Backing out of house sale

ItsyBitsySpider

marjrie, I am a first time buyer and right now going through the process of buying a house so I can understand why some people would think strongly about this.

Having said this, house sales do fall through and risk is a part of the process. It does bring a lot of stress for the ones involved. I would really think hard about this before making any decision if it is not just about getting cold feet etc. If I am really convinced this is the best for my family, I would go ahead and take the house off the market.

Don't pay any attention to the ones being nasty to you on this forum, it is a difficult decision and only you can decide what is the best thing to do.

ERICS_MUM

marjrie wrote: »

I feel absolutely sick inside, but if I go ahead with this I know it will make me very ill, I simply can't do it.

to be honest, do what's right for you. Just think - you could decide to go through with the move to keep the seller/buyer happy, only for one of them to pull out in a couple of weeks. Nothing is certain with property until contracts are exchanged. They will be annoyed about expenses they have incurred. You could always offer to pay something towards their losses if you feel that badly about it.

Congrats on your impending grandparent-hood !!!

Linda xx

tara747

You are perfectly within your rights to pull out before exchange.

That said, to your credit, you do seem to feel bad about the effect that this will have on the other parties involved.

Although it is not necessary, I would offer to pay at least part of the costs incurred by the buyers, as a goodwill gesture.

All the best with your family.

FTB129

tara747 wrote: »

You are perfectly within your rights to pull out before exchange.

That said, to your credit, you do seem to feel bad about the effect that this will have on the other parties involved.

Although it is not necessary, I would offer to pay at least part of the costs incurred by the buyers, as a goodwill gesture.

All the best with your family.

''You are perfectly within your rights to pull out before exchange'' some of these posts are sooo frustrating to read for people like me who's in the middle of trying to purchase a house!

DTDfanBoy

FTB129 wrote: »

''You are perfectly within your rights to pull out before exchange'' some of these posts are sooo frustrating to read for people like me who's in the middle of trying to purchase a house!

I bet you wouldn't be quite so frustrated if you needed to pull out of your purchase as the survey had shown structural issues, you'd probably be quite grateful

molerat

In any business transaction, purchase or takeover there is the likelihood of !!!! happenning for a myriad or reasons. Until the paperwork is signed there is no deal and this is no different to any other business transaction. If you fail to plan, both mentally and financially, for this then more fool you. Op do what you feel is right for you.

FTB_Doll

I am a FTB and although I would be devestated if the shoe was on the other foot I would want to be near my new grandbaby!! You do whats right for you lot of people on here love throwing stones from there glass houses! x

wabbitpoo

What's that expression - don't feed the trolls?

martan01

It's clearly not black and white and in my opinion the op has valid reasons for not moving and I can appreciate her position. But perhaps she should have considered all of the options before putting her house on the market

The system in this country needs reforming, for buyers and sellers alike.

The OP clearly feels guilty about this, perhaps she should pay the fees incurred by the first time buyers?

They are out of pocket, in a rising market, have wasted what I assume is months waiting for you and going through the motions and are now facing more rented accommodation. Just before Christmas.

moneyistooshorttomention

I think the thing that strikes me about this thread is its very much a case of "how to ask for trouble" and then get it....

Many people have been stung by a vendor (or buyer) that then pulled back on the agreement without a "logical" reason for doing so (ie an emotional reason...but no logical reason).

Logical reasons (eg a bad survey = one which says "Do NOT touch this house" is a logical reason). A change of mind is an emotional reason. Logical reasons are one thing, emotional reasons are something totally different.

I think many of us can understand logical reasons, but emotional reasons are a totally different kettle of fish (as many of us will instantly think "Why on earth have emotions come into this at this stage?" cue for puzzled smilie).

I think many of us have no conception at all as to why emotions would ever come into play on any major decisions (well...bar Marriage..where Love is an emotion that is supposed to be there on both sides, else why on earth are they getting married? iyswim) and hence the difference of opinions in this thread.

It is simply a total waste of time and asking for trouble to expect many people (and I include myself amongst that) to understand "emotional" reasons for anything other than Marriage. Hence the "arguing" on this thread...its down to polar opposite ways of looking at things and many of us have been stung by "emotional thinking" by other people.