Page 4 | 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.

Netaporter · 15/08/2023 02:37

@Newhousename That is rubbish. 100% stay away from any sort of ‘quick purchase’ firm you will regret the loss involve.

Practically, can you buy the searches from your failed purchaser? That’ll help speed up the process for the next buyer. There will be a buyer after 5 months it’s just a matter of your EA finding one.

Consider changing agents because after 5 months and sunk costs they should’ve been on top of the situation and they cannot earn commission without a sale so they should be motivated to keep you happy. So ask them for a full list of interested purchasers in your house before you go to a new agent so that they cannot claim a commission. Explain to the new agent you have the searches and there is no survey issue. If you retain the EA, get a reduction on their fee because of the inconvenience and to recoup some of your sink costs. Then Ask for only sold or chain free viewers.

In the meantime, get the house tidy and ship shape again. Get new pictures (even with the existing EA who frankly should be doing everything you want at this point) which will look better because it is now August. Consider re listing on Friday 1st September when people are back from hols.

Good luck!

if it helps, I’m selling something at the moment and my purchaser has obviously confused the sale with a task on ‘The Apprentice’ and is the worst sort of negotiator. Think along the lines of ‘how much is it? £100? I’ll give you £15’ sort of negotiation. He doesn’t understand why no, I don’t want to do everything by WhatsApp and I’ll be needing it in writing and why the day before exchange I’m not biting his hand off. I’m currently giving ‘Karen Brady side eye’ to the situation. And copying in his ‘Co Director’ i.e Dad into my rather withering emails to him. It would be quite amusing if it wasn’t so irritating. Prick. 😂

Roselilly36 · 15/08/2023 03:36

What an awful thing to happen, very upsetting but unfortunately not uncommon sadly. We moved during lockdown and it was touch and go on a few occasions, very stressful, but we got there in the end and you will too. Totally agree the system needs an overhaul. Good luck, I hope you get a new buyer soon.

Thirdsummerofourdiscontent · 15/08/2023 03:51

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Ponderingwindow · 15/08/2023 04:02

Mumsnet real estate threads are almost always an interesting read because the English home sales laws are just bizarre.

I know this is your real life and not for my entertainment, but it is still fascinating that it is even possible that someone can walk away from a sale at the last minute.

W0tnow · 15/08/2023 04:52

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 💐

I completely agree! I find it incredible that there are no deposits required when buying houses in the uk.

alwayscrashinginthesamecar1 · 15/08/2023 04:57

turkeytwizzlerss · 15/08/2023 00:18

The banks guarantee the money as well so you don't be in a chain. When a house is sold, it's sold.

Show quote history

The Australian house-buying process is also extremely quick because of this process. We made an offer and were in our new house in six weeks! It was nearly too fast but much preferable to when we sold in the UK which took bloody ages and was nerve-wracking as hell!

Dentistlakes · 15/08/2023 05:00

Backing out at the last minute like this is an awful thing to do, I’m so sorry op. There does need to be a penalty for this type of behaviour. I’m in Scotland so we have a different system and pulling out like this seems to be less common.

I hope you get another buyer soon op.

DrSbaitso · 15/08/2023 05:55

Oh no, you poor thing. Our house buying system is so useless.

larkstar · 15/08/2023 06:11

A deposit is paid by the intended buyer usually about a week before exchange - typically 10% of the purchase price I think. You will be entitled to keep that I believe. I'm a bit sketchy on the details even though I sold a house a couple of years ago as an executor and the buyers were an absolute nightmare. The system of buying and selling and making offers is a complete joke.

I hope things work out soon for you.

GoodChat · 15/08/2023 06:24

A logical system would be that when an estate agent is instructed to list they have their own surveyor who surveys and they list the survey with the property.

Then one a sale is agreed all contracts are immediately signed and nobody can pull out.

We had an offer accepted then the seller went awol.

onthefence23 · 15/08/2023 06:25

We had this happen in June it's Absolutley awful and we were devastated. Thankfully our seller held on for us and we got another buyer really quickly.

Due to exchange again in august but I feel sick just thinking about it. Really sympathise with you it's a terrible system

Matchinglipsandfingertips · 15/08/2023 06:27

It can happen the other way round too.
We lost £9k in fees over two years. No one offered us any money back. Not even half for pi**ing us about.
First cottage the seller's mother died after the survey leaving her cash. She pulled out and we had to go into rented and storage. The storage alone cost £20k.

The second house couldn't be surveyed on the planned day due to Covid so the seller sold it to a cash buyer the next week for speed. We lost are product fee and survey booking fee. The seller was expecting us to find a new surveyor on Christmas eve!

The third seller pulled out of the sale as she realised she made more in airbnb than the interest she would get on the sale proceeds.
It took us another year to find a house and get it through the system. By which time our mortgage had gone up by 60% in two years.

We bought an empty ex rental with a racy history. It's been great so far.
Our system stinks in England and Wales.

NewNextOfKin · 15/08/2023 06:27

Property buying, selling and ownership is like the Wild West in this country.
Feels like a choice between being prey or being preyed upon.

milveycrohn · 15/08/2023 06:28

@W0tnow
"I completely agree! I find it incredible that there are no deposits required when buying houses in the uk."
But that is what the contract is. Once the contract is exchanged, a deposit is usually paid, and they will lose that money if they pulled out at that time.
The point is that we go through a lot of 'flaff' to get to the point of the contract;
eg; Searches, mortgage application, survey, etc. This is obvious really. The mortgage supplier will need to know they really are loaning the money for a house of that value, etc.
The searches can take time, etc
Normally one pays (I think) a ten percent deposit when the contracts are exchanged. This money will be lost if you then decide to pull out.

