I'm thinking of backing out of my purchase. What to do?

flora48

Just make the call to the EA. Say as much or as little as you wish. When I lost my buyer last year I had tp pull out of a purchase and the EA told me that one in three sales fall through so they must be used to it.
You paid for the survey to make sure all was well and it isn't so you have just cause.

kingstreet

492800 wrote: »

Thanks people,
and a great phrase to use Kingstreet, I may totally plagiarise it, if you dont mind?

Feel free. I wrote it just for you.

sonastin

Worst case scenario - you buy it and everything imaginable has been done wrong and needs putting right...
1) do you want to go through the hassle of putting it right?
2) can you afford what it would cost to put right?
3) would the house that you ended up with at the end be so much better than anything else you could have got for the money that it was worth the hassle and cost?

If the answer to any of those is "No", you should probably walk away. You've had enough negative information to indicate that the probability of major re-work is quite high really -maybe not everything imaginable but a significant amount. If you don't want to prepare for the worst, find something which looks a bit more hopeful.

For us, the answer to all 3 was "yes" - we're still uncovering shockers but it will be worth it in the end. Had I been on my own without OH's phenomenal DIY skills, it would have been a completely different story...

Absolutely

I think you've probably done the right thing.

I made the mistake of going through with a house purchase after some very disturbing surveys (it needed wall ties, damp proof, new electrics, re-plastering, the extension was only single skin... and more). Because I'd spent £400 quid on surveys (this was 20 years ago mind), I felt I HAD to complete the purchase or it was wasted money.

Doh!

I bought the house for 30k, spent 10k on it and sold it.........................

yes, you guessed it ...... for 30k.

What a waste of time and money.

ruggedtoast

LandyAndy wrote: »

What was the EA's response? It's quite likely they have heard this before on this property.

It was all about historical movement, underpinning on the adjoining semi, and problems getting buildings insurance.

The EA were incompetent and dishonest from beginning to end. I am sure they did know all about the problems especially as it turned out the house had been on the market several times before when they still needed a HIP.

I think they were hoping I'd put in a lower offer as we were so far through by that point. But I was so sick of them and their weasley vendor I wanted nothing to do with any of them.

They couldnt even remember what lies they had told me about what by that point and were constantly contradicting themselves.

They just said they'd tell the vendors, and called me again a day later to try and talk me back into buying.

mlz1413

492800 wrote: »

Thanks people,
and a great phrase to use Kingstreet, I may totally plagiarise it, if you dont mind?

It's just such a hard call to make. Knowing that once Ive pulled the plug it will have gone. Maybe I will wait another day., even though Ive not thought about anything else for the past few weeks!

To look at it's a lovely place, in essence, but so many warning bells keep on shouting out and some things are really bodged/covered up... Maybe I am being a big scardey cat. but sometimes it's a gut feeling.

Buying alone is hard, I cant blame this decission on anyone except myself

Can you get a professional to go to the house with you and spend an hour there going through each problem?

A builder or surveyor should be able to discuss each item to a point of reassurance (good or bad) so you know you are making the right decission (sp?!)

I've been to places and thought it was lovely and finished to a high standard, my fella is a builder and he walks out saying wouldn't touch that with a barge pole. So I feel a professional looks past the gloss that sometimes makes us fall in love with homes.

housesitter

It's a business transaction.

It's no differenet from going to a high street retailer and having the sales droid try to pull the wool over your eyes.

Don't get emotional about it. Cut your losses and walk awy if you feel remotely unhappy about it, or negotiate a discount if you feel that would suffice.

You don't owe them anything.
They are trying to sell you something.
That's all. Be objective.

amorris72

Whatever people say, unless you are buying to rent out, buying house is emotional as you will be living there for some time to come.

If you go into this with doubts then they will only become more troublesome doubts later on. Would you buy a car from a salesman you thought was dodgy?

If it was a couple of issues I would ask the vendor to reduce the price accordingly, but if it is lots or you don't want the hassle of sorting the defects yourself - get rid.

BUT - having dealt with a couple of surveyors - if you can have a really good chat with the surveyor who did this proprety. Aftr speaking to one of my house surveyors it turned out that alot of the issues "they noted" were actually !!!! covering exercises. E.g. They said the electrics might not be up to standard - when if fact what they meant was that "I'm not an electrician so you should get someone else to check these, but they are probably ok".
I would back out now and just tell the Estate agents - that is who your relationship is with, not the seller. The EA is paid to deal with the good and bad communications. Be firm and just tell them - don't be talked round.

tommie1shunt

We are in the middle of buying a repo, we don't feel any obligation to go thru with the deal as they still market it even though they have accepted our offer. So if a better deal come along (yes we still look) I would pull out of our deal in a heartbeat, absolutely no qualms about it. If they had taken it off the market we would feel more obliged, but as they still market the property and even advertise for buyers to gazump us, so feel we can walk away no problem. We are expecting the phone call saying there is a higher offer, round about 24 hours before completion seems to be a good time for that!!!!

sonnythecat

Estate agents and property developers are almost holy in their selfless commitment to honesty and openess and ensuring you aren't ripped off. Not.

Instincts right. Pull out. Make call. Don't fret for a single moment more.

You may be buying on your own, but you were canny to get the house checked over, you're wise to listen to your instincts, smart to seek advice on here and prudent to back out of the sale.

I THINK YOU SHOULD GIVE YOURSELF A GREAT BIG PAT ON THE BACK:T:T