Buyers pulled out just before exchange… upset and stressed!

[CurlyC12]

We were due to exchange this week… our buyers pulled out Tuesday, I’m so upset. The owners of the house we were buying have said they will wait for us for now but obviously they won’t wait forever. We viewed 13 houses before this one, it’s the only one me and my husband agreed on and we loved it.

Weve got two young children, 3 and 9 months, I’m back at work full time (mostly financial reasons for the move) and I just feel so overwhelmed. My husband has told me to try and take the emotion out of it and take things step by step but I’m finding it hard. The thought of getting the house ready for viewings again is making me feel so anxious and stressed.

Part of me wants to just pull out of our purchase because if in a few weeks they say they won’t wait any more it will be like a double blow.

Our house is back on the market and it did sell quickly last time but I just keep worrying it won’t sell this time and we are going to lose our purchase and be back at square one. Sorry don’t know really want I’m expecting from this post, maybe just a vent! Any advice welcome!

I really don't agree with this, I think it makes it look like there's something wrong with your house. You get a lot more interest relisting after a fall through.

You're very mistaken.

I don’t agree with @DogInATent either and think it’s terrible advice not to appear committed to a sale.

Especially in this sort of market - sellers should value their buyers and do everything they reasonably can to keep them happy. Refusing to list a property as SSTC just sends the wrong message.

Huge sympathy @CurlyC12 - our buyers pulled out on the DAY of exchange...I had two preschoolers and was PG and we were moving for a schools deadline. We offered to exchange on our purchase with a long stop completion but they refused and it sold again within 24 hours.

However, ours sold again quickly too and we (just!) made the school deadline, so don't give up.

Your sellers sound lovely and if you are communicative and proactive, it sounds as though they will wait. It's hard, but I would agree with your DH about removing the emotion (hard I know!) and look at it as a problem to be solved. Good luck.

The house we’re in now is perfect for us and we only have it because the sale fell through with their other buyer and we snapped it up with an offer before the next opening day. The point is this house wasn’t even available when we were looking. I share this because I genuinely believe what’s meant to be will be. If this ‘dream house’ truly is your one you’ll get it.

Your husband is right to say take the emotion out of it. This is a business transaction of a personal asset. Focus on what you can control. Can you market it differently this time - perhaps an open day so lots of people come at once and it generates a bit of excitement?

Awww bless you! What a nightmare. If it helps, we had buyers pull out of one house and then re sold it, then we pulled out of one following an awful survey. We have just exchanged on our third. Having to do viewings AGAIN especially when you have mentally moved in to a house is sooooo hard. Hopefully you'll sell yours and your sellers sound lovely. Also I would withdraw an offer if the sellers wouldn't SSTC. We don't have the added protections in England around that so it's not great advice especially in today's market which is a buyers market currently. Hugs to you xx

Definitely make sure the searches etc are offered to the new purchaser! Good luck

Buying a house and it was a condition of our offer that the property was taken off the market. Ridiculous to think that a buyer would proceed and incur costs otherwise

This is the housing market we have ATM. Sellers constantly pulling out right at the wire it's disgraceful.
I know someone who has had 8 buyers pulled out 3 of them days before exchange.
She's divorcing and needs it sold, and the only saving grace is the one she is buying has stayed through every collapsed chain but that's a unicorn 🦄 seller.
I don't know how to prevent this but it's far worse than. Being gazumped buyer or seller, it's something that somehow is how it is right now in a way it never used to be.

I meant buyers pulling out!

Oh dear I'll have to be raked over the coals then, as we've just accepted the third offer on our house and not marked it as SSTC!
I think it screams something is wrong with your house if it keeps going sold and then coming back on. We've gone SSTC twice within a matter of weeks and had to put it back on. It was nothing to do with our property or the price but interest tapered off for weeks until we found another buyer, so were really hesitant to go SSTC yet again.
We are however not allowing further viewing on the property , and even if someone tried to offer higher we would honour the sale at the price we've already agreed.

I can understand in your situation why you are reluctant to go SSTC until the sale has progressed further.

But would you do it now if your buyers requested it for their peace of mind? Because I really feel you should if they want it.

If they requested it then yes, as a show of faith we would. We are lucky in that we aren't living in it, so they know we are the end of the chain and we are unlikely to (we absolutely won't) pull out.

I think that there should be a non refundable deposit of say £1k that buyers forfeit if offers are withdrawn. Would save from getting involved with time wasters and concentrate minds.

I've had the seller pull out week of exchange twice! I had even met one couple - I knew the wife was reluctant! That was £1500 down the drain times two.
The process on this country is awful.
Make the offer legally binding (there can be contingencies). Have a schedule agreed at offer stage: X amount if days to get survey done, X amount to get mortgage in place etc. penalty if side pulls out for reasons outside contingencies.

Honestly I would arrange an open day. Put it back on the market now, open day next weekend, no viewings until then. Everyone gets a slot on the open day, no group viewings. Tell everyone you'll be accepting offers on the Monday. Get the house ready and go away for the weekend.

I've done this with the last three house sales and have had low stress multiple offers each time.

Then you go to best and final on the Tuesday and stress that you're looking for a prompt sale and a committed buyer.

Sorry OP I haven’t got advice but I totally sympathise with you, having gone through similar. Won’t say too many details as could be outing but after months of faffing & delaying, the buyers at the start of the chain we were in pulled out just before exchange. It turned out they had used an online ‘no exchange, no fee’ solicitor so whilst the rest of us in the chain had already forked out on the usual solicitors fees & searches etc. the whole process had barely cost them a thing so they thought nothing of bailing at the last moment and collapsing the entire chain. Arsewipes.

The English system of house buying/selling means this can happen time and again. Wish we had a system like in the States where money goes into escrow and there are financial penalties if people pull out.

Our move all worked out in the end. Yours will too. I’m sorry you’re having to deal with the stress in the meantime.

I know it is so horrible - been there and done all that.

Just sending fellow feeling - it is hellishly stressful.

Property transactions in the UK are awfully stressful - you have my sympathy OP.

I'm another who wouldn't keep my property actively for sale when in reality it's under offer. If I were purchasing and this happened I would pull out as, in my opinion, it shows lack of commitment on the part of the seller.

Agree, it isn't sold until you've exchanged

Hence it's generally marked SSTC.

Thanks all- it has been stressful, I am trying to looking at it removing the emotional now. Our estate agents put it back on last week and suggested we do an open day this weekend which is what we are doing. We’ve spent the week clearing decluttering and I’ll go out Saturday and have a nice day with the kids! Thanks for all your helpful comments and advice- greatly appreciated!! And huge sympathy to those that/are have been in the same boat!!!

Best of luck @CurlyC12 - hope it is snapped up on Saturday!

You have my sympathy, selling and buying houses can be the most stressful thing to go through.

Unfortunately until those contracts are exchanged there's no protection for the seller and I don't think it's fair tbh I think America do it better.

Good luck on the weekend everything crossed for you.

This happened to us. But our buyers chain fell through. When we let the house we were buying know they pulled out and weren’t willing to wait. Ours sold again within a week (after the first day of viewings) and we actually got more than the first buyer was offering!

Happened to us. Our seller puled out as they discovered the designated secondary school for this move wasn’t one they thought. We couldn’t find another property, it was a local move, and withdrew ours. Some years later are really happy we did as have got a much nicer and more suitable place.
hate this saying but……. Everything happens for a reason