Buyer pulled out after survey…to ask our ‘bought property’ to wait?

SB1712 · 2023-09-04T15:46:24+00:00

Just that really 😓our buyer has pulled out today after weeks and weeks of stalling with everything. In hindsight it should have been a red flag from the start. Cash buyers but slow to get their proof of funding over, very slow to get their survey done (still hadnt after 8 weeks and we had to push)…after another 4 weeks they said the surveyor (over the phone) valued our house at a lost less. We dropped over £15k for them but it wasn’t enough. This has been such a drawn out process, one email back from them a day if we were lucky! I am absolutely devastated 😞more so because we had found our dream home which we had offered on and it had been accepted. So I just wondered if anyone else had been in a similar situation or any advice where this has happened to them? What did you do about your house you had offered on? Can we ask for a grace period and if so what is the likelihood they will wait for us to find a new buyer? I have spent weeks worrying and stressed over this and during the last week am having sleepless nights and can’t eat! Feel sick all the time. Any advice appreciated, I know this has been done to death this topic but gutted right now 😢

user1477249785 · 04/09/2023 16:55

OP did they tell you what the survey said and did they provide any evidence of the valuation claim?

Original poster

SB1712 · 04/09/2023 16:58

Yes, they wanted a damp proof course doing and a structural engineer to come in due to a tree close by which is understandable. None of which have happened. We offered the full amount (deducted from the house) to take the tree down (around £4k I believe)

But no, the most frustrating thing is there is no proof of the valuation. It isn’t written on the survey (which was a level 3). They said they spoke with the surveyor on the phone.

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Roserunner · 04/09/2023 16:58

When we sold our flat several years ago we were messed around by a couple. I think there were some medical issues involved which caused money issues but they just didn't communicate and strung us along for 3 MTHS. We were really lucky and the people we were buying from wanted their house to go to a young family and they waited for us to get new buyers and luckily that went smoothly.

Original poster

SB1712 · 04/09/2023 17:01

Roserunner · 04/09/2023 16:58

When we sold our flat several years ago we were messed around by a couple. I think there were some medical issues involved which caused money issues but they just didn't communicate and strung us along for 3 MTHS. We were really lucky and the people we were buying from wanted their house to go to a young family and they waited for us to get new buyers and luckily that went smoothly.

Oh that’s so lovely they waited. We wrote the house owner a letter before buying as we loved the house so much, it’s not in a chain and vacant currently, it is in the family so has been passed down.

I only hope our seller is the same at yours. Very happy for you Roserunner that it turned out good for you!

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Laughinglama · 04/09/2023 17:28

This happened to us last year a couple of weeks before completion (bastards) again red flags - they were cash but had stalled at every point along the way and then agreed a completion date and then ‘had a change of heart’.

Luckily the market was booming - our buyer pulled out the Monday and our onward purchase agreed to hold off until the Friday to find another buyer before they went back on the market. We had secured a new buyer on the Wednesday and managed to push everything through in 6 weeks so not too much of a delay as all our purchase was ready for completion and we got a first time buyer.

So definitely try and negotiate a grace period. fingers and toes crossed for you- I also felt the same.

Original poster

SB1712 · 04/09/2023 17:37

Laughinglama · 04/09/2023 17:28

This happened to us last year a couple of weeks before completion (bastards) again red flags - they were cash but had stalled at every point along the way and then agreed a completion date and then ‘had a change of heart’.

Luckily the market was booming - our buyer pulled out the Monday and our onward purchase agreed to hold off until the Friday to find another buyer before they went back on the market. We had secured a new buyer on the Wednesday and managed to push everything through in 6 weeks so not too much of a delay as all our purchase was ready for completion and we got a first time buyer.

So definitely try and negotiate a grace period. fingers and toes crossed for you- I also felt the same.

Oh that must have been brilliant, a big FU to your previous buyers that you found new ones so quickly!

The sad thing is there is nothing in place to stop this happening and it’s peoples lives and feelings involved. I don’t think anyone appreciates the stress or strain unless you’re in this position.

Did you tell your seller almost right away?

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Twiglets1 · 04/09/2023 17:40

I think your Seller is likely to offer you a grace period in which to get another Buyer, something like a fortnight maybe. Enough time for your EA to phone all the people who viewed it earlier as well as to market it again.

Original poster

SB1712 · 04/09/2023 17:43

If anyone has experience of asking for a grace period, what’s the best way to go about it?
We fortunately have a good relationship with the EA the house was on with due to viewing a lot of their houses when searching for ours.
I was pretty much just going to beg…in short 😢

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Twiglets1 · 04/09/2023 17:44

Just ask the EA @SB1712 and they will ask the owners on your behalf and hopefully use the right language to get them to agree to it 🤞

Wizzywoo18 · 04/09/2023 18:10

How upsetting for you.
TBH I'd be curious to know why your EA allowed these buyers to drift for so long.
I had an offer accepted in July and the EA badgered me for the survey, proof of funds and to show that my solicitor had initiated searches. It was a bit annoying but she was just doing her job!

