Back to Square1

crestdale23

After getting the devastating news on Thursday that the buyer after 4 months and agreeing to sign for property and early completion date, has pulled out. We have had one of the "roughest" rides with this buyer, 4 surveys all came out good and no problems. Turns out he argued with his Building Society and after a number of disareements with him, they decided to "pull the plug" on this character. We are devastated beyond words as we now stand to lose the house we had put a deposit on. We have tried to be positive, putting the house back on the market, but could we really go through months of anguish and highs and lows that this person has put us through another time? Has anyone else been through this and could give me some comfort?

smallholdingsister

Oh dear. Similar in the sense that I paid for a survey and the buyers decided not to sell after that...but not AS bad as your situation.

Will your sellers give you a little window to try for a new buyer?

crestdale23

smallholdingsister wrote: »

Oh dear. Similar in the sense that I paid for a survey and the buyers decided not to sell after that...but not AS bad as your situation.

Will your sellers give you a little window to try for a new buyer?

I am afraid to tell them incase they pull the plug on us. Its a new build and we were already close to the wire so to speak.

gg234

@crestdale23

Sorry to hear that .I know how this feels i went through the same and i borrowed money from friends to complete my new build purchase.Now i have put my flat back in the market hope this will complete without any issue.

I had my rough times and i know how painful it is,i really feel for you.

smallholdingsister

Well I guess you need to mount a campaign to find another buyer superfast.

mrginge

crestdale23 wrote: »

I am afraid to tell them incase they pull the plug on us. Its a new build and we were already close to the wire so to speak.

So after being messed about by your buyer you believe the best course of action is to do the same to your seller?

crestdale23

mrginge wrote: »

So after being messed about by your buyer you believe the best course of action is to do the same to your seller?

That is not the case, it is a large Building concern, we have put a hefty deposit down, we are now hoping that we will find a buyer in the nxt week or so, if not, we will grovel to the builder and see if he will extend our day of grace

BrassicWoman

any slack in your budget that would make auction viable?

crestdale23

BrassicWoman wrote: »

any slack in your budget that would make auction viable?

We looked at that option, sadly its not viable. We are pensioners and we were using our life savings to fund this move

polki

We have recently bought a new build and were never really confident about our purchasers up until the last minute.


Our solicitor said not to worry and that she believed that builders are reluctant to pull the plug at such a late stage, to the extent that they would consider part exchange.


In the event, our move went smoothly, but it may be something to discuss with your solicitor to see what the situation is in your area.


Good luck.

AnotherJoe

crestdale23 wrote: »

We have tried to be positive, putting the house back on the market, but could we really go through months of anguish and highs and lows that this person has put us through another time? Has anyone else been through this and could give me some comfort?

The purchase of the house I am sitting in right now was somewhat fraught, we went through 3 different buyers over maybe 6 months (no fault of ours), and managed to keep most of that transparent from the vendors of this place. We were aided by the fact that our vendors were buying a new build whose completion date kept slipping back, so they were not hassling us.

Of course, the fact this went through is utterly irrelevant to your case as is everyone else's anecdotal story

The very obvious things you will be doing right now are probably taking a lower offer for quick completion, and second vetting your buyers incredibly carefully - so, no divorcing people, no people with 95% LTV mortgages, etc.