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Original poster

Sale of my house has fallen through what AM I going to do?

78 replies

ShinyPinkShoes · 04/04/2008 12:23

Just had the call I've been dreading and I can't stop bloody crying

Buyer says due to purchasing other properties he is £10k short of agreed price and I really can't drop the price any more so it looks like I'm back to the start of a process started over a year ago.

House is rented out but rent doesn't cover mortgage entirely. I am renting and was hoping to buy after sale had gone through.

We have pandered to all my buyers demands, jumped through all hopps we could and he pulls out anyway!!

Agggh!

OP posts:
clam · 05/04/2008 11:44

Horsish.... the evidence is out there. This is not just scaremongering by the press. And it's fine if you want to stick to your price..... but you might have to accept that it might not sell at the moment.

noddyholder · 05/04/2008 12:02

My price?Thatbis weird terminology and why things ahve got so bad.ASellers don't set prices the market does and it is in trouble at present so unless you are prepared to reduce you may not sell

Original poster
ShinyPinkShoes · 05/04/2008 12:08

According to a good friend of mine who's an agent down here things are still shifting at very close to the asking price.

I'm paying more attention to what's actually happening in real life in my area than in the press.

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noddyholder · 05/04/2008 12:15

Aents talk the market uo though.There are no motrgages which seems to be the problem and the Bank of England saying house prices need to bear more relation to salaries and inflation.It is when now not if

Original poster
ShinyPinkShoes · 05/04/2008 12:19

Noddy I take your point but this is a friend of mine. I trust what he says which was consistent with what the local agents told my solicitor who took 3 new instructions this week all at good prices

I don't think things are as bad as the press are having people believe.

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noddyholder · 05/04/2008 12:33

I don't agree I think things are worse.I have been buying and selling for 10 yrs and for teh fist time ever have no properties after selling last summer on teh advice of a friend in teh city who told me what was coming.I only know one honest agent and he says we did the right thing and they are only selling 1 in 5 of every property they take on and 10% reduction is a given.I would definitely still be developing if there was any money in it but there isn't.We are returning to sensible lending and seeing houses as homes not piggy banks

solo · 05/04/2008 12:40

Sounds as though he's trying it on to be honest. He may be thinking that you'll drop the price because you won't want to lose the sale. I think people like that are scum. They bugger so many people up and seem to have no conscience.

Hope you get it sorted without having to lose more money.

Original poster
ShinyPinkShoes · 05/04/2008 12:42

Goodness. Things must be different in your area to mine I guess then.

I bet you're glad you sold when you did.
Looks like I'll be in an ok position in a few weeks time once we've completed

I feel for people like my 17 year old sister to whom even buying her first property seems near impossible

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Original poster
ShinyPinkShoes · 05/04/2008 12:44

It seems sorted Solo I refused to budge and instructed agent to continue to market the house.

Now it's all back on

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noddyholder · 05/04/2008 12:46

which area are you in?

Original poster
ShinyPinkShoes · 05/04/2008 12:48

My house is in West Sussex but I've just moved to Brighton

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clam · 05/04/2008 13:01

I know someone who sold at top of market last summer and is now renting. Was musing to a friend (estate agent) about buying again in 6 months or so and agent said not to even think about it, but leave it for a lot longer than that. He said this is only the beginning......

noddyholder · 05/04/2008 13:05

I am in Brighton too and it was one of the biggest casualties of the last crash as it just doesn't have the money in jobs etc to sustain.I viewed two dumps this morning and both agents suggested we make a low offer which is unheard of normally.You are lucky to have sold so well done but I still think prices will crash.I have been working here doing this for 10 yrs and have a big network of property and builder friends

Original poster
ShinyPinkShoes · 05/04/2008 13:10

I that I do agree with

I'm planning to rent for at least 6 months unless I see something I love and can get it at a good price.

It's been suggested to me that September onwards will be a good time to buy again-how accurate an estimate only time will tell but I'm fortunate enough to have just started a job that pays well. Had to join a different local authority to be in this position though!

Are you going to the meet up Noddy?

If so- see you there

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noddyholder · 05/04/2008 13:21

Ah so you are hoping to get top price for a sale but wait to buy?I bet you'll be hoping prices drop then!Will go to the meet up if I can not sure yet

Original poster
ShinyPinkShoes · 05/04/2008 13:37

Yup exactly!

Just CAT'd you btw

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solo · 06/04/2008 15:22

I'm glad to hear it Shoes, I thought that might happen, him trying it on and that. You could so easily have dropped £10k for him and he'd have been laughing all the way to the bank...good luck to you!

Original poster
ShinyPinkShoes · 06/04/2008 15:32

It was unlike me not to play safe and give in but I just knew there was another agenda. Instinct is a good, but dicey thing!

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MissPaulaYates · 06/04/2008 15:39

in our area (north) we were lucky last time and rode the storm
prices stabilise but do not crash

was looking at a valuations website last night and a house we did up and sold in september 2006 is now valued at 115k more than we sold it for

i know Brighton was hard hit last time but that was particularly flat ownners where the properties are terribly over priced

good luck with the sale and 'phew!'

crackinggoodegg · 06/04/2008 16:11

I wouldn't believe anything an agent says, friend or not - sorry. They are living in hope things will be ok but the facts are out there - take a look at www.propertysnake.co.uk. People might be making offers but when it comes to mortgages, the number on offer has been cut dramatically and mortgage offers are being withdrawn by lenders. The full impact of the current situation has not been felt yet as there is a lag with job cuts pending and that is when the full impact will hit the property market. Sorry to be the harbinger of doom - I wish it wasn't like this - we bought recently and now have a huge mortgage and shouldn't have gone ahead with our sale as the warning signs were there!

I really hope your sale progresses without any further hitches, best of luck.

horsish · 06/04/2008 18:37

noddy holder to clarify, by my price I mean I know whaty I will sell for and what I wont - and what I will is reasonable iyswim.

I think there are some chancer type offers going around at the moment and I won't accept one.

however I am in the fortunate position that I can hold on to my other house indefinitely

noddyholder · 06/04/2008 18:49

but you don't set the price horsish!I know that sounds harsh but it is true The people are not chancers more likely trying to protect their investment and not pay ott for something that will be down 25% eventually.

noddyholder · 06/04/2008 18:50

Also just noticed a new listing with a Brighton agent in a road whree last year houses were selling for 285-300 come on for 235!Really nice road and decent looking housde so things are changing

horsish · 06/04/2008 18:56

It's my house.
Of course I set the price!

If noone wants to buy at that price I don't sell.

NorthernLurker · 06/04/2008 19:02

but horsish - by that logic you could ask a million for a house worth 200 000! Imo - a horse is only worth what somebody actually pays for it. Anything else is just pie in the sky!

In your situation what I would be worried about is what happens in two years say - if things really do drop. What if you then want to sell but have to take a price lower than you can get now. If you're ok with that risk then fair enough - but if there's s achance that would put you in a difficult position then I think you should bite the bullet and take an offer. Good Luck either way