Pulling Out of House Sale

LB25

We were selling our house to a couple and took it off the market 2 months ago when they said they were going to offer. They have given us nothing but hassle and delay and on Monday text me to say they were thinking about pulling out as there was a problem with the inclusions in the house. I called her back but she didn't answer. I called again on tuesday and she told me that everything was fine and that they were going ahead with it. I got a phonecall from her solicitor on wednesday saying they were thinking about pulling out again. We spoke about it and decided that we couldn't cope with the uncertainty of it all (and we have another buyer interested in the house) and decided to pull out.

Do you think this is unreasonable?

PD1

not at all, they sound like the buyers from hell

LB25

Thanks PD1. They are exactly that. We've been so stressed out and now I'm so annoyed that we took it off the market for them!

PD1

I know full well how stressful indecisive buyers can be, and I think you tolerated them long enough. I had to deal with an estate agent who seems incapable of telling the truth, so that stressed me out.

Debt_Free_Chick

LB25 wrote: »

Thanks PD1. They are exactly that. We've been so stressed out and now I'm so annoyed that we took it off the market for them!

It can go back on with one phone call to the EA.

Just do that - you have nothing to lose.

LB25

Thanks Guys!

I feel so relieved that we're out of that horrible situation now but I was strating to think that I'd done the wrong thing but you have reassured me!

GDB2222

LB25 wrote: »

Thanks PD1. They are exactly that. We've been so stressed out and now I'm so annoyed that we took it off the market for them!

Sorry to mangle your post, but this is something I've been going on about for ages. I am just amazed how patient you have been.

Obviously, buyers want you to take your property off the market once an offer has been accepted, but as a seller you are taking a terrible risk at the moment if you do that. I just wonder if there are any alternatives that will convince buyers that it is sensible to go ahead with you, whilst leaving you free to go on marketing the property? I have in mind something like a lock-out agreement or an agreement to pay the buyer' s costs if the seller backs out of the deal.

chickmug

GDB2222 wrote: »

Sorry to mangle your post, but this is something I've been going on about for ages. I am just amazed how patient you have been.

Obviously, buyers want you to take your property off the market once an offer has been accepted, but as a seller you are taking a terrible risk at the moment if you do that. I just wonder if there are any alternatives that will convince buyers that it is sensible to go ahead with you, whilst leaving you free to go on marketing the property? I have in mind something like a lock-out agreement or an agreement to pay the buyer' s costs if the seller backs out of the deal.

One of the problems here is the TV shows that say make an offer subject to the property being taken off the market. NEVER NEVER NEVER a good iea as the seller is totally at risk but the buyer is at NO risk. When offers came in saying 'providing it is taken off the market' I used to joke and say where have you got this phrase from and they would admit off TV shows. So if they insisted on keeping this phrase I asked what they would agree to in retrun.

So they would say what do you mean. I said the seller is taking a huge risk and would like you to make an equally risky concession to them. Ultimately because of the way I conducted the negotiations, having the confidence of my seller clients it was almost not heard of any property being taken off the market if they bought through us.

Several times I did try to get agreements through the solicitors but found they were against it - showing little creative thinking in my opinion. So on the odd time I had an exchange of letters within our office (with no solid legal basis) that we issued to the two parties. These were on the basis of either side pulling out, for any reason whatsover, meant they would reimburse the other side with all costs incurred to date. Solicitors were horrified but luckily none went wrong but it really is about time there was something sorted by the legal side that was water tight.

Claremac

As a buyer I would be very unhappy if a property was not taken off the market when my offer was accepted. I will be committing my money to a survey, mortgage arrangement fee and solicitor's cost. You are presumably saying, Chickmug, that the vendor would morally be free to sell at a higher price to someone else even though he had agreed to sell to me? Otherwise why would he be leaving it on the market?

charliee_3

i am currently buying a house (FTB) and we asked for it to be taken off the market as a term of our offer as we just cant afford to be messed around. we are in a position to proceed with no chain and subject to the usual things (suveys, mortgage, etc) there would be no reason we would pull out, but I wouldnt want it to still be marketed as then you have the stress of someone coming along with a better offer... what has the seller got to lose going with the higher offer, but the buyer may have already paid out solicitors fees, surveys, etc and is then forced to up their offer or lose the money... as far as i am aware they leave it on the websites generally marked as sold STC and if anyone calls the estate and registers an interest they will take their details for if it falls through..

mlz1413

I think that the HIPS packs should have had been just the searches and surverys, these things have to be done for mortgage requirements and it would make sense for them to be done once and be available for prospective buyers to see.

That would give buyers security that no problems will be found and then if a buyer wants a house off the market the seller can fairly ask for security like a deposit of £500 to £1000 to stop time wasters.