Page 2 | Exchanging tomorrow. Buyers just pulled out

Newhousename · 2023-08-14T20:29:58+00:00

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.

Butterflytown · 14/08/2023 22:26

I’m sorry. We had similar happen. Our Buyer pulled out 3 months into the process when the legal work had been done and we were pretty much ready to exchange. With hindsight I think he was a time waster. We went straight back onto the market but it was December 2020 and lockdown- it took us 2 months to get a new buyer (we got 3 very similar offers in the same week in the end). The first time the house went under offer the first weekend on the market. We took £30k less the second time as there was a weird lull in the market where it looked like the stamp duty holiday was going to come to an end in March 2021 so the agreed price reflected that (it was subsequently extended by a few months). By the time we completed the market had gone up and we could have got another £30-£50k at least but we just wanted to get it sold. We had picked the slightly lower offer from a chain free buyer to try to give ourselves the best chance of it going through. It did and they got a bargain!

turkeytwizzlerss · 14/08/2023 22:31

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!

That's weird it's gone up so much

Dinopawus · 14/08/2023 22:31

I'm sorry your buyers pulled out, but I'm afraid I agree, it probably is the money.

A friend spent 6 months and a lot of money on legal fees attempting to buy a home and because of inadequate replies from the vendors solicitors had to pull out of a house she really wanted to buy because her mortgage offer was withdrawn.

Pottyberry · 14/08/2023 22:34

God that's shit! Sorry.

So a friend of my DH used a quick buy company, was quick but the price was very low. They could afford to take the hit.

I'd relist if you can stand it (and move somewhere with a patio to bury the ex buyer under)

ThirtyThrillionThreeTrees · 14/08/2023 22:37

That's really shit. I hope you can retain the deposit.

turkeytwizzlerss · 14/08/2023 22:38

Agh what bellends

Ohmylovejune · 14/08/2023 22:39

@turkeytwizzlerss

Yep. The new rate was just over 6 percent (it was an illustration obviously as its only a principle they've applied for). I think the previous one was about February time.

turkeytwizzlerss · 14/08/2023 22:39

Dinopawus · 14/08/2023 22:31

I'm sorry your buyers pulled out, but I'm afraid I agree, it probably is the money.

A friend spent 6 months and a lot of money on legal fees attempting to buy a home and because of inadequate replies from the vendors solicitors had to pull out of a house she really wanted to buy because her mortgage offer was withdrawn.

How did you get to that conclusion?

turkeytwizzlerss · 14/08/2023 22:40

@Ohmylovejune did she receive a mortgage offer? I have only seen 2 year mortgages with Halifax (haven't shopped around) at that rate....

turkeytwizzlerss · 14/08/2023 22:41

ThirtyThrillionThreeTrees · 14/08/2023 22:37

That's really shit. I hope you can retain the deposit.

Yes I wonder how far they got

fedupnow2 · 14/08/2023 22:43

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.

I'm surprised at how unfair this process is here. In my home country once you make an offer and that is signed by both parties it is legal and binding. If the buyer pulls out he pays all fees, agents commission fees, fees to relist etc.

Ohmylovejune · 14/08/2023 22:44

@turkeytwizzlerss

No, they've not found a house yet. It was a broker illustration as they've been looking for ages but there's not much in their price range and what there is tends to be undervalued to, cleverly, create a bidding war so they aren't really in the game anyway. But they keep hoping (and saving)

Freyya · 14/08/2023 22:45

fedupnow2 · 14/08/2023 22:43

I'm surprised at how unfair this process is here. In my home country once you make an offer and that is signed by both parties it is legal and binding. If the buyer pulls out he pays all fees, agents commission fees, fees to relist etc.

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I don’t see why an offer should be legally binding though. You learn things in the conveyancing process that you don’t know when you view and offer.

LaPerduta · 14/08/2023 22:45

Wow. Sympathies. I hope you end up with a better offer or a better house to move to - some sort of consolation for this crap.

Festivfrenzy · 14/08/2023 22:48

You could also look at a bridging loan as well as house buying companies. It would've worked for us as we found a bargain but the seller went with a different offer. Keep us posted how you get on!

CrapBucket · 14/08/2023 22:48

People are bastards. I’m so sorry OP and hope it all works out in the long run.

oakleaffy · 14/08/2023 22:52

So sorry, OP.
Scrotes.
It oughtn't be allowed to happen.

lunaalice · 14/08/2023 22:54

Oh no. Were you due to move into your new house tomorrow too? Will you lose that?

lunaalice · 14/08/2023 22:54

There should be a black list.

StillWantingADog · 14/08/2023 22:56

That’s totally shit but new buyer already sounds good

as terribly as old buyer has behaved they might be chuffed to sell on survey, searches etc. to get some of their money back- it would speed things up for the new buyer. no idea how this works in practice.

certainly a lot of the legalities can be speeded up if essentially already done

ASundayWellSpent · 14/08/2023 23:01

In Spain there is a financial consequence. When you put an offer on the house you have to pay an amount (from memory I think 10%) to show you are serious while all the paperwork gets done. If you pull out without justification (such as the survey finding something etc) you lose that money. If the sellers pull out they have to reimburse you the original 10% and an additional 10% in penalties. Works fine here. Sorry you’ve been messed around

lovewoola · 14/08/2023 23:01

In my home country once you make an offer and that is signed by both parties it is legal and binding. If the buyer pulls out he pays all fees, agents commission fees, fees to relist etc.

what happens if the survey brings something up?

lovewoola · 14/08/2023 23:02

I wonder if they found another house as they will have spent money on surveys/fees

Weddingblues23 · 14/08/2023 23:13

Happened to me on day of exchange. Fucking prick didn't even have the nerve to properly pull out, he said he was going on holiday for a month, wouldn't be able to make any decisions til he was back and then stopped responding to calls and messages. He owned the flat downstairs so it's not as if he didn't know what the flat/building/area were like. Bellend.

JenWillsiam · 14/08/2023 23:17

fedupnow2 · 14/08/2023 22:43

I'm surprised at how unfair this process is here. In my home country once you make an offer and that is signed by both parties it is legal and binding. If the buyer pulls out he pays all fees, agents commission fees, fees to relist etc.

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And if they pull out because survey brings up an issue not declared then what?