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Original poster

Putting house back on market

35 replies

Dasheen · 20/08/2022 06:36

After wasting our time for about 5 weeks we’ve decided to cut our buyers loose and put our house back on the market. We had about 5 offers previously.

Any advice on what to expect? Has anyone had to do the same recently. If so what was your experience?

OP posts:
procrastinator8 · 20/08/2022 06:39

No experience, sorry. I hope we won’t be in the same position because I would worry about getting a lower offer now or fewer offers due to the increases in mortgage rates.

CaptainBeakyandhisband · 20/08/2022 06:39

5 weeks is quite short - what are your reasons for going back to market? It’s fine to go back to market but the other parties may want to know more about why the sale has fallen through. The market is also unpredictable right now so you might end up with a lower sale price (but that might happen anyway with the way that mortgage valuations are going)

Notnecessary · 20/08/2022 08:53

We put our house back on a market after buyer kept messing us around for 5! months, with constant delays coming up on their side. We re listed the house and there is hardly any interest at the moment, had some viewings here and there but no offers.

ChimChimeny · 20/08/2022 08:54

Only 2 houses have sold round here for weeks, so if it's like that where you are crazy putting it back on the market!

Original poster
Dasheen · 20/08/2022 09:51

The buyers were messing around and we don’t think it was worth the hassle with them. There was some issue with their mortgage and some of the context didn’t make much sense.

We are not in a chain and don’t live in the property. It is in super condition and in a desirable area. We have time to play with and supply still lower than demand. The reduction in demand because of interest rates is a concern.

OP posts:
Original poster
Dasheen · 20/08/2022 09:57

ChimChimeny · 20/08/2022 08:54

Only 2 houses have sold round here for weeks, so if it's like that where you are crazy putting it back on the market!

By October is when we would really begin to worry if we did not sell at a price near the listing price. We could rent it out for a few years until the market picks up again but it would cause us some significant issues.

I guess people will start holding on to their properties and not selling which would make house prices even worse in the future because demand will continue to outstrip supply.

OP posts:
glowinglantern · 20/08/2022 10:00

5 weeks doesn’t seem long at all, what have the buyers done that is so awful?

Original poster
Dasheen · 20/08/2022 10:26

glowinglantern · 20/08/2022 10:00

5 weeks doesn’t seem long at all, what have the buyers done that is so awful?

Please be reassured that we’re not awful and impatient people. We would much rather go ahead with the sale than not. However, it became very clear over the past two weeks that they would not be able to hold up their end of the deal.

It’s best for both sides not to waste time spending money only for the inevitable to happen. The buyers understand this.

OP posts:
unfortunateevents · 20/08/2022 14:54

Can you get your estate agent to go back to all of the other people who previously offered? Some of them may still be looking and that would seem to be the easiest way of reinvigorating the sale.

user1471538283 · 21/08/2022 10:52

Get your EA to contact everyone on its list and any others who were interested first time around. Get it on Rightmove.

I've had a sale fall through and within 2 weeks had another buyer. I think this will become more common.

goshy · 21/08/2022 14:21

Are you sure they were messing you about? Our mortgage application took weeks despite us being very straightforward

goshy · 21/08/2022 14:22

If we had to buy now we would look for cheaper properties due to interest rates

Original poster
Dasheen · 21/08/2022 14:54

goshy · 21/08/2022 14:22

If we had to buy now we would look for cheaper properties due to interest rates

That would go across the board so there ought to be a new cohort of buyers for properties in the range of our listed price.

Their proceedability was a huge risk. We did not take the decision lightly. No point either of us spending money on solicitor fees, searches, etc when the problems are clear early on.

OP posts:
goshy · 21/08/2022 15:43

I guess if they still think it's value for money.

goshy · 21/08/2022 15:46

I guess people will start holding on to their properties and not selling which would make house prices even worse in the future because demand will continue to outstrip supply.

Interest rate rises & energy bills may force more to sell though. I bought in a falling market before, there's always sellers.

Original poster
Dasheen · 22/08/2022 00:42

goshy · 21/08/2022 15:43

I guess if they still think it's value for money.

