We just lost out on a house - heartbroken

[toastytop]

We had viewed the house a few times before deciding to put in an offer for the asking price. By this point another buyer was interested, made a higher offer over asking that we can’t match, vendor accepted their offer.

To say I’m heartbroken is an understatement! I probably got too emotionally invested too soon but it was perfect for us and could really see ourselves living in this house. We’re first time buyers so I didn’t realise how devastating this can be. The vendor promised to let us buy if it was to fall through.

So my question is: How often do purchases fall through? Should I just give up the idea of this house now? Is holding on to a little hope silly?

To add houses don’t often come up in my local area and we are staying here due to DC school.

The seller has no onward chain. Not sure about the buyers.

You’ll find something better is how I see it.

Somewhere better is waiting for you. 🙂That's the best way to visualise it.

The vendor is a cheeky fuck saying that they’ll offer it to you if it falls through. Should have honoured your agreement in the first place.

Unfortunately you have to move quickly in a lot of markets. There isn’t time to have multiple viewings and umm and ahhh over putting in an offer especially when you have quite specific criteria such as areas for schools.

sorry doesn’t help you now but you live and learn. When you view future houses if there is a lot of interest you often have to offer after just one viewing. Hope you find something else you love

We were the first time buyers and someone outbid us. Five weeks later they pulled out. We never found out why. The estate agent didn't bother to put the place back on the market, they contacted us first. So we got the place

It’s v tough to hear the ‘you’ll find something better message’ because some houses just get into your heart.

we lost out on a house and it broke my heart. But we got ourselves back on track and were ready for the next one which came up within 4 months. And even although I didn’t think it cd happen, we loved this one more. Lost out on a few others along the way - it’s such a rollercoaster 🎢 😫

I don't think it sounds like the was an agreement between OP and the seller. Next time OP put your offer in after the first viewing then have a second viewing before spending money on surveys etc. multiple viewings before you offer just leaves the door open for other people.

We’re living in “the one that got away” so it does happen!

But honestly it’s better to try not to get too emotionally invested all the way until you’ve exchanged contracts - anything can happen at any state in the purchasing process and often does.

That happened to us …we found a much better house. It’ll happen.

Ah that sucks. Try to put this one behind you - even if the sale does fall through it may be for a reason that means you don't want it either.

Something else will come along. Homes are far more than bricks and mortar, and wherever you end up will be home.

I don't think the vendor accepted their offer so had nothing to honour.

Similar happened to me OP. I was devastated. A few months on I got an email from the estate agents asking if I was still interested as the sale had fallen through. Couldn't believe it as I was convinced the other person would be living in 'my' house by then!

I'm sure I've read before that 25% of sales fall through but I'd try to keep realistic, as hard as it is.

Oh bad luck OP. That’s really upsetting. Yes purchases often fall through and it’s stressful. Eventually something works out and all is fine and you move on.

If you viewed my house a few times before you put an offer in I'd be wary of accepting it.

How many times is “a few times”? For me, if we want a house (and we’ve moved 6 times in 20 years, currently on move no 7) we do 2 viewings and we offer. Or don’t. Any more than that and the vendors (quite rightly, because we’ve sold all those times too) think you are messing around.
Having said that, we’ve been outbid a few times and 3 out of 4 have come back to us because it’s fallen through. So don’t lose hope!

Nothing worse than buyers that can't make their minds after the first visit. It's a house, not a physics PhD.

They reckon 1 in 3 purchases fall through so it might happen but probably best to keep looking, what will be will be.

It can't have been that perfect if you needed to view it multiple times before putting in an offer. There'll be other houses. What's for you won't go by you.

What agreement?

The way I read her post It looks like OP took their time viewing the house multiple times and by the time they made an offer another buyer also made an offer which was higher so seller accepted higher offer, they never had any agreement.

And the seller saying she will offer the house to OP if the sale falls through is probably in response to OP being so heartbroken.

Next time @toastytop needs to move faster not take her time viewing the house multiple times especially in an area that she admits houses don’t come up often.

If they have offered over asking then there’s a chance valuation may mean they can’t get any required mortgage so that’s a potential chance but in your situation I’d keep looking

There wasn’t an agreement. Both made an offer and the other was higher so got accepted it’s life.

op if you had to view the house multiple times to decide it wasn’t for you . When you see the house for you you just know.

Sometimes we don’t get what we want because we deserve better. Maybe there’s a new property coming on the market soon that’s even better!

Around a 1/5 of purchases fall through usually. If they offers over asking price their survey may come back that it doesn't value up and they would need to withdraw or lower their offer. If you are certain you want it you can stress that you are FTB with a mortgage offer in principle in place (if you haven't got that sorted do so now) but keep on looking. I believe that generally if you lose out it's for a reason.

Have you spoken to the vendor directly or is this all through the estate agents? I for one just don’t trust them, I’d put your offer in writing through the door.
also I’ve missed out on both my big house purchases (15 years apart) on houses that I thought were the one, tears for days etc. both times what we actually bought were better, the old adage is “what’s for you, won’t pass you by”
big hugs x

It's a hell of a lot of money to be spending on something you've looked at once. I'd prefer a buyer to book a second viewing if need be rather than just offer straight off then pull out or disappear later down the line.