Buyers pulled out!

Senora

With just one week to go before exchange/completion our
buyers have pulled out of the purchase!

Our house looks terrible now as we have packed things/emptied
rooms, sold piano etc., etc., Will have to start all over again and
probably lose the apartment we were buying - why do people do this?

DropBeat

Sorry to hear that. You probably just have to assume that something changed about their economic situation that made the move unviable. Perhaps a job loss or similar.

It must be incredibly frustrating, but have a glass of wine and try to be positive.

pawpurrs

Its awfull isnt it? You have my sympathies, been there too. Did they give a reason? The way we buy houses really needs an overhaul, and not the pointless hip packs.
They should have to be accountable, if they pull out without good reason.
Have a glass of wine, I hope you get another buyer soon.

calmspirit

oh dear...you have my sympathies too.......been there............so very frustrating .

Some things are beyond our control and we have to just accept and move on.

best wishes

soulsaver

Something in the survey..? Lost their buyer, lost their job, split up, got pregnant, cold feet with economic crisis, short time working, redundancy announcements, 'are you sure you're doing the right thing?' questions & doubts.... etc.
I know its frustrating - been there more than once - but it's a symptom of the economic climate I'm afraid. That is the reality.
I try to leave time between 'exchange' & 'completion' & I try not to get 'excited' until exchange.You can then pack, organise move etc with the certainty of your sale proceding and a fixed date on which to plan your move.
I know you'd still feel bad if they bailed between offer & exchange, but at least you wouldn't have to unpack, which will be a sorry task.
Sympathies.

pawpurrs

P>s Come and Join us on the selling in these difficult times thread, lots of us have been there, done that, got the T. Shirt, and we are a friendly bunch.

chickmug

Again I am sorry to hear it but I have found it never gets any easier, for us as agents, or our clients. Most sales that fall apart, where the buyer changes their mind, do so in the very early stages. But where in a chain, with little control of who and what is going on it is always shaky.

Many of our sellers seem to be in a perpetual state of "It will fall apart" and if it doesn't it is a bonus. But very hard to assume the worst??? Also very hard NOT to pack and make arrangements but we regularly have seen sellers almost fully packed up, with lots of time to go, and all falls apart and living in a mess. Worst still having to re-start viewings with everywhere in a mess.

The shakiest of chains is where their is a 'buy to let' buyer, or developer at the bottom as they agree to buy and change their minds at the 'drop of a hat'.

As pawpurrs says for goodness sake can any government tackle this?

Senora

Thanks to all for their sympathies - I need them.

Our buyers had been pushing for exchange and completion on the same day, and we had been waiting for the searches to be returned on the property we were interested in. As soon as our searches were in, we immediately agreed a date with the buyers for a week ahead and so (stupidly I know!) started packing - off now to do some unpacking.

Thanks again for listening to my moan.

pawpurrs

What was their reason?

QTPie

Sympathy from me too...

... we were in a similar situation with our first buyer (sale of our house now completed to our second buyer... at the same amount originally offered by the first buyer).

They offered mid-December and HAD to complete by 5th Feb. Ok with us... we wanted to go into rented anyway, BUT things would be a stuggle - with Christmas in the middle and us being out of the country between 28th Dec and 20th Jan. No matter, I bent over backwards to do everything and line everything up: did all of the seller's paperwork within a day of going under offer, found a rental property (fortunately didn't pay a deposit...), got quotes for and provisionally arranged removals, gave our solicitor "power of attorney" (incase required whilst we were away) - did all of that before Christmas... Whilst we were away, buyers first dragged their feet regarding the survey (due to happen just before New Year), then attempted to gazunder us (by £40k). We refused to negotiate and they pulled out.

I THINK, however, that the gazunder was a last ditch attempt and they intended to pull out all along (unless they got that huge discount). There was a LOT of negative media coverage of the property market over the Christmas period and I think that it completely spooked them... Our house was very realistically priced, but they still got very cold feet.

The same might be true of your buyers: the reports on the property market (and the economy) are so mixed at the moment - depending on who you listen too. Some will believe the "green shoots", others believe that the market has at least another 5/10% to drop, others believe that there could be HUGE drops still to come

Am so sorry that you have been messed around. I agree with others and that we need a better system for buying/selling houses: people should be financially accountable for pulling out of a sale - that would make people think a LOT harder before committing to making an offer...

Good luck: I hope that you get a new offer from genuine buyers very soon. But next time be VERY weary until exchange....

QT

lincroft1710

There is enough legislation in the world without introducing more which will probably be self defeating. HIPs, supposed to make things easier, are more hindrance than help.

I've suffered from buyers pulling out and whilst it's a cursing nuisance, it happens and often for good reason, often but not always admittedly. I do sympathise but I don't agree that making an already complicated and stressful process more difficult will help either buyer or seller.