you spoken very much to your buyer? We found that helpful as it helped us to realise they are actively looking. On our end we are also looking at other properties but nothing else has come up yet so it's not that waiting for them is meaning we are missing out on other properties. Chances are your buyer is doing the same thing so I wouldn't worry too much!

Guttedbuyer · 10/03/2022 20:22

And having also sold 6 months ago I simply cannot imagine a situation where I could go back and ask my buyer for more money - I just can't. But some people could I'm sure. By relisting that's essentially what you're doing.

ArseInTheCoOpWindow · 10/03/2022 20:25

It’s normal procedure where l live. It’s instigated and suggested by the estate agents. I haven’t suggested it. But it happens all the time.

TabithaHazel · 10/03/2022 20:25

@ArseInTheCoOpWindow

The buyers house will probably have risen accordingly unless they are first time buyers.

It may be normal but it is still crappy - not the OP's fault, just the insane housing market. Surely you'd be pissed off though if you were waiting 7 months and then instead of being told you were ready to exchange you were suddenly asked to come up with a extra £20k!

Guttedbuyer · 10/03/2022 20:30

I drone on about this a lot but this is what's happening when estate agents are almost forcing people to be under offer before they can even view a house. Every house I viewed I knew I would be fighting multiple other people for it and likely wouldn't get it but I still had to have my house under offer to be taken seriously - I'm now stuck in a situation where I STILL can't buy a house but also have someone waiting to have mine and what I sold my house for is a year out of date. The ones going into rentals are even worse off because they don't even have the choice of saying FUCK THIS SHIT and calling the whole thing off.

I understand why it's done this why in normal times but right now almost every property is guaranteed to be snapped up so just let people find their house first!! The worst thing that can happen is a chain falls through - ha.

ArseInTheCoOpWindow · 10/03/2022 20:34

I’ve had it happen to me, and it happened to my buyers. I’ve known it happen quite often when house prices are going up fast.

Houses are expensive where l live, and people tend to avoid moving out and renting after selling and before buying because prices go up so fast and even with a 6 month rental you can lose your place on the ladder.

I think it must be area dependent then. But it’s commonplace in my area. No one seems shocked by it.

Calmdown14 · 10/03/2022 20:41

I think I'd set a deadline. One more month, six weeks, whatever and if it doesn't happen by then, it's not meant to be.

Then I'd focus on overpaying the mortgage or saving everything you would have put into the purchase.

I think world events will lead to caution and further reduce available stock

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