Handhold? our buyers just pulled out on exchange day :-(

[MissCherryCakeyBun]

just had a call from the agents and our buyers have pulled out.... I feel sick 😥
we were due to exchange today and we have already moved into our new house so have been playing a juggling act to cover everything and now this.
7 months since we went on the market and everything was fine and this just out of the blue. The female buyer (Married couple) has decided she isn't sure about the neighbors.

if I put up a link could you have a look and see what we could do to make it more appealing?

Worth noting its now totally empty of furniture in the house so those photos are a bit different and we have asked for new Garden photos to be taken showing it in the summer

We don't have the funds to dress the house with furniture and we had all the walls repainted and the carpets cleaned after we moved so its all fresh....Its also more expensive than others locally due to new wiring/heating floors etc. in the last 5 years and the very large home office/studio in the garden

I have some nice pots with plants and flowers to go by the front door for more curb appeal too.

sorry for the rambling post just needed to vent
Original Listing.... check notes above about changes :-)

It's far too expensive for what it is and how much cosmetic work needs to be done. I'm surprised you say total refurb as the decor is so, so dated and looks tired.

@MissCherryCakeyBun how unbelievably stressful, I'm so sorry!

It's a lovely house with tons of potential. I hope you get it sold ASAP. Best of luck x

Sorry this has happened to you.

Your house looks lovely but these photos are rubbish and definitely don’t show it off to its full potential.

I’d get the agent to redo them as a minimum.

@ThatsCute I agree. That cheaper house is way nicer. Much more up to date cosmetically, more bedrooms and cheaper. It's a no brainer now that OPs house is massively overpriced for a 2 bedroom house that needs updating. Should probably be around 225K and expect to sell for around 215K.

That’s a bit nasty slagging off council estates when it’s a private owner you’re giving advice to.

That's awful for you! I'm so sorry op 😭

Cheaper house has a shared driveway, big no to many people. Parking problems and no ability to extend at the side.

So sorry this happened to you 💔. There should be consequences for this. It’s so unfair. Property purchasing laws need an overhaul, so this doesn’t / is less likely to happen.

Also the amount of time the whole buying/ selling process takes is absolutely ridiculously lengthy and allows more time for people to get cold feet 😂

So sorry OP.
The current selling situation is awful.
It's all about the price and if you can afford to take a hit you will get rid of the house.
Presentation is very subjective and many people would rather put their own stamp on a property anyway

That's a rubbish thing to happen at the last minute- so stressful.

Unfortunately, I agree with this post and some of the others.
The house linked to here is much larger and more desirable, with another bedroom and an attic space and is listed 5k cheaper. Why would a buyer not choose this one over yours or a much cheaper one if their budget is smaller?

I suspect that 'the neighbours' explanation you have been given was just a cover story. I'm sure you will find another buyer but I think you should reduce the price to a level that is inline with other small 2 bedroom houses in the area. Make sure that the outdoor office space is clear in the floor plan and description.

The system isn’t that different legally. What’s different is the culture. Here people do surveys before the contract is signed, and in England, “accepting an offer” doesn’t really mean much legally. People in England are willing to accept an ungodly long legal limbo between the offer being accepted and contracts being exchanged. In the US, contracts are signed quickly after agreeing a price. The OP is describing a situation in which the buyer decided not to sign the contract (so earnest money - which isn’t much used here - doesn’t come into it: there’s no contract).

If you are sufficiently motivated as a buyer or seller and there’s no mortgage involved, you can force the English system to look more like the American one with short deadlines, money at risk, and surveys after exchange, but it’ll be hard. You don’t need to put up with interminable limbo between offer and exchange though. Put a hard deadline on it and pull out if it’s not met.

Sorry that has happened.

What is the issue with the neighbours? I think that’s important to find out.

The house looks quite dated which might not help. I might suggest removing the curtains and maybe replacing with floor to ceiling length neutral ones.

I don’t know if you have the budget for painting, but the kitchen cabinets and room cabinetry has a very 70/80s wooden look. You could paint them and make the overall look a lot nicer.

I think it means it has two private spaces at the front, then the shared bit and a further private space at the back (possibly the garage?). I don't think it's all shared.

The law has to be changed. When I bought my first home, many years ago, I was let down 4 times at exchange.
This meant that I lost 4 survey fees on the properties I wanted (compulsory then) because they pulled out. We were in a rising market, and I could not meet the increases demanded. I also lost 4 lots of solicitors 'so far' fees, searches etc.
All that money for nothing, it ate into my deposit, too.

Forgot to say, you can insure yourself against these losses, now.

I think you've got two choices op
1-slash the price now and get it sold quickly.
2-keep slicing little bits off in the hope that someone will pay it.
If you go for option 2 you might get lucky, or you might get very unlucky and end up chasing the market down and having to sell for a very low price.

The legal system for buying property in England and Wales is completely different to that of the USA, why wouldn't it be, it's a totally different country! So it's totally irrelevant what happens in America.

Sorry to hear that OP, I've known quite a few people where their buyer has pulled out on the day of exchange or the day before, it's shit. If you need to sell quickly you'll likely need to drop the price.

That's such a shame, @MissCherryCakeyBun . I'm sorry. I don't know much about the area, but that would be a real bargain and snapped up quickly where I am. If you can't re-stage it, maybe just present it as blank canvas and emphasise the outside space and large home office/studio - one of those alone would be a real draw, so having both is going to be someone's dream (especially if it could also be used as guest accommodation or for a more independent teenager).

I can't imagine ever being so rubbish to someone as to pull out on exchange day over something that has clearly been thought about for a while.

Yeah I’m curious about this! Did they specify what the issue is regarding neighbours?

I live down the road in Glastonbury but I work in Yeovil. I think it's a bit expensive because Yeovil prices have taken a dive as they have in other places.
It's a difficult year for sellers IMO, I think they just found something cheaper.
Its a nice house though but needs a fair bit of work doing to it by the looks of things.
Where have you moved to?

I am in Scotland and a buyer pulled out on me 2 days before it was meant to be final so it can still happen here.

Could you rent it out for the short term so you have an income from it? Living room carpet looks marked under the window. May just be shadow. It looks a little dated in places. Sorry this has happened so frustrating.

Are these the pictures you used when you first sold it or are these new pictures taken since you've moved out?

Does she have any grounds for "isn't sure about the neighbors"? One of the documents you will have done would have required you to declare any issues with neighbours - are any of them a nightmare?

Given how much it will cost you to start again with a new buyer I would be asking them if they would reconsider and exchange today if you offer a £5k cash sweetener. This will be cheaper than any alternative in the long run.

Looks fine, but I'd put some flowers in pots by the front door (or a couple of bay trees), and mow the back lawn. Makes it look more cared for.