Reasons to pull out of a purchase

9 replies

Thehousetrap · 21/03/2022 21:30

I made an offer last week that was accepted.
I now realise I got carried away, thinking I can do more DIY than I actually can. So I want to withdraw my offer. I feel embarrassed saying “actually I realised I can’t afford it” (my offer was considerably under asking price) and fear the estate agent will have me down as a time-waster.

What are some reasons to pull out of a sale this early that don’t make me look like an idiot? Are there any?!

OP posts:

KaptainKaveman · 21/03/2022 21:34

Just be honest, the EA doesn't care what the reason is.

PartyWallQ · 21/03/2022 21:37

Be honest with the estate agent, your DIY realisation is good enough - you overestimated your skills and available time, and the price you offered doesn't allow for budget to pay someone to do it / some of it for you. Better to risk looking like an idiot (you won't, they'll have heard so much worse) than looking untrustworthy. And, better to pull out early than to delay, causes less stress to seller.
This estate agent may have future houses that are better suited to you, keep on their side.

Original poster

Thehousetrap · 21/03/2022 22:16

Thanks both. Guess I will just be truthful and hope that they don’t warn other sellers off me!

OP posts:

Twiglets1 · 22/03/2022 06:36

It happens more often than you think that buyers pull out. This is an early stage so it’s fine. No way will the agent warn other sellers off you

Lastqueenofscotland · 22/03/2022 08:31

Earlier the better! I’d just say you’ve had a more detailed look into the work required and it’s not for you

Otherpeoplesteens · 22/03/2022 11:28

You could just do what my buyer did and not actually tell anyone. Or ask to view other properties.

They'll draw their own conclusions.

HaggisBurger · 22/03/2022 11:32

Being honest is fine. Just say you’ve reflected and were a little hasty. It’s fine at this point. Just don’t make a habit of it (like someone I know who offered on about 4 houses none of which she progressed with).

JustJam4Tea · 22/03/2022 11:33

We pulled out after a week - the same estate agent rang us with another property the next week. We'd been honest that on reflection that it didn't meet our needs and that the renovation costs would be too much.

TatianaBis · 22/03/2022 11:36

Don't say you were too hasty. Just say you've done the maths and it needs more work than you're prepared to do.

For many people they need to get estimates work - so that is super common.

Flip