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Original poster

Exchanging tomorrow. Buyers just pulled out

321 replies

Newhousename · 14/08/2023 21:29

It’s not about money apparently . They just went off the house. The night before. After five viewings and months of paperwork. &@£$**>%€

anyway. Trying to be practical. Does anyone have experience of those we buy any house type organisations? Please. Or any other thought that could help.

OP posts:
Einevinefine · 14/08/2023 21:35

None of the above experience but sending my commiserations. Can’t believe anyone has nerve to pull out the night before. Hope you get another buyer soon. Would you engage w present buyers if they had another change of heart and committed to buying your house?

Traxz · 14/08/2023 21:36

Oh no, that's totally shit

Edwardandtubbs · 14/08/2023 21:36

No advice but I'm so sorry to hear this, I genuinely don't understand how people can do this! We are exchanging tomorrow and it's been delayed by over a week already....it's so stressful the way we do things in England.

Wibbleswombat · 14/08/2023 21:37

This happened to us a couple of months ago. Only thing you can do is relist or come off the market.

It's shit.

No experience of quick buy companies, other than know they offer a fraction of the value.

Tiespin · 14/08/2023 21:38

Bastards. Same happened to us last year. Get it back for sale immediately

YukoandHiro · 14/08/2023 21:38

Don't use a quick buy company, you'll lose a third of the value min.

I'm so sorry this has happened. It's hell. You're going to have to start from scratch and you will probably lose the house you were planning to buy. That's the reality.

They are scumbags.

Original poster
Newhousename · 14/08/2023 21:43

Thankyou. Yes I’m relisting tomorrow. @Wibbleswombat i do hope you found a happy ending and fast. Both for you and to give me hope.

OP posts:
Evenstar · 14/08/2023 21:46

I think there should be a financial penalty for time wasters like this, our system is not fit for purpose.

We lost a sale at an advanced stage many years ago, we lost £800 in legal fees and our onward purchase because our buyers lied on their mortgage application.

I hope you sell again quickly 💐

Wibbleswombat · 14/08/2023 21:48

We have another buyer. Back on the hamster wheel.

The thing is we told the original buyer chapter and verse on the property, he let all the legal work go through and then pulled out just before exchange. Such a waste of time and money.

Tinkerbellflowers · 14/08/2023 21:57

If you can get it back on the market and find another buyer quite quickly, your new buyer can buy the searches off the previous buyer, and maybe even use their solicitor so a lot of the work doesn't have to be done again. Good luck.

Dablikeacrap · 14/08/2023 21:59

A family members experience was that they offered at 10% below asking and then at exchange they reduced their offer to 25% below asking

Wibbleswombat · 14/08/2023 22:00

I was coming back to say that, all the paperwork has been sent to the new buyer in one go. It "should" make the process quicker.

BitOutOfPractice · 14/08/2023 22:02

Oh god I’m so sorry. The exact same thing happened to me, 20 minutes before exchange. It’s absolutely devastatingly.

My estate agent pulled out all the stops for a quick resale for me but I don’t know if that’s possible in this market.

I’m so sorry. I hope you can find a solution

BitOutOfPractice · 14/08/2023 22:03

Yes that’s a good point. You should still be able to use all the searches etc if you can find a new buyer quickly.

rainingsnoring · 14/08/2023 22:04

That's an absolutely rubbish thing to happen.
Good luck finding another buyer who doesn't mess you around.

ZeldaWillTellYourFortune · 14/08/2023 22:05

Evenstar · 14/08/2023 21:46

I think there should be a financial penalty for time wasters like this, our system is not fit for purpose.

We lost a sale at an advanced stage many years ago, we lost £800 in legal fees and our onward purchase because our buyers lied on their mortgage application.

I hope you sell again quickly 💐

Agree. What assholes.

💐

thatsn0tmyname · 14/08/2023 22:06

Wankers😡

Mmhmmn · 14/08/2023 22:08

Did you have much interest? Someone who saw it before might be delighted to see it come back on market and snap it up?

StandUpForYourRights · 14/08/2023 22:09

What a shit system we have in England. The Scots have a much better system

It is shit, but I do believe in fate, there will be a reason, you just don't know why yet. Things always happen for a reason.

Taylorscat · 14/08/2023 22:11

My buyer just disappeared for a few days on exchange day (and then tried to drop 10pc). I hope he’s living in a stinking rotting hell hole now.

i lose that purchase but now live somewhere so much nicer so it all worked out.

Sorry OP- buying and selling is the worst!

Countrymiles · 14/08/2023 22:12

The House Buying Organisations tend to give you 75-80% of the house value. So I would say an option of last resort.

Are you in a chain? If yes, where are you.

We had this and managed to resale in 2 weeks. We had filled in lots of paperwork etc so things moved very quickly with solicitors. We did take less (previous offer 585k and we took 565k). They did try to screw us over on night of exchange (wanted another 10K off- by that point I was so done I told them to exchange as agreed or we would take house off market - they did).

So if you do go back on the market try not to panic.

maddiemookins16mum · 14/08/2023 22:13

Happened to us just under 2 years ago, our buyer pulled out on the morning of exchange. I’ll never forget how distressed I was, our house was 95% packed, cattery booked, annual leave booked. Months of work and effort wiped out. Luckily the house we were buying, they waited (although they were very unhappy too). We got another offer 10 days later, it then moved very quickly (as they bought the searches and were moving from rented). We ended up moving 9 weeks later.
I actually think there should be a (proportionate) financial penalty for those who pull out after signing the contracts (but before exchanging).

Ohmylovejune · 14/08/2023 22:21

I've an EA friend. 6 sales fell through last week and normally it's 1x max. All said it's not the interest rates.

At the same time my daughter has her mortgage in principle renewed as it expired and same price house is now £1400 month not £800.

I don't believe its not down to interest rates/market currently. If it quacks and looks like a duck, its a duck!

Ohmylovejune · 14/08/2023 22:23

@maddiemookins16mum

Then no one would sign contracts until day, or dat before, exchange.

Loobydoobies · 14/08/2023 22:23

I'm so sorry OP. People are shit.

Our buyers will probably pull out this week after demanding a £60k reduction today (there is a whole thread on it) so I understand your pain.