Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

Original poster

Pulling out of a property

10 replies

hotpotlover · 15/05/2023 09:20

Hi,

We've put down an offer on a property, but after the home buyers report we would like to pull out (it is a renovation project and more than we expected)

I am not very assertive, so it's quite difficult for me to contact the estate agent and let them know.

How do I go about it? Should I drop them an email or call in?

Will they hassle me and try to convince me to change my mind?

Also, we don't want the buyer of our property to know. We want our property to be sold and are willing to go into rental until we find something suitable.

We have seen two other houses this weekend anyway, which we like.

How do I go about it? Any tips?

Thanks for your advice xx

OP posts:

Donotgogentle · 15/05/2023 09:23

Just ring them up and tell them. Give a reason.

You’re not going to buy a house you don’t want are you? So you just need to let them know asap so as not to mess them around.

You should tell you buyer too but if you’re genuinely prepared to move to rental it shouldn’t be an issue.

shiningstar2 · 15/05/2023 09:30

A house purchase is the biggest financial commitment most of us make...a massive usually 35 year committment. You have realized in time this is not the property for you. Fair enough. Just text or ring. Probably a text is best on the first instance as it provides proof of the date and time you pulled out. This is best in case the EA doesn't tell the sellers immediately. You can prove you didn't string them along. By the same token you should tell your buyers. It isn't fair to let them think deals are in progress if they are not. They could lose their own buyer if there is one. Even if they are not in a chain, if you don't tell them you are leaving them in a false situation. Just tell them if you are keen to sell and move into rented. You will then be in a very strong position when you find the property you really want.

shiningstar2 · 15/05/2023 09:31

25 year commitment. Clumsy fingers 😁

Secondwindplease · 15/05/2023 09:46

The people you are buying from are going to be disappointed either way, so just do it soon and put them out of their misery. An email is fine.

Of course you need to tell your own buyers. Are you actually going to go into rented, and so be able to complete on any day they like? If so it’s good news for them. Or are you going to faff around finding a new buyer, for months, and then get into a protracted sales process with an upward chin half a mile long? If so, hopefully they will see you coming and withdraw.

You really need to be sure when you buy your next house - perhaps rent for a while then consider a new build.

Secondwindplease · 15/05/2023 09:48

Sorry, that should be faff around finding a new property to buy…

CatsOnTheChair · 15/05/2023 10:04

Just ring them and say that due to an excessive amount of work highlighted on the survey you are willing to renegiote on price, and wish to withdraw.
If you are feeling generous, you could forward the survey report so the sellers know where the issues are.

You need to tell your buyers. Your estate agent will ork it out when your intended property goes back on the market. Be upfront, and if you are serious about moving into rental, say that if you've not found a new house in X weeks, you will move into rental to maintain the chain.

caringcarer · 15/05/2023 10:15

Don't mess them about, it's not fair, just email the EA and just say the valuation report highlighted more work than you are prepared to take on. It will only take you about 3 minutes to do it. If the EA comes back just repeat too much work for us to take on.

BillyNoM8s · 15/05/2023 10:27

Is the survey definitely as bad as you think? They have a habit of making minor maintenance sound like armageddon?

Just email the estate agent and say you're retracting your offer based on the amount of work highlighted in the homebuyer report.

Don't hide it from your buyer. You'll need to work with them to finalise a completion date and if you're going into rental then all that's happened is you're now top of the chain. Just don't fuck them about like a seller did to me and say you'll be going into rented, then six weeks later suddenly be buying a new build I pulled out of that one.

Original poster

hotpotlover · 15/05/2023 10:31

Okay, I will inform our buyer.

Our buyer doesn't have a chain. He doesn't want to move into our property himself. He even offered that we could rent from him for a while, if we don't find something straight away.

OP posts:

DancingQueen2019 · 15/05/2023 11:35

@hotpotlover in that case you have nothing to lose by letting him know. if anything it keeps the option open for you to rent off him (rather than him organizing tenants)

Flip