Does this situation ever happen?

Tancred

I'm just wondering how often this happens........

1) Buyer completes purchase and moves into house.
2) Buyer has immediate reservations upon moving - the "OMG what have I done!" feeling. Doesn't like the house/area/neighbours/amenities/available space in the house etc.
3) Buyer becomes depressed.
4) Buyer puts house on the market after only two weeks at £10k more than he bought it in the hope of recouping his stamp duty.

Has anyone come across this situation, or, God forbid, experienced it themselves? Can someone actually do this when the solicitor hasn't even yet registered the buyer to the title?

scottishblondie

This person certainly seems to be approaching it:

https://forums.moneysavingexpert.com/discussion/4785170

carefullycautious

I think that is where Tancred got their question from

scottishblondie

carefullycautious wrote: »

I think that is where Tancred got their question from

Yeah now i've re-read the thread I see that... I'd read it earlier today.

Tancred

scottishblondie wrote: »

This person certainly seems to be approaching it:

https://forums.moneysavingexpert.com/discussion/4785170

Similar but not the same. At least this person has been there three months - OK, not long, but not quite the same. I was wondering more if someone did this almost immediately after moving in.

Also, what if something major happens to the person in between exchanging contracts and moving in, eg. change of job, splitting up with partner, etc.

katejo

There was a query on her last year from someone who was between exchange and completion and suddenly decided that she was making a massive mistake and wanted to stay in her old property. She came on here to ask for advice but seemed determined to do it. I don't know what happened in the end.

Tancred

katejo wrote: »

There was a query on her last year from someone who was between exchange and completion and suddenly decided that she was making a massive mistake and wanted to stay in her old property. She came on here to ask for advice but seemed determined to do it. I don't know what happened in the end.

For a start she would have lost all the legal fees, given that after exchange solicitors 'no completion, no fee' guarantees are no longer valid. Secondly, she would probably lose the 10% deposit, which could a very substantial amount. Once you exchange you are irrevocably committed. It's better to complete and sell again in 6 months if you really hate your new house.

Mickygg

Tancred, yes I believe this could happen.....it was v close with me!!

I had the omg what have I done the very first night, didn't sleep a wink worrying. If I could have put it on the market that week I really would have done! Money simply did not allow. If money allowed I really would have tried to sell. I felt sick and depressed.
A year later I'm still here. Put a lot of things right now that made me want to move and am happier.

phoebe1989seb

Mickygg wrote: »

Tancred, yes I believe this could happen.....it was v close with me!!

I had the omg what have I done the very first night, didn't sleep a wink worrying. If I could have put it on the market that week I really would have done! Money simply did not allow. If money allowed I really would have tried to sell. I felt sick and depressed.
A year later I'm still here. Put a lot of things right now that made me want to move and am happier.

With us too -

Almost six years ago we paid off our large mortgage and bought a smaller house for cash in a new area (150 miles away) that we weren't familiar with and where we knew no-one. Within days of moving in DH and I both knew we'd made a huge mistake - the house was gorgeous, but the area left a lot to be desired and the people were very intimidating.

We were both desperately unhappy, even though the house itself was perfect for our requirements - right period to suit our collections, good size - and a(nother) big project which is what we wanted. It didn't help that DS - our only child - had gone off to uni two months previously and that DH had given up his career to make a fresh start being self-employed. On top of that he'd previously had severe depression issues

To cut a long story short we waited a few months to try to see if things would improve - six IIRC - and decided to put the house back on the market, having done nothing to it. We'd paid just under £300k but it being 2008 it was now valued at £270-280k. After a couple of months with no interest we took it off the market and decided to do the renovations required.

Both of us were still deeply unhappy and during the three years we eventually stayed there I think I only ventured out on foot on my own about five times - to post a letter 200 yards away. We spent in excess of £40k in the end and did most of what we'd intended to do had we been happy enough to stay there.

By the end of 2010 we couldn't stand it anymore and decided to market it for sale in the New Year - DH was prescribed sleeping pills because he was too stressed to sleep - and sold in early 2011 for a lot less than we'd paid in 2007.........

Those three + years were the unhappiest of our lives and we probably should have not persevered with the project but instead sold up as soon as we realised our mistake

ging84

it is very unlikely to happen, it's fairly rare to be able to buy much below market value except at auction, and very rare to sell for much above it. The sort of shrewd person who can pull it off, is unlikely to make such a mistake when buying in the first place.
Plenty of people have been able to trade their way up the property ladder quickly by spotting the right properties for the right price, but this is not the same situation, and rarely happens in less than 6 months, because a mortgage company won't normally lend on a property that's been owned for less time, and cash buyers are not particularly common