ARGH buyer pulling out and reducing offer after 24hrs after offering

kazire

AARGGHHH! I need to let off steam and hopefully get some advice

We have found a house we like and have made an offer, this offer was accepted subject to us getting a buyer.

House went on the Market on tuesday and on Thursday was offered 2500 less than asking price which was ok but we had more viewers on friday so said we would think about it - hoping that others would offer the next day.

The next day the offer was revoked and stated actually we want to get a 3 bed!! - well why offer on a 2 bed then!!! ARGH! anyways .....

Later that afternoon another viewer who has viewed twice made offer 2K short which we accepted as this is what we need for the next house.
We told our vendor that we had found a buyer and that we would instruct our solicitor. Great! well so I thought until this morning when...

We get a Phone call from EA stating they have reduced their offer to 5k less than asking price 3K less than we can accept and asking if we are ok with this as they think its a bit too much for a 2 bed house as they have been speaking to friends, i know we are at the top end but thats as the house has large garden and enusites and large garage the same footprint as the 3 bed next door we were advised to put it on by one agent 10K above what we need

so now 24hours on we now have no buyer and have been advised not to tell our vendor that the buyer has pulled out

Sorry for the rant but need to get it off my chest as its zoo annoying
please keep fingers crossed for me xxx

Loopy28

I feel your pain, house sale and purchase is so stressful. The buyer is trying their luck I think, like most people do if they can.

If I were you I would tell them that you will consider their offer but you are still going to let others view the house and see what other offers come in. It has only just been marketed so someone else might come along very soon. Plus who knows, if they really want the house they might up their offer again.

I hope it gets sorted soon, I am currently waiting to hear if someone will offer on my house as I want to offer on one I like. I am finding it quite stressful, not to mention the thought of offering on the house I like and if I will get it for a price I can afford.

Things will hopefully look up for you next week xx

davisc02

I would tell them to shove it and put it back on the market, if they really want it they'll soon come round to your way of thinking!! If they do come back tell them you have had another offer 3k over what they offered ;o)

kazire

just annoys me they put offers in and don't stick with it and be honest and considerate like we our. fingers crossed we have better luck this week coming.

Lord_Baltimore

kazire wrote: »

24hours on we now have no buyer and have been advised not to tell our vendor that the buyer has pulled out

Given how bad buyers messing about has made you feel, don't you feel you owe it to your vendor to be honest just in case you leave them high and dry?

mrginge

kazire wrote: »

so now 24hours on we now have no buyer and have been advised not to tell our vendor that the buyer has pulled out

So you go out and start offering on houses before you know how much money you have to spend.
Then you get an offer on your place, but before you've had it confirmed as proceedable you're getting your vendors hopes up.
Then almost immediately your 'buyer' is shown to be a time waster and you think the best course of action is to lie to your vendor.

Seems like the person who's doing all the messing around is you.

Hoploz

Kazier take a moment and breathe! Your seller has accepted your offer knowing you have to sell. It's only been a few days. Sounds like you should just let the dust settle and see what the coming few days bring. Could be someone will up their offer, it could be you get more fresh viewings. I would just hold fire before proceeding with solicitors etc.

kazire

mrginge wrote: »

So you go out and start offering on houses before you know how much money you have to spend.
Then you get an offer on your place, but before you've had it confirmed as proceedable you're getting your vendors hopes up.
Then almost immediately your 'buyer' is shown to be a time waster and you think the best course of action is to lie to your vendor.

Seems like the person who's doing all the messing around is you.

We have been told not to tell them over the weekend in the hope that the initial offer will be reinstated after they have had time think about it.
In terms of being proceedable our buyer is a cash purchaser so has the money to buy at the initial price else they wouldn't have offered the price they did in the first place.

We know that we can purchase the property at the price, and above but that doesn't mean i want to pay anymore than we have offered at full asking price. We just don't want to be pushed down on our house price because they think that we need to sell.

I don't see how I am messing anyone around in the sense we saw the house offered full asking and was told we could proceed when we had a buyer, buyer was found and vendors EA contacted ours regarding the chain and contacted mortgage broker to ensure we could afford mortgage and Vendor was happy with this. The vendor has not found anywhere yet.

davisc02

Hi Kazire,

Forget about the self righteous comments on here, most of the people making them would do exactly the same and worse. You need to look after number one and do whats right for you. If it was me I would be putting my house back on the market. If the vendor has not found anywhere yet then there is no real pressure especially considering you had an offer within a few days, who knows this time you might get the full ask.

jules888

I dont think you should ever put an offer on a house before you have a buyer for yours.We wouldnt have done when selling ours last year.Its asking for problems and its stressful enough as it is.
Good luck anyway!

kazire

We told the vendor from the off that as soon as we found the right house that we would be putting out house on the market which is what we did - as if we didn't find anywhere we wouldn't move. We don't NEED to move we are Happy where we are We would just like to move to somewhere bigger so didn't want to market out house then either be forced to move somewhere to allow the sale or call the sale off therefore letting other people down

The vendors were well aware that we had a house to sell when we made an offer