Original poster

SB1712 · 04/09/2023 18:18

Wizzywoo18 · 04/09/2023 18:10

How upsetting for you.
TBH I'd be curious to know why your EA allowed these buyers to drift for so long.
I had an offer accepted in July and the EA badgered me for the survey, proof of funds and to show that my solicitor had initiated searches. It was a bit annoying but she was just doing her job!

Our EA did email a few times, but we had to push them on other occasions to chase.
More frustrating when you can’t just speak to them yourselves but glad I have zero contact details for them as would have a few choice words atm!!

Feeling very deflated and down at the moment. Enough to put anyone off but tomorrow we’ll be getting ourselves ready for viewings (hopefully) and on the never ending hamster wheel of housing cleaning for said viewings! With a 2YO!

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AshRJ · 04/09/2023 18:34

This happened to us on the last one who didn’t purchase. We have a house in East Acton, London. He waited until the last min to say he wanted a full survey.. 4 months down the line.. He had a survey done apparently on that survey it had apparently stated that the house was falling all around us due to rot, it was at risk of flooding, it was basically structurally all unsound.. so he said he’d proceed to sign the contract, if we reduced by £80k..so.. we asked for the survey .. funnily enough apparently he couldn’t share it with anyone but himself, he wouldn’t even let his solicitor have it.. so I asked my solicitor to tell him to go take a long walk off a short plank.. unless he wants to provide evidence of any of his claims..

I think he and many others think they can play games at last min and get a further reduction. He continued to contact months later and my answer was always the same to the EA .. after the mess he created I want a copy of that survey and the price for him has increased by £20k.

i really do agree that laws need to change. We’ve been let down 5 times and it’s back on the market now. That’s 18 months of being messed around by people like this or who have overestimated their finances. It’s extremely stressful and causes no end of troubles. Luckily we moved out anyway and to rent because of our circumstances but as much as I want to sell the house I refuse to let people like this get rewarded for their rubbish. I just wish we’d find a normal buyer and get this over with.

AshRJ · 04/09/2023 18:47

Same here, they just let it ramble on in the hopes that the buyer will close at some point. One pulled out because he wanted the contents free… at this point I just gave up, the EAs are obviously not working for their commission or doing their homework sometimes as well.

Original poster

SB1712 · 04/09/2023 19:03

It’s beggars belief because they get the commission from the house!

Hope you find a buyer for your house soon @AshRJ

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Laughinglama · 04/09/2023 19:28

SB1712 · 04/09/2023 17:37

Oh that must have been brilliant, a big FU to your previous buyers that you found new ones so quickly!

The sad thing is there is nothing in place to stop this happening and it’s peoples lives and feelings involved. I don’t think anyone appreciates the stress or strain unless you’re in this position.

Did you tell your seller almost right away?

Show quote history

The estate agents actually informed the other estate agent - I think they legally had to as essentially the chain was collapsing.

The estate agents asked for the grace period for us and fortunately our purchasers agreed. The system is completely flawed though.

AshRJ · 04/09/2023 21:31

@SB1712 thanks - it’s been going on for so long, I don’t know what I’ll do to replace the sheer amount of stress and frustration that will disappear after we finally sell!! Looking forward to finding out though! 😊

Malbab · 04/09/2023 22:01

Sorry to hear about your situation
this happened to us twice ,luckily the first time buyer withdrew after two weeks so thankfully before we made any offers on our onward purchase etc
the second time it was our buyers buyer who pulled out so again chain was incomplete and we had to ask our vendors for grace period they gave two weeks only and luckily our buyer managed to sell to cash buyer this time within two weeks

as a grand finale our buyer then threatened To pull out few days before planned exchange date if we don’t exchange three weeks sooner than agreed as they only then realized their mortgage offer was due to expire so I had to single-handedly vacate , pack our house and move (my husband was away on holiday 😅) three weeks ahead as it was a now or never situation
but I remember the stress and anxiety about all the uncertainty and constant worrying
stay hopeful op miracles do happen it certainly worked out for us

Meadowdog · 05/09/2023 07:13

This just happened to our buyers. We like and trust them so we waited a little over a month. We were about a week from exchange and also didnt want the bother of finding new buyers, going through the survey again, etc etc. We figured it would be easier for us to just sit back and wait. They now have new buyers and things seem to be proceeding (fingers crossed).