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.

We lost two houses after having offers accepted but sellers couldn't find their onward, before finally getting this one. I was heartbroken too. But this house is 10 times better than those two other houses! I am so glad we ended up with this one- took us two years from accepting an offer on our house but worth it in the end.

I also agree several viewings is too much- this one we viewed once at 5pm and reserved the next morning!

Big mistake viewing multiple times, viewed 3 times which seems extreme but it was only the 2nd house I had viewed and as I liked it so much I wanted to be sure. Buying a house is a big thing for me, as it is for anyone I know but it’s taken me a long time to get to this point. At least now I know I need to act quick next time. I really am kicking myself.

The vendor was lovely actually, I hadn’t put in an offer yet and the other party’s offer was higher so I don’t feel he did anything wrong. The vendor called me himself to say if anything happens he would sell to me as he had given me his WhatsApp to ask any questions. I only messaged him once though I wasn’t a pest.

For me personally it was kind of a once in a lifetime house for a number of particular reasons. Might have been useless to other potential buyers but clearly not the current buyer.

Ohhhh you’re all giving me hope. Lovely to hear you must have been thrilled! I think I would pee myself with joy if I received a phone call to tell me it had fallen through. I’ll try* to be realistic about that as said above 25% is still a chance but not very high.

I’m sick of refreshing right move multiple times a day tbh.

In fast moving markets/sought after areas you'll miss out if you're not willing to make a swift decision.

I've bought two houses in my life so far. I viewed the first house once and offered the next morning. I didn't even view the second one, bought it without seeing it. Both worked out well, no regrets at all.

As hard as it is - never fall in love with a house until someone gives you the front door key.

Look at it as a business / financial decision- and remember location, location, location.

Sometimes you loose out to another potential purchaser. Sometimes you will be the one stepping away if the results of the survey are unexpectedly poor and too costly to bear.

Yes, in these situations it's a risk as a buyer but I was talking from a vendor's perspective, as was PP.

It wouldn't annoy me that someone wanted to view more than once before offering, as I'd assume they were less likely tbe change their mind.

I actually don’t think that 3 viewings is excessive, especially because you are a first time buyer. It’s a big decision! It’s the biggest purchase you will probably ever make and you spend what? Two hours there? I spend longer booking holidays!
Our agent says a lot are falling through at the minute and that has been our experience. One chap made 3 offers on our house but actually didn’t have the money? On paper he did, but it was all tied up and he couldn’t access it. Valuations are quite strict at the minute too and the cost of borrowing is high so you are still in with a shot.
And honestly, if it’s mean to be, it will be. Anytime we have lost out on a house (been gazumped twice too - that’s not nice 🤬) we have found an even better one and if that’s what happens, you will too.

Well quite. A PhD is three years, they pay you and if you decide you actually hate it you can just drop out, no harm done.

Buying a house is a much bigger deal.

Agree with others that 3 viewings for a house you love is too many. Best to have two viewings and then offer straight after second viewing.
Hope this one works out for you though.

That's a bit of a weird comment. I sometimes go back and try coats on more than once surely I should do the same for the most expensive purchase I'm ever going to make?

Yes, it suggests indecision, not being that committed or someone who’s looking for flaws to flag for a price reduction. Or just that they’ll be really slooow during the sale process…

Sure, but if there was only one coat in your size, you’d have to accept that someone else might move faster and buy it while you were out of the shop thinking about it.

All you can do is learn from the experience. 3 viewings for a house which you love is a lot, lovely houses get snapped up quickly. Just chalk this up to experience.

Just out of interest, I read recently that at the moment, on average, vendors are accepting 3 offers before getting a sale through to completion. That rate of sales falling through is huge!

We'd missed out on a house and were subsequently offered it a few weeks later, as the buyers fell through. I'm sure it happens fairly regularly. By that point we'd found somewhere far better and couldn't believe we ever put in an offer on the original house. We did view our eventual house only once before offering (in the dark, so we couldn't really see the garden or exterior) which is crazy, but it's how the market works.

Don't let it become the house of your dreams just because someone else has bought it. You liked it, but not enough to be sure the first time you saw it, or to put in a high offer. You will find another house you like just as much, and probably be glad things worked out that way.

What?! Why? It’s completely standard to view at least 2 times, if not 3, if the market allows. Yes if the market is hot it’s a risk the buyer takes that someone else maybe quicker, but from a vendor point of view, being suspicious of those who view more than once is just bonkers.

All is fair in love and house buying! Theres a reason moving house is one of the most stressful things you can spend your time doing…the right place will come along OP.

On the other hand, someone who views and offers quickly could have done so just to secure the property and give themselves time to decide if they actually want to go ahead.

They are no more less likely to try and get the price down post survey either.

I can understand you’re disappointed, but what I would say is if you had viewed it multiple times before making an offer and it was rare for a house in come up in the area, there must have been a reason why you didn’t put an offer in straight away?

I would try to put this property to the back of your mind and continue to view, you may well find another house that is right for your family OP.

Good luck.

Keep on with the RM refreshing, I am living in my lovely bungalow that came on RM one evening about 6pm, called next morning, we were the second viewers, offered the same day. We have bought and sold many times over the years, always bloody stressful every single time. But worth it once your in your new home, not fancying moving anytime soon.

The national average is that 1 in 3 of house purchases fall through. So a very high percentage and quite possible that you’ll get a second bite of the cherry.

I’d let the estate agent know that you are still interested, and your offer still stands if it does fall through. In the mean time keep looking, and you might find something even better.

I am trying to sell a house and two people changed their mind between them offering and me accepting. 24 - 72 hours between. Things a do seem to move fast for everyone. A house I sold in the past had two buyers get within days of exchange and they changed their mind. That was worse. My DPs fell in love with a house and lost out only for that sale to fall through and they live there now. When I was a first time buyer we changed our minds on two houses due to the surveys. It happens quite a lot.

It took us 5 years and maybe 10 if not more best and finals to find our house.

Without sounding harsh because the feeling is just so so devastating and you can’t stop yourself from mentally moving in as soon as you make your offer - you might need to try and ‘toughen up’ a bit.

We never had anyone come back to us to say one had fallen through but that’s not to say the people who were an offer above us didn’t. It did happen to a relative of mine recently!

I understand your position OP. I get very invested in potential houses quickly.

I had a similar experience a few years ago and then also out of nowhere a better one came along.

You need to go and view a lot more houses even if they aren't perfect. Think about how to make each one work rather than trying to match to your pre determined list.

That makes it easier to 1. Work out where your compromises are and what's a nice to have. 2. When the "best" house comes up means you are happy to move quickly after 1 or 2 viewings.

For me there is no substitute for physical house viewings and taking the time to understand what the housing stock is and the price it's going for.

I hope you find the right thing for you quickly.