BitOutOfPractice · 15/08/2023 06:43

I’m not sure how useful all the “our system is so much better” posts will be for the op when she wakes up.

and this stupid system is only England and Wales. The sensible Scots have a much better system.

Hope you’re able to get things moving today OP. I remember how upset I was only too well.

Utereusbegone · 15/08/2023 06:49

larkstar · 15/08/2023 06:11

A deposit is paid by the intended buyer usually about a week before exchange - typically 10% of the purchase price I think. You will be entitled to keep that I believe. I'm a bit sketchy on the details even though I sold a house a couple of years ago as an executor and the buyers were an absolute nightmare. The system of buying and selling and making offers is a complete joke.

I hope things work out soon for you.

Not in England, here the deposit is paid over on exchange of contracts (you are entitled to keep if they don't complete)

Unfortunately OPs buyer has pulled out the day before exchange so there is no binding agreement in place

Our system is shit, there should be penalties is buyers AND sellers pull out for no reason

LordGiveMeStrength · 15/08/2023 07:03

We had similar happen to us (although it was the house we were buying who pulled out, not the one we were selling). I was 8 months pregnant and we were 2 weeks from moving (so I’d started maternity leave and our current house was 75% packed up).

It was the most stressful time. Thankfully the buyers of our house were happy to delay the moving date by three months which gave us some breathing room. They were amazing.

As soon as my daughter was born (and hubby was on paternity leave for 3 weeks) we spent nearly every day touring houses and making offers - was a crazy competitive market and we lost out on one house despite making an offer of £80k over listing price the day it went on market.

All I can say is that 15 years later it was probably the best thing that could have happened. While I was gutted at the time to have lost that house, I look at the house we wound up in and are so so happy here. The “consolation” house we bought with was so much larger and had space to do a big extension 7 years after we bought it. I think back to the postage stamp garden of the house we lost and am so happy that fate intervened.

Just wanted to reach out and say I’m so sorry that’s happening to you but know that sometimes these things happen for a reason and what’s around the corner if often a much better outcome.

Twiglets1 · 15/08/2023 07:10

BitOutOfPractice · 15/08/2023 06:43

I’m not sure how useful all the “our system is so much better” posts will be for the op when she wakes up.

and this stupid system is only England and Wales. The sensible Scots have a much better system.

Hope you’re able to get things moving today OP. I remember how upset I was only too well.

Exactly, such comments are completely unhelpful but you get them on every thread like this 🙄

explainthistomeplease · 15/08/2023 07:19

Not quite the day before we had this happen very late int he day. The estate agent was straight back on the phone stitching together another deal with the people who'd been pipped by the buyers who bailed. So our second choice buyers. I'd advise not switching agent yet. Give them a chance to use their contacts from a few months ago (if there was anyone else after the house).

larkstar · 15/08/2023 07:23

@Utereusbegone the house I sold was in Norfolk. The deposit was definitely paid 1 week before the exchange but I had to give them deadlines to exchange or I had said I was going to put the house back on the market. They paid the deposit, possibly to assure us that did intended to buy. Two "second time around-ers" - one had sold their property and one was struggling to sell. The estate agent didn't give us an the information about their complicated position. One was going through an acrimonious divorce and their husband was being a PITA over the house sale. The sale had dragged out over 8 months between accepting the offer and exchange. I was far too accommodating.

StandUpForYourRights · 15/08/2023 07:26

KievLoverTwo · 14/08/2023 23:36

I am so sorry this happened to you, and I am shocked to read how common this is

(one 20 mins before exchange, wtaf?)

It's a not uncommon practice to get vendors to drop their price. Disgraceful behaviour.

Personally I would tell them to fuck off and find another buyer, but its not always as simple as that.

Sheepsheepie · 15/08/2023 07:31

It should be like the Scottish system, this isn’t fair on people

Twiglets1 · 15/08/2023 07:32

StandUpForYourRights · 15/08/2023 07:26

It's a not uncommon practice to get vendors to drop their price. Disgraceful behaviour.

Personally I would tell them to fuck off and find another buyer, but its not always as simple as that.

Show quote history

It’s not common to do it the day before Exchange though - that is what is shocking behaviour in this case.

hoophoophooray · 15/08/2023 07:34

Having been the buyer who pulled out on the day of exchange, I wonder how our situation would have played out in other countries.

Our seller had disclosed a historical property dispute which we did our due diligence on and were happy to accept. The day before exchange the neighbour decided to reopen the dispute and said they weren't happy with the resolution (from 10 years previously - boundary issue) and wanted £30k to resolve it. We couldn't get legal insurance to cover the dispute and quite frankly didn't want to get into - the documents showed it had been a bitterly fought wild ride a decade ago. So we pulled out.

How would that have been viewed in other countries, would we have been allowed to rescind or would we have been penalised? The house took another 4 years to sell...

CrabbiesGingerBeer · 15/08/2023 07:37

larkstar · 15/08/2023 06:11

A deposit is paid by the intended buyer usually about a week before exchange - typically 10% of the purchase price I think. You will be entitled to keep that I believe. I'm a bit sketchy on the details even though I sold a house a couple of years ago as an executor and the buyers were an absolute nightmare. The system of buying and selling and making offers is a complete joke.

I hope things work out soon for you.

Nope, the deposit belongs to the buyer until the contracts are exchanged. No exchange (as here), not a penny owed to the seller under the English system. Sending it to the solicitor a week or so prior to exchange is just to make sure it is ready for when exchange occurs.