Sale has fallen through. A few questions, please.

lwt2006

I'm gutted, as it looks as though this is going to happen to us.

Can I ask- how easy/difficult was it to find another buyer?

What message does it send out to buyers, to see a house that had previously sold (STC) come back on the market?

We had a great offer. What are the chances of this happening again?

I could cry when I think of how much money we've spent to get this far. We will still have to pay solicitors and probably won't get money back from letting agents (we were going to rent).

brit1234

lwt2006 wrote: »

What message does it send out to buyers, to see a house that had previously sold (STC) come back on the market?

There is much more chance of this happening now with programs such as property bee showing this on rightmove and such sites. It will encourage lower offers.

Better sell as soon as possible before buyers realise that prices are going down again. Maybe a small drop in price will intise people back, but you will have to act quick begore the house price indicies start going negative again. Rightmove and auctions have already for the last couple of months.

dfh

I am sorry your sale has fallen through.I am afraid things are going to get worse from here on.Like the poster above I expect prices will have fallen 50 percent by Christmas.It is going to be a bleak christmas.You will need to drastically lower your price if you want to sell.

lwt2006

I did wonder about the price. We thought we were so lucky last time. It's not fair that some people in a chain are so inconsiderate...

jenny74

Sorry to hear this. We had a sale fall through in May (half term week) so I know how u feel.

We have recently accepted another offer (actually a tiny bit higher than the previous agreed price) and are hoping and praing ours goes through this time.

Good luck and don't give up.
Jenny

Jennifer_Jane

I'm with jenny74. Best of luck with this, but I don't think that losing a sale in itself is perceived as a problem. It can have happened for so many reasons (I once had a chain break down because an estate agent persuaded their client higher up in the chain to buy a different house - according to my agent).

You might like to find out from your agent what the buyer's survey had to say and to perhaps consider rectifying any problems in that. Otherwise, most people would assume your buyer couldn't get sufficient mortgage.

It's a terrible thing to have the sale fall through, you must be so disappointed. I'm afraid it's an effect of the inefficient English way of house-selling. I lost two sales with all the fees, surveys, loss of dream house etc. I don't understand why people don't rise up and protest about the system! In other countries, by the time you got to the stage you did, then everything should be signed and sealed and difficult to get out of (for both parties).

Good luck with it all,
Jen
x

dodgy

Don't worry, everyone has different views (some people are even spreading incorrect information).

http://news.bbc.co.uk/2/hi/business/8223540.stm
"House prices 'continue to rise'" - Thursday, 27 August 2009

mahoney

Sorry to hear about this. I wouldn't worry too much about the message it gives to other buyers. There are so many "sold STC" signs that go up, and they frequently have to come down, mainly due to funding problems. I've even been to view houses where the sold sign is still up.

barnaby-bear

Jennifer_Jane wrote: »

It's a terrible thing to have the sale fall through, you must be so disappointed. I'm afraid it's an effect of the inefficient English way of house-selling. I lost two sales with all the fees, surveys, loss of dream house etc. I don't understand why people don't rise up and protest about the system! In other countries, by the time you got to the stage you did, then everything should be signed and sealed and difficult to get out of (for both parties).

Good luck with it all,
Jen
x

I don't know what system would be better - all the scottish threads are crammed with people who are commited to buying but can't get mortgages to do so/have lost jobs/have had sales fall through - so commited to buy but no means to and are facing being sued and made bankrupt....

Who'd want commitment to buying before spending money on surveys (subsidence?) or legal fees (boundary disputes? odd covenants?) or searches (contaminated land?) and then there are issues with ensuring mortgage company will lend and related fees.... or before certain have a buyer for own house - how would you construct a chain?

natters_2

I can understand your frustration - I have had 2 sales fall through now and the most idiotic reasons given - one of them that an enviromental survey showed the property to be on a flood plain - now if that house flooded I would be seriously worried as most of the M25 and the house I live in would be under water!
The thing that annoys me most is that each time to secure the sale we have taken the property off the market so in total now have lost 16 weeks of potential sales.
On the up side though the house has sold STC within a day of new people being shown around - I hope the same happens for you.

pie81

As a buyer, my main concern if I saw a place come back on the market would be that there had been a problem with the survey.

But I would ask the agent if that was why it had fallen through and if they said no then I wouldn't be worried and would view. I certainly wouldn't write off a property altogether just because it had been under offer and then fallen through.

Indeed it's possible that the fact it had been under offer would make me MORE interested in it - it would show that someone else had liked it enough to make a decent offer!

Good luck.