I’m not sure what you mean. Based on your logic, it should mean there are people who find properties in our listing range as value for money. They would be the buyers who now must place their expectations a level below what they originally hoped to afford. Inflation is now determining value for money as it erodes previous spending power. Everyone has to wake up to that fact.

OP posts:
Original poster
Dasheen · 22/08/2022 00:47

goshy · 21/08/2022 15:46

I guess people will start holding on to their properties and not selling which would make house prices even worse in the future because demand will continue to outstrip supply.

Interest rate rises & energy bills may force more to sell though. I bought in a falling market before, there's always sellers.

Do you mean distress sales? Interest rates yes but not directly energy bills. Let’s hope the economy does not get so bad that supply issues are solved through distressed sales. It will only mean huge increases in rent and the buy-to-let investors will be grinning from ear to ear.

Perhaps we should withdraw the property from the market and rent it. Hmmm

OP posts:
Tippexy · 22/08/2022 01:03

goshy · 21/08/2022 14:21

Are you sure they were messing you about? Our mortgage application took weeks despite us being very straightforward

Sounds like it’s the vendor who’s the issue…

GreenLunchBox · 22/08/2022 01:13

It's typically a quiet time of year for house sales, OP. It should pick up again in September. I think you did the right thing. You should go with your gut because there'd be nothing worse than being strung along for months before them pulling out in this tricky market.

I pulled out of a sale in the recent past because the buyers were being extremely annoying. I thought "I do not want to deal with these people in what is already a stressful life event". I went back to the next person on my list who had offered. They agreed but then couldn't get a mortgage. Everyone else that had offered had moved on by that point so it had to go back on the market. I spent two nerve-wracking weeks until I eventually got an offer higher than the original. And this buyer was very easy and straightforward. So it worked out well for me.

Good luck!

GreenLunchBox · 22/08/2022 01:14

Perhaps we should withdraw the property from the market and rent it. Hmmm

In your shoes I'd try to sell asap seeing as prices are predicted to drop or stagnate, meaning you might struggle in the near future

goshy · 22/08/2022 07:08

I’m not sure what you mean.

As a buyer if I saw the same house back on the market now I would expect it to be cheaper. But of course you may get buyers who haven't been watching the local market.

Inflation is now determining value for money as it erodes previous spending power. Everyone has to wake up to that fact.

So is your sale price lower or the same as 5 weeks ago?

Do you mean distress sales? Interest rates yes but not directly energy bills.

Well where I am supply has definitely picked up & it's gone from open days & best & final to properties sitting on the market. It's not always distressed sales, we found it easy to move up in a falling market. Energy bills will certainly influence future buyers in terms of cost.

It will only mean huge increases in rent and the buy-to-let investors will be grinning from ear to ear.

I'm not sure I agree.

Perhaps we should withdraw the property from the market and rent it. Hmmm

Yes you could do this. You need to weigh up what's better, personally I think the economy is going to be in for a tough few years & it hasn't really hit yet.

DeadHouseBounce · 22/08/2022 18:50

Dasheen · 20/08/2022 09:57

By October is when we would really begin to worry if we did not sell at a price near the listing price. We could rent it out for a few years until the market picks up again but it would cause us some significant issues.

I guess people will start holding on to their properties and not selling which would make house prices even worse in the future because demand will continue to outstrip supply.

Show quote history

Good luck renting out a property in a recession, and do you know about all the legal stuff you would have to abide by? The Three Ds will ensure that there is always property for sale, and the price that property sells for is the price of your property whether you sell or not, that is how a "market" works, people who dont sell are not part of the market, they are not price makers. It isn`t demand alone pushing up prices, it is also cheap debt, and thankfully that era is now coming to an end.

DeadHouseBounce · 22/08/2022 18:53

This is why buyers are pulling out and dragging things out..

www.thisismoney.co.uk/money/mortgageshome/article-11134241/Average-two-year-fixed-mortgage-rate-goes-4-time-nearly-decade.html

Sellers trying to get too much for their house are just wasting everyone`s time.

Sprig1 · 22/08/2022 19:00

My neighbour's house sale has fallen through three times in the last 5mths, each time it has gone back under offer again within a week, including last week.

Northbynorthbreast · 22/08/2022 19:27

Ask agents to let the people who Made you offers know it is back on the market. Someone will be delighted!