Backing out of house sale

ognum

moneyistooshorttomention wrote: »

There's "understanding" how a process often works and "knowing" how a process SHOULD work.

I "understood" what happened when I lost my Should Have Been House first time (down to a weak selfish vendor). I "know" that the process worked as it should when I swopped the Had to Make Do With It House for the house I have just moved. I "should" have continued with the sale to the person I had agreed to sell it to and I did. The vendor of my current house "should" have continued with selling it to me once he had agreed to and he did.

All the way through the selling/buying proccess there are reasons why sales fail.

Bad survey
Lack of mortgage
Death
Illness
Financial changes
Loss of job
Promotion
family Issues
Devorce

The OP falls into one of these, there is no reason why she she 'should' continue.

I have had a buyer drop out on me on the day of exchange, she got cold feet and decided to stay where she was. That is her right.

There is no 'should' in this, it's a legal proccess, for any reason seller or buyer can drop out!

FBaby

The lesson to learn is next time you go through such an upheaval with serious consequences on your family and strangers, make sure you are certain that's what you want to do.

I guess that's what is annoying me a bit in this case. So your son's partner/wife is pregnant. It could have happened at any time after you moved. What would you have done then? You now say that you're not sure you ever wanted to move anyway. Moving is not a joke and even though the legal system is behind you, and the impact your decision will have on others is not your business, it is still not something to take light hearted.

In the end, you won't be the first one to do it. The same happened to my friend who was due to move this week. They got all excited, meant she was finally going to be relieved from the nightmare of her morning commute having to drop 2 kids to different schools before getting to work and same evening. Their house is sold and they are now in complete loss not knowing what to do. They can't move with their parents, so somehow will have to rent at the last minute except there is nothing available in the area in their price range. She was in tears on the phone last week because of what is happening.

It's life and you have to do what is right for you, but I personally agree with one poster that maybe there is a little something you can do for the buyers. For all you know, they might be relieved themselves, but if not, maybe just a little help one way or the other would make it a bit better all around.

ognum

The OP says she was moving to free up some equity for a more comfortable retirement, she does not sound like she is rolling in cash.

OP enjoy your new grandchild

duchy

wabbitpoo wrote: »

someone really needs to do a PhD on the way some people act in these forums........jeez

Good luck OP - don't pay anyone any money, for goodness sake. While a lot of people will feel frustrated at your decision to pull, its their tough luck I'm afraid.

Enjoy the GC.

Interesting thought....does the home moving process damage mental health or were some of the more unbalanced posters already suffering MH issues before they entered the process. I'm leaning towards the latter.

I've had buyers (and sellers) pull out right before exchange-it sucks but it is legal. You dust yourself off and start over- The way our legal system works it's always a possibility and it's a daft buyer who assumes all will go through before exchange is done. I do think we need a better system but for now we all work with what we have to -preferably without bitterness and hysteria.

OP I'm not sure why you feel sick...... People pull out of sales for all kinds of reasons often very trivial ones. Just tell the estate agent and solicitor and confirm in writing when they ask you to ...... The sooner you do this the sooner the buyers can start over. Put it behind you and enjoy your anticipated grandparenthood-Congratulations.

GDB2222

marjrie wrote: »

Thank you, I feel bad enough as it is

Don't feel bad, but make a gift of some cash to your buyers. They will have incurred substantial wasted costs. If you can afford it, I'd suggest paying half of their costs, up to a maximum figure of say £500. You have no legal obligation to do so, and arguably no moral obligation, but it's certainly a nice thing to do.

Although the agents will also be disappointed, they are in a commercial line of business, and they need to take the rough with the smooth. So, I'd pay them the minimum your contract requires, plus maybe a bottle of scotch/box of chocs as a thank-you to the individual you have been dealing with.

Same with your solicitor.

As the market is rising, your vendors have benefited from not selling, so just say sorry. Although they'll have incurred solicitors' fees, much of the work done will be usable for an alternative buyer.

nobblyned

makeyourdaddyproud wrote: »

You want to hope there's no miscarriage. It would be terrible news as well as an expensive lesson.

Can see both sides on this issue, a complicated one.

You sir however are a grade 'A' tiny brained disgusting moron.

[Deleted User]

moneyistooshorttomention wrote: »

There's "understanding" how a process often works and "knowing" how a process SHOULD work.

I "understood" what happened when I lost my Should Have Been House first time (down to a weak selfish vendor). I "know" that the process worked as it should when I swopped the Had to Make Do With It House for the house I have just moved. I "should" have continued with the sale to the person I had agreed to sell it to and I did. The vendor of my current house "should" have continued with selling it to me once he had agreed to and he did.

The fact you refer to it as your 'Should Have Been House' truly makes me think you are one bitter twisted person! It's almost as if it ruined your life, you could have chosen 6 different numbers on the lottery Saturday night and won, but it didn't happen. I think you need counseling, do you drive past it once a week and think what could have been?

firsttimeforeverything_2

Having had 2 houses fall through recently because of morally questionable/downright shady dealings from sellers, I do feel for your buyers. It does also seem that the news of your GC has been the straw that broke the camel's back in terms of your reasons for pulling out (you say it all moved so fast, the house wasn't actually right)- and you maybe should have thought spent a bit more time making sure you were committed to the sale to save potential sellers time & money.

However, this is no reason to punish yourself by going through with the sale when you're clearly not happy with it.

Both of my almost-sales would have been made a lot easier if we had known the reason we were screwed over and that the sellers were sorry (through they clearly weren't in our case!), so I would recommend making this clear through the EA.

DaftyDuck

I have had people pull out of buying houses I was selling on the day of exchange - twice. On one occasion, the house was being bought by an English Heritage surveyor, and he "decided he did not like the view opposite". Meh, it happens. Cost us a darn sight more than has been mentioned here ... with a falling market, it was probably around £40k, plus a few more months of wife & I living 150 miles apart.

Look, I don't even like children, have none, and would come out in a rash if one of the sticky blighters came too close. BUT, if the OP let me know the detail she's posted as to why she's changed her mind, not only would I not mind, I might even send a congratulations and best wishes card.

OP, you do not owe anyone anything. Do what is right for you, make your mind up as swiftly as possible, let any purchaser know your decision as soon as you can, and let them know why.

As I said, I don't even like the sticky, smelly, noisy little blighters but, had you pulled out on me, and given the below as a reason, I wouldn't be cursing you. Rather you than me, though....


Now my son who lives very near to me has announced him and his wife are having a baby, I just can't move away from them. It's my first grandchild, I haven't slept for 3 nights. They never thought they could have children, so this is so special.

poppysarah

Wow. Incredible thread.

I pulled out of buying a house - the next door neighbour aquired a massive caravan and it was a shared driveway. I'd been having reservations about it cos of the shared driveway.

I think I wimped out and emailed people.
Didn't bother the EA or the solicitor.