Buying house but had to remove offer

mattdragon2

I was in the process of buying a house. I was meant to complete in early Jan but the vendors kept putting the date back. I ended up having a financial issue where I had to give my parents some money.

I told the sellers I had to pull out due to personal reasons. I still want to look at houses but at a cheaper price. If I ask to look at houses on sale by the same estate agent, will they still take me seriously?

DVardysShadow

mattdragon2 wrote: »

... If I ask to look at houses on sale by the same estate agent, will they still take me seriously?

A lot depends on how you handled the dropping of the earlier deal.

An early Jan intended completion being put back even to now is not altogether unusual nor necessarily unacceptable - but it depends how close you were to exchange and completion that the dates started slipping.

Also the agent knows how much you were good for, so there may be some expectations to be managed down.

A final issue is how did you raise the money to give to your parents. If it came from your deposit, is the deposit still fairly healthy? Or did you raise a loan? You could have reduced the quality of your loan application, which might make you more marginal as a buyer.

mattdragon2

The money had to come from my deposit, which is why I had to pull out. I wasn't blaming the vendor for putting the date back, it's just it came at bad timing.

I just told my solicitor that I had to cancel due to personal reasons, the vendors pushed for completion of end of Feb but I still couldn't go through with it.

Should I send an email to the estate agent too to explain the situation?

I have a decent size deposit, it's just a bit smaller than it was and I couldn't afford the price after helping out my parents.

DVardysShadow

mattdragon2 wrote: »

... Should I send an email to the estate agent too to explain the situation?

Phone and explain if you want to maintain good relations. "If your vendors had struck while the iron was hot, then I would have been on the horns of a dilemma, but now I am having to let this one go, although I am still able to look at houses with a lower pricetag"

silvercar

DVardysShadow wrote: »

Phone and explain if you want to maintain good relations. "If your vendors had struck while the iron was hot, then I would have been on the horns of a dilemma, but now I am having to let this one go, although I am still able to look at houses with a lower pricetag"

......and would still buy the same property if the sellers are prepared to accept a lower price!

adindas

In my opinon people who are looking in a large markets covering a wide areas (not just looking for a sepecific area) do not have to mainain relationship with the agent. It is good to maintain a relationship but sometimes thingsmight go unexpectedly like the current situation.

Also for the OP situation I think here is no point to spend time analysing whether the previous agent will take him seriously or not as the thing has happened. Just try if they did not take it serously in the next offer, in which I doubt it considering that now is the buyer market, just carry on moving to other agents.

In London for instance there are hundreds of agents outthere that people could always apporach and they will be happy to help as this is their business and th way to make money.

jc808

DVardysShadow wrote: »

Phone and explain if you want to maintain good relations. "If your vendors had struck while the iron was hot, then I would have been on the horns of a dilemma, but now I am having to let this one go, although I am still able to look at houses with a lower pricetag"

ive had this too - procrastinating vendors caused me to pull out when i left my job - hot iron regret indeed......