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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:
horsish · 06/04/2008 19:07

Hi NL,thanks for the comments.
That's why I clarified above that I am NOT asking a million!

Def less than I would have asked a year ago.

NorthernLurker · 06/04/2008 19:13

do you expect to get the asking price though?

horsish · 06/04/2008 21:42

yes

NorthernLurker · 06/04/2008 21:54

we are in the process of buying and under no circs would I pay any asking price atm. I don't think I'm unusual - but I do hope you get the price you want.

noddyholder · 06/04/2008 21:57

If there was a buyer out there willing to pay 259 in a sreet where houses are selling for 280 you would have sold it within days.Luckily you do not need to sell so do have choices but if it was imperative you sell asap you would have to take an offer or let it

chocolatespiders · 06/04/2008 22:11

I am surprised with the market at the moment...

shared ownership is what most people can afford here... and normally go the first week they are on the market... but not at the moment... it is all i can affors to buy, and was expecting to be told a certain one was sold but it hadnt... now i am not sure wether i should wait or not... if i buy now will i lose loads of value in first year?

NorthernLurker · 06/04/2008 22:14

how long would you plan to live there though? If it's up to ten years then it doesn't matter what happens in the next uear or two does it?

noddyholder · 06/04/2008 22:31

You may not need to go don the shared ownership route if you wait til next year.

hanaflower · 07/04/2008 15:00

This reply has been deleted

Message withdrawn at poster's request.

chocolatespiders · 07/04/2008 19:48

i would like to be in a position where i didnt have to buy a shared ownership house but sadly as a single working parent it is the only way i will ever live in a house that will be a good size for me and 2 children in a area we choose.
i dont see another option?

hanaflower · 08/04/2008 10:19

This reply has been deleted

Message withdrawn at poster's request.

hoarsewhisperer · 08/04/2008 10:48

Has anyone seen the figures this morning? Halifax price data showing a drop in the market by 2.6% in March.

Plus the last 100% mortgage product has been taken off the market by Abbey - you now need a 5 - 10% deposit at the very least to be able to get a mortgage deal and the price is rising at the same time.

I'm afraid it's happening folks and the crash is starting. I work in the city and my prediction is that UK property will drop about 30% from here, possibly more....and i agree with everyone who has said that the market sets the price...not the seller who will be sitting on a capital loss.

chocolatespiders · 08/04/2008 12:55

i am in housing association rent...

i want to pay my own mortgage not someone elses... and i want to chose the house i live in and the area i live in so i see buying as the only way foward.... just maybe need to wait a bit

chocolatespiders · 08/04/2008 12:56

hanaflower how long do you advise to wait

thankyou

hanaflower · 08/04/2008 14:19

This reply has been deleted

Message withdrawn at poster's request.

spoonfulofnutella · 29/01/2015 16:46

Sorry for jumping on the back of this thread but it seems this sort of thing just continues to happen and I think the law absolutely has to change. This is what happened to me yesterday:

I had all of my possessions on the back of a lorry and was expecting to exchange and complete that day. I had paid for the removal, searches on my house and solicitors fees. I had redirected my post and cancelled all my utilities. I had sent my little boy to school and my daughter to her grandparents. Both of them were incredibly excited. The others in the chain had done most of these things as well. Our buyer then pulled out with absolutely no reason given. They had not had searches or suveys so this cost them very little and they were renting it out so had no bags packed themselves. It has cost thousands between the other parties not to mention a huge amount of heartache. The law needs to change so that there are some repercussions when people do this. I have found this survey online and am trying to get as many signatures as possible. It's a government one so very safe and quick to complete.

epetitions.direct.gov.uk/petitions/69309

Mumsnet is there any way this could be one of your future campaigns?
Even when everything goes smoothly this just adds extra stress and worry for anyone who ever buys or sells property.

grocklebox · 29/01/2015 16:54

This is a SEVEN year old thread! Do you think thats the best way to get people to sign your petition?

wowfudge · 29/01/2015 21:10

That's why you don't exchange and complete on the same day.

housepicturesqueclub · 30/01/2015 09:29

Are you insane??

You allow at least a week between exchange of contracts and completion day, because there is no deal until contracts have been exchanged! I assume your solicitor (or the buyer) pushed you into this same day nonsense? I just don't get how you can pack up your whole life without a contract!

Mintyy · 30/01/2015 09:36

Oh God, you poor poor thing! How horrendous for you [tea] Cake Flowers.

If you want to start a new thread to vent and rant I'm sure you will get plenty of sympathy (unlike from the creatures who posted just after you).

This happened to a chain of about 5 when I worked in an Estate Agency many years ago. Someone in the chain was declared bankrupt on the day of exchange, and yes removal lorries were packed and had to unpacked. Just a dreadful, dreadful experience..

Not sure you should link your petition without permission from hq though.

spoonfulofnutella · 31/01/2015 21:17

Thank you for your support Mintyy.

FlatCapAndAWhippet · 01/02/2015 07:23

Madness - Exchange before completion.

roneik · 01/02/2015 18:19

chocolatespiders. In a year you may well be able to afford to buy a house or flat. By the latter part of this year the crash will be in earnest. I reckon by the end of this year there will also be deep problems with the economy.
Deflation is showing itself in almost every country in Europe, we are almost there too. There is to be a European depression within the next year, We are moving into a new era . Be cautious as a lot of people are going to get burnt shortly by the biggest economic shock ever

FamiliesShareGerms · 01/02/2015 18:23

ZOMBIE THREAD

roneik · 01/02/2015 18:31

Fucking zombies will be homeless too selling matches and whatever to idiots and people posting on threads where half the people are dead and gone
Kill a zombie and eat toast under water in the bathtub.Bring out yer dead

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