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Property/DIY

My buyers pulled out on the day of exchange

35 replies

Rox73 · 24/06/2009 12:00

Hi,
Just to warn you that this is a venting message and a "why is the house buying/selling process SO incredibly difficult" message.

We accepted an offer from our buyers back in March. We were told that they were cash buyers and would be flexible on dates as we had not seen any houses we wanted to buy and didn't want to move into rented accomodation as we have 2 young children. After accepting a low ball offer based on that information (10% below asking), we were subsequently told that they were equity buyers but that their sale would go through independently. Once we had found a house to purchase we were then told that they were going to enforce a chain (i.e. tie their sale with our purchase).

Then we start haggling over fitures and fittings. They had assumed everything (including audio/visual equipment - i.e. speakers, amps, etc) was included. A bitter round of arguments ensued.

We were then 2 weeks away from exchange when they decided that they didn't like the completion date (it was too close to their holiday) so wanted the date brought forward. This almost jeopardised the chain but the people we were buying from agreed to move out earlier.

Then yesterday when all was in place to exchange on both the sale and purchase, our buyers pulled out. The wife "had changed her mind" and they are now going to live with her parents.

I don't know who I'm more angry with. The buyers or the inept agents who failed to do proper due diligence in the first place. When I spoke to them about the misrepresentation they said "things change". Actually I do know. I hate the buyers and I think the agents are idiots.

Why is this sort of carry on allowed to happen?

OP posts:
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Rox73 · 10/08/2009 13:28

Hi caresmildly,
Did you exchange on Friday?

OP posts:
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wondermum1 · 26/06/2013 18:53

Just read this thread. Yesterday our buyers pulled out, seconds before exchange. They have messed us around for nine months, putting in an offer, withdrawing, offering money to take our house of market, changing their mind. Finally agreed to buy over asking price when we had another buyer who wanted our house. We agreed as cash buyer and offered us long completion. We agreed, did everything by the book, just found a house, got a mortgage agreed yesterday and same day they pulled out. I am devastated, their reason is shambolic. I think these people are professional messes. Cost us money, emotion and my sanity. :(

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dippymother · 28/06/2013 10:11

This thread is nearly 4 years old......

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Erlack · 28/06/2013 11:35

And still it appears that some buyers pull out on the day of exchange, to the distress of some posters, which it seems is why it was revived.

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orangeandemons · 28/06/2013 13:53

Ours pulled out at the start of this week, about a week before we were hoping to exchange. The Bastards. The stress has been hideous, can't eat, hyper ventilating etc

House back on market, but according to estate agents market is flat ATM, whereas when we sold in March it was buoyant, and had 3 offers.

Tidying up takes for ever, garden looks like a jungle, and just cannot face another winter in this house. I bloody hate living here

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Nothing7 · 02/07/2013 16:00

Hey I've had exactly the same thing happen to me orangeandemons, happened last week again days before exhange. Buyers decided they didn't want to live in the area anymore and it took 8 weeks to work that out...! We took longer than that to find the house we were due to be buying which now looks like it will fall through as we have until Friday to sort something out and no viewers yet! I feel absolutely sick and as the time passes it gets worse!!! We've spent money on solicitors and mortgage applications too so set to lose over £500. When we accepted the offer we had another offer the following day which obviously as we'd accepted one we honored their offer!! The people who offered haven't found anywhere yet but were contacted a week ago and were "mulling" things over and situations had changed therefore they were now wondering if they would buy to let for now, but since we've heard nothing since last Tuesday I would imagine that door is closed.
I am worried sick about losing the house we took so long to find, especially as we put an offer in the day it went on the market (didn't even get on RM) and the people before us who put in an offer also did same day (they failed to get the mortgage which is why we were able to offer). Has anyone any advice??

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Lema83 · 19/02/2017 13:05

Hey... I feel ur anger! Exactly the same happened to us.
Our stupid buyer sent the deposit but never signed to exchange :(
Apparently he suddenly felt pushed into it even though he wasn't happy.
We never asked him to hurry or not delay exchange, my stupid agent did.
And when she got the solicitors email that he's pulling out she didn't even have the decency to call me and tell me. Instead she asked my solicitor to tell me.

I'm so angry this all happened just 4 days ago. I could kill right now!
Anyhow my seller doesn't know anything and he thinks we will exchange coming Tuesday 😩
We r hoping another buyer would show up by tomorrow, fingers crossed.
I think agents r so useless!
Things would be so much easier if buyer n seller could communicate directly.
Who knows what agents and solicitor hide from both sides.

Anyhow good luck and don't give up hope!

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Spickle · 19/02/2017 13:26

Lema83 this is an old thread.

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wowfudge · 19/02/2017 14:54

It doesn't matter it's an old thread to Lema though. What a painful situation. I suspect the buyer is blaming the EA instead of being honest - would he really have paid his deposit monies to his solicitor if he hadn't signed the paperwork ready to exchange? I don't think that stacks up and there's likely to be something else behind his change of mind.

It makes sense that the solicitor tells you as your solicitor is the one in contact with the buyer's solicitor and they are the ones who really know what is going on.

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InfiniteSheldon · 19/02/2017 17:18

HIP packs didn't make much difference did they. This thread is ten years old and nothing has changed much has it

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