On fourth buyer - should I stay hopeful or withdraw from market?

iantojones40

So 3 people have all put offers in only to then suffer buyers remorse and pull out?
To happen once might suggest you were unlucky and had a flakey buyer, but 3 people all prepared to walk away perhaps suggests they feel that on reflection they can get better value for money elsewhere?

ElsieMonkey

Clutterfree wrote: »

If it helps any, we are our sellers 4th buyer.
She is so stressed but when we viewed her home we told her that we wanted it and would not mess her around by offering and then reducing our offer later on (as her first buyer did). 2nd buyer lost their buyer and 3rd buyer changed her mind!
We've kept to our word and fingers crossed we exchange on Friday.

I only hope we now have a buyer like you! We did tell our buyers on their second viewing that we're very motivated and hope to not have anyone mess us about again (hopefully they got the hint). Good luck to you! If only more people were as honest and straightforward

Crashy_Time

Yeah, ultimately things like this are going to be about price, if the buyer is scraping about round their family for loans and down the back of the couch they can`t afford it, end of, the sooner sellers adapt to this reality the better for a functioning housing market.

ElsieMonkey

iantojones40 wrote: »

So 3 people have all put offers in only to then suffer buyers remorse and pull out?
To happen once might suggest you were unlucky and had a flakey buyer, but 3 people all prepared to walk away perhaps suggests they feel that on reflection they can get better value for money elsewhere?

First buyer's circumstances changed and pulled out 'cos he was to go through a divorce. Second were a very young couple who after only a couple of weeks of offer being accepted went quiet, who knows what they were thinking. Third buyer was strange from the beginning to be honest, but we did get up to being ready to exchange with her, then she pulled out, again who knows what her thoughts were. What you're saying may or or not be true in some instances, but I don't really care or am going to think about this. I know we are very competitively priced for our area. We have secured buyers within weeks of losing previous ones, so that indicates strongly it's at the right price - this isn't in question. I think our issue has been that our market is first time buyers who naturally are less experienced and therefore maybe they are more vulnerable to questioning their choices more than most.

ElsieMonkey

Jox wrote: »

I'm on my 2nd buyer and am not 100% sure this one will stick til the end but I live in hope! Good luck

Hi Jox, good luck to you! I know what you mean, 1 in 3 sales fall through apparently, so we can only console ourselves that this is the norm! Just a matter of time until one sticks.

ElsieMonkey

Crashy_Time wrote: »

Yeah, ultimately things like this are going to be about price, if the buyer is scraping about round their family for loans and down the back of the couch they can`t afford it, end of, the sooner sellers adapt to this reality the better for a functioning housing market.

Hmmm well proof of funds are required upfront before progressing from offer acceptance stage, so I don't buy this. Anyway, please don't turn this thread into another one about Brexit and your wish for cheaper housing and a crash. Thank you!

Thrugelmir

ElsieMonkey wrote: »

What do people think of being told that remainder of funds if gift from family? I guess we have nothing to lose by just playing along for now?

£60k is a large gift. Will the purchasers lender find this acceptable.

If you intend running with this. Keep a close eye that to ensure that you aren't simply being strung alone.

ElsieMonkey

Thrugelmir wrote: »

£60k is a large gift. Will the purchasers lender find this acceptable.

If you intend running with this. Keep a close eye that to ensure that you aren't simply being strung alone.

Thanks, good advice. I did do a bit of research and apparently most lenders and solicitors require a signed letter from the parents gifting the deposit to declare that it is a gift and not a loan, and that they will hold no interest in the property. For money laundering the lender will also need to see not simply proof of the lump sum sitting in an account, but proof of where it has come from. So providing they can provide this I'm sure it will be ok. But all I can do like you said is keep an eye on it.

Crashy_Time

ElsieMonkey wrote: »

First buyer's circumstances changed and pulled out 'cos he was to go through a divorce. Second were a very young couple who after only a couple of weeks of offer being accepted went quiet, who knows what they were thinking. Third buyer was strange from the beginning to be honest, but we did get up to being ready to exchange with her, then she pulled out, again who knows what her thoughts were. What you're saying may or or not be true in some instances, but I don't really care or am going to think about this. I know we are very competitively priced for our area. We have secured buyers within weeks of losing previous ones, so that indicates strongly it's at the right price - this isn't in question. I think our issue has been that our market is first time buyers who naturally are less experienced and therefore maybe they are more vulnerable to questioning their choices more than most.

:rotfl: It`s the price, just take a deep breath and say it, you will feel better afterwards.

Crashy_Time

ElsieMonkey wrote: »

Hmmm well proof of funds are required upfront before progressing from offer acceptance stage, so I don't buy this. Anyway, please don't turn this thread into another one about Brexit and your wish for cheaper housing and a crash. Thank you!

Cheaper housing is going to happen anyway, no matter what I post, it is a political inevitability, just like Brexit was, you would be better to get competitive price wise sooner rather than later IMO, before another "inexperienced" buyer slips away....:rotfl: