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Original poster

House buyer pulled out

13 replies

Diwnak · 21/04/2023 07:00

Our buyer pulled out after sending a letter stating they wanted to reconsider their price, having a second viewing during the Easter holidays (so we cancelled activities with our kids and tidied like mad) and then made us wait for five days for feedback. We were close to exchange. Our mortgage expires shortly so we will.be on 7.25% temporarily. Feel sick and stressed. I know it will all be okay but just feel dreadful. Sharing so others can share their experiences.

OP posts:
Lcb123 · 21/04/2023 07:13

Yes, unfortunately very common. We had two buyers pull out last year when we were selling. we were stuck on standard variance rate for 6 months. Would you not just accept a lower price?

Nattertatter03 · 21/04/2023 07:33

We’re selling at the moment and that’s what I’m scared of. We’ve already moved to standard variable this month…. We knew it would happen as we only had a couple months left on our product.
why did they pull out? Did the survey bring something up? I only ask so then you can prepare for the next sale incase the same is raised again.

VanCleefArpels · 21/04/2023 07:36

The press is full of stories about interest rates rising further to curb inflation . They may have had a wobble about affordability.

C4tastrophe · 21/04/2023 07:53

Selling in a falling market and rising interest rates is an unreliable process.

Itsanotherhreatday · 21/04/2023 07:56

So did you put it back on the market? Take some more viewings? Sounds like you are pandering to his needs.

It’s you house you know why you need to sell it for - stand firm

DrySherry · 21/04/2023 08:56

You say you were close to exchange and that the stress is making you feel sick. I really think you need to consider the buyers position and negotiate with them. It's not worth having a breakdown over - if you loose this sale it may take another 6 months to get back to the same situation and values may have fallen further and you get less for the property.
Reading between the lines it sounds like you might have decided that you need to sell, in that case chasing the market down trying to get a sale is a real risk at the moment.
Get yourself out of this situation and start again. I do feel much empathy for you. In the early ninetys I lost my house due to a relationship breakdown, I couldn't afford to buy out my partner. We both had debts to pay following the sale - and the house prices at the time were crashing fast. It was bloody awful, I felt ashamed. I ended up with next to nothing and had to start again from scratch. The silver lining though was that after managing to buy again in 95 values just went up and up. I paid off the mortgage completey in just over 10 years.

Original poster
Diwnak · 21/04/2023 12:17

Apologies if my post caused confusion.

The buyer has decided they no longer wants to move to our area just before exchanging. There are no further negotiations to be had.

OP posts:
Original poster
Diwnak · 21/04/2023 12:18

Before they pulled out, they announced they wanted a second viewing to decide on their price. We have them the second viewing. They live in a different town.

OP posts:
CatOnTheChair · 21/04/2023 12:32

This is one of the biggest issues with the English house buying system. Noone is forced to be committed until very late in the process.
There is nothing you can do but get your house back on the market, and hopes it sells quickly. I'd Check the price is still sensible - you may need to drop the price. On the plus side, the survey results are pretty well known for a future sale.

user1471538283 · 21/04/2023 12:39

This happened to me with my favourite house! I put it back on and got a buyer in a week.

I think this is becoming very common because no one knows what is going to happen.

Put it back on and look at the price, could you reduce it a bit. Only take proceedable buyers.

thaisweetchill · 21/04/2023 12:44

Are you porting the mortgage? If so, can you fix a new rate and port it over?

I think you should speak with your financial adviser and they'll direct you the best they can.

Tessasanderson · 21/04/2023 12:49

We part exchanged our house when moving 18 months ago. We got under market value probably to the tune of £10k. TBH that was money well spent not having to worry about the new house delays and all the other costs involved. Every time the buyers asked when we were moving out we pointed them in the direction of 'the new owners' and said when they tell us our new house is ready.

I reckon it ended up costing us £5k when you take out we didnt need to pay estate agents or solicitors and it was money very well spent.

PathOfLeastResitance · 22/04/2023 06:48

This has happened to us SIX times now. So far it has always been issues further down the chain but it’s immensely annoying.

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