Buyers pulled out!

penguine

Tiger_greeneyes wrote: »

It's not always a case of the buyer waits until the last moment and pulls out simply because they have cold feet, each situation is completely different and it's an incredibly hard decision to have to make - for the vast majority of purchasers, it's really not a decision that's made lightly.

I agree with this. Despite the number of problems we found with the house we were buying, it didn't occur to us to pull out until a family friend asked us if we were really sure we wanted the property. We had been under some pressure from the EA to exchange and complete quickly because the sellers were about to lose their mortgage offer (which had been agreed 6 months earlier the first time they almost sold the house). Telling the EA we weren't going to proceed was one of the most difficult things I've ever done -- although in retrospect I think they and the sellers were trying to pull the wool over our eyes.

QTPie

Precisely Penguine: it is about knowing your own mind (and not being presurised by an EA or anyone else) before making the offer.

If I was you, I would have ensure that any inclusions were part of the offer (i.e. "£xxx,xxx including carpets, curtains, light fittings, fridge, freezer, gas fire..."). So, if they seller wasn't intending to include them, the offer could be reconsidered/renegotiated at that time...

I would never have a boiler (even a new one) in a cupbaord in a bedroom. If the boiler developes a fault...

It isn't unsusual for a survey to uncover faults (although some things - like roof and wiring are often possible to see by the untrained eye) at survey stage - that is why it is a point for possible renegotiation on price.

If we had a system in place that made it financially un-attractive to pull out of a sale, then people would think these things through a lot better and would, hopefully, be less likely to be rushed into making an offer...

This isn't JUST for the seller's protection... Buyers have been known to be left in the lurch by uncommitted sellers too - so a better system would protect buyers too

QT

Tiger_greeneyes

That definitely happens penguine. I made one of the worst mistakes of my life when an estate agent and vendor kept some vital information from me and diligently proceeded to push the whole transaction through in just under 6 weeks. There was no comeback in those days, vendors are duty bound these days to declare whether they've had trouble with neighbours. If I'd had any inkling the road I was buying in was that awful, I'd rather have pulled out and lost any deposit I'd put down on the property than put up with what I went through when I was living in it.

penguine

QTPie wrote: »

Precisely Penguine: it is about knowing your own mind (and not being presurised by an EA or anyone else) before making the offer.

If I was you, I would have ensure that any inclusions were part of the offer (i.e. "£xxx,xxx including carpets, curtains, light fittings, fridge, freezer, gas fire..."). So, if they seller wasn't intending to include them, the offer could be reconsidered/renegotiated at that time...

I would never have a boiler (even a new one) in a cupbaord in a bedroom. If the boiler developes a fault...

It isn't unsusual for a survey to uncover faults (although some things - like roof and wiring are often possible to see by the untrained eye) at survey stage - that is why it is a point for possible renegotiation on price.

If we had a system in place that made it financially un-attractive to pull out of a sale, then people would think these things through a lot better and would, hopefully, be less likely to be rushed into making an offer...

This isn't JUST for the seller's protection... Buyers have been known to be left in the lurch by uncommitted sellers too - so a better system would protect buyers too

QT

I think the system already makes it financially unattractive for a buyer to pull out of a sale -- we lost £600 we'd paid on our homebuyers' survey plus search fees -- could have easily lost more if we hadn't gone with a no sale, no fee firm of conveyancers.

We were definitely victims of our own inexperience and learned what to look out for next time. But I think any more binding system would have to be set up very carefully to ensure that it's not first time buyers who would end up losing out most, as they're the most likely to be pressurised into making a quick and misinformed offer.

AlecE

Tiger_greeneyes wrote: »

My husband found another job in January btw, he was made redundant again two weeks later. We still have no income.

I won't type my immediate reaction to this right here (I'd rather not get banned) but that is such hard luck, exactly how many mirrors did you shatter - a whole shop full? Seriously though I wish you all the best for the future and really hope that your husband finds some work which is both enjoyable and secure very soon.

Alec (so glad he has a stable and, touch wood, secure job)

Senora

Hi many thanks again to all who posted on this subject - to Pawpurrs, I have eventually been told the reason for the buyers pulling out, namely
' the wife is suffering from stress with the whole removal thing, and their buyers have been giving them grief with demands and threatening letters to pull out of the purchase' shame it was left until 1 week to go to decide to call it a day.

Anyway! to keep you up to date - we have had a couple viewed tonight who say they wish to purchase (but I wont hold my breath!!) They apparently wanted to view 10 weeks ago but the EA told them the house was under offer - please keep your fingers, legs and anything else crossed for us and good luck to us all.

AlecE

Senora wrote: »

Anyway! to keep you up to date - we have had a couple viewed tonight who say they wish to purchase (but I wont hold my breath!!) They apparently wanted to view 10 weeks ago but the EA told them the house was under offer - please keep your fingers, legs and anything else crossed for us and good luck to us all.

If I can cross it, it's crossed for you. Good luck

Alec

QTPie

Senora wrote: »

Anyway! to keep you up to date - we have had a couple viewed tonight who say they wish to purchase (but I wont hold my breath!!) They apparently wanted to view 10 weeks ago but the EA told them the house was under offer - please keep your fingers, legs and anything else crossed for us and good luck to us all.

Oh brilliant!!!

VERY good luck with this.

QT

chickmug

Senora wrote: »

please keep your fingers, legs and anything else crossed for us and good luck to us all.

Got my eyes crossed for you as well but told I look like Ben Turpin:cool:

pawpurrs

Brilliant that you have another purchaser lined up so quickly, hope this one follows through for you.