Big Face

After 4 months of my house sale going through the buyers pull out 2 days before we exchange contracts!!!...


I need to go and calm down........

lauralollipop

I blame that Trevor Mcdonald programme the other night, putting off first time buyers!

so sorry to hear your news, seams to be happening alot, my neighbours house has been sold and fell through twice, its very worrying isnt it?!!!

Did they say why?


laura
x

madsad

Sorry to hear your news.
Why has it took so long to sign?
Donna.

Big Bird

Sorry to hear your news

I know what it's like, exactly the same happened to us after an epic 7 months. Now back on the very rocky market.

It seems to be the trend at the moment

Lots of red wine and chocolate


Hev

ZimBabe

[QUOTE=Big Face]After 4 months of my house sale going through the buyers pull out 2 days before we exchange contracts!!!...


Trust me, it's not as bad as some have it!!

Me: I have 2 houses, rented out 3 bedroom for 13 months, tenants moved out end of February and I accepted an offer mid February. After nearly 3 months, week before we were to exchange contracts they tried the old we will offer you 2 grand less! I told them where to get off and re-marketed. Accepted a higher offer within a few days, then someone on the street hit the womans car while it was parked outside so she pulled out. Accepted another off within 2 weeks and now 4 months down the line still waiting to exchange contracts!!!!!

So, my house has been empty for 7.5 months, still paying huge mortgage as well as my own mortgage! Tearing my hair out.

I hope this makes you feel better.

IanandHolly

Some once mentioned to me that they were working w/the lawyers to write up a pulling out clause (I'm sure they have a better term for it)

Either way...
If either party pulls out of the sale after the process has begun basically after they have had an offer accepted then the other party will compensate the other an agreed amount to cover costs etc.

This helps preven gazzumping sp? as well as buyers getting cold feet.

It might help to talk to your attorney to see how feasible this sort of contract is.

I know when it comes time for us to sell we are definately going to check this option out.

Holly

Don

[QUOTE=ZimBabe] You'd have been far better off accepting 2 grand off back in May.

Big Face

Oh Well....A few hours later and the blood pressure is back down

I appreciate there are worse experiences than mine, its just so frustrating with the English system that nothing is definate untill the exchange of contracts and you end up back at square one.

The positive side is we have already got some new viewings booked for Friday and Sunday ... so fingers crossed..... or we may consider renting it out.

The original buyers pulled out due a "personal situation"... !

Don

Hope it works out for you, all the best.

A big stroke of realism about current value of house (ie not what your neighbour sold for 3 months ago but the current value) will surely help.

ZimBabe

They wanted to pay £215,000 instead of the £217,500 we had agreed!!!!!! The last offer I accepted was for £221,000 so I am no worse off financially, just more stressed!!

I also believe that people who give in and accept the lower offer just before signing contracts will just fuel the price crash situation. I refuse to give in and hopefully stung them for the cash of the survey and legal work etc! maybe they will think twice about trying to stitch someone else up in the future.

Everyone pull together and hold out, we will prevail.

Don

You haven't sold yet, though. Bet you they (new buyer) try to gazunder as well (no malice intended), it's going to get very common as the crash develops. People get itchy feet and worried about neg equity, they figure if they knock you back by 5-10 grand they're a lot safer.

ZimBabe

True, it could still go tit's up, but I am banking on the fact that they have been let down twice so will not put me through it as well, and they adore the house. Hoping to exchange next week, fingers crossed. Will post result when it signed and sealed.

XXX

CasG

I wouldn't mind if they were house BUYERS - seems as they seem to be few and far between - before we know it will be the holiday period - think it should be cancelled for our benefit this year so we can sell-up and GO!
No way will my house be sold before my Visa is due to come through - have to leave it in the hands of someone else and go skint!
Cas

tonyk38

This is a really rotten situation for anyone to be in. The law needs changing. In most countries, as soon as you commit yourself to buying a property, it's very difficult to pull out. This stops gazumping, and cools down the housing market in many cases.

I wish you all the very best of luck, you deserve it.

NickyC

I've only ever bought property in Australia so have never personally encountered these problems.

Can someone tell me why it takes so long to get a contract signed/exchanged in the UK? Why do you have to wait for weeks or months before the buyers/sellers are locked in? What is actually going on in that time?

I mean, here you sign them within days of having an offer accepted so there's no pulling out for daft reasons - buyers lose their 10% deposit if they do.

Just curious...