Buyers just pulled out....date of entry 4 weeks time.... boo!

ellie27

Just had bad news from our solicitor and our buyers have pulled out. They have their mortgage but dont think they have enough savings to go with it to buy the house???? Something like that, the solicitor read me out the letter and my head was in a mess!

So our house is going back on rightmove tomorrow, without the SOLD.

We are in Scotland so had not signed any missives to sell or buy (thankfully!)

We did have a flurry of interest at the start, like most new houses to the market I guess. Got offer from the first viewer, and an offer from the 2nd viewers too. Accepted the offer 6 weeks ago, the full home report value.

We have offered on a house to buy ourselves but looks like we might have to pull out!

Boo!

Daisymoocow

at what point in Scotland does the sale become legally binding then? I always thought if you accepted an offer, then both parties had to go through with it... just out of curiosity?!

scottishblondie

Daisymoocow wrote: »

at what point in Scotland does the sale become legally binding then? I always thought if you accepted an offer, then both parties had to go through with it... just out of curiosity?!

The missives have to be concluded for it to be legally binding.

OP - can you go back to the other party that offered and see if they are still interested?

ellie27

scottishblondie wrote: »

The missives have to be concluded for it to be legally binding.

OP - can you go back to the other party that offered and see if they are still interested?

Possibly, they offered more than the first viewers however they had not sold their house yet which was why we went back and accepted offer from the first viewer. The other interested party have now sold, says SOLD on rightmove, 4 weeks ago, probably bought somewhere themselves though...

davidmcn

Daisymoocow wrote: »

I always thought if you accepted an offer, then both parties had to go through with it... just out of curiosity?!

Quite a common misconception, even among Scots who have bought and sold property.

If it's an unconditional offer and the "acceptance" isn't a qualified one (which basically makes it a counter-offer) then yes, but in practice that almost never happens.

Offers tend to be conditional on the purchaser obtaining a mortgage offer, the sale of their own property, or further survey reports, and sellers might not want to commit themselves immediately either. Also all the usual potential for problems with missing consents for alterations, issues with the title etc.

So it's more accurate to say that in Scotland we tend to be in a binding contract at an earlier stage than you would be in England, but particularly these days nobody wants to commit themselves until they have a mortgage offer, which might only arrive shortly before the move date.

tberry6686

I take it your solicitor has confirmed that the missives have not been concluded ?

In Scotland the missives are generally concluded without referring back to the vendor or buyer (or at least that has been my experience). Normally they would be concluded when any conditions have been met, satisfactory survey, mortgage offer etc.

ellie27

So we spoke to our estate agent yesterday morning and they switched us back on for sale, said it usually takes up to 24 hrs to go back live on rightmove. Indeed it is showing this morning.

AND..... the house we were buying came back on sale 7pm last night 12 hours before ours! Wonder if they know our buyers pulled out or have they pulled out too for their own reasons on their purchase? Can some agents get onto rightmove quicker or does it always take up to 24hrs? Their agents are closed saturdays so cant call them!

billyvtr

The same thing happened to us 3 weeks ago . The day we after we made on offer on a property we had seen . I got a phone call from our solicitor and was told you wont like this .
They had received a letter stating that the buyer was pulling out the sale . I asked why it it come so far yet this has happened to be told they had been chasing them for 3-4 weeks to conclude the missives . This had been the only responce to the letters and calls they had made .
I know for a fact that the people buying it were not placing a mortgage on the porperty and it was a cash sale to them . Beggers belief as to why they would want to go out and do this to someone . It should be as soon as the written offer is accepted that that is good enough for the purchase / sale and be binding .

So the house is now back on the market but at this time of year I can't see it going anywhere now till next year . I had one view this week who came and sale they loved it then said your house is not on the market yet but it will be hopefully soon .
Is the world really full of sad people who like to go and look and houses without being in a position of buying , It just's wastes people's time .