At what stage is a purchase most likely to fall through?

tain

I'm just trying to understand the process here, so we can 'get nervous' at the right stages rather than second-guess anyone else's actions.

Is the further the purchase goes along, the more money everyone has invested in it and therefore less likely to back out, so the most 'nervy' time is over?

Or should we be closing our eyes and hoping for the best right before exchange because that's when people really need to be making the decision to sell and get cold feet?

We totally get that there are hundreds of factors at play, and each situation is unique and can fall apart whenever for whatever reason. We're just looking for an average, from-experience, kind of idea. We won't be buying a new kitchen for a house we don't own yet or anything silly! We just don't want to be sucker-punched just before exchange because we incorrectly figured this was the least likely time for it falling through.

hazyjo

Bloody hell there's enough to worry about without including the 'What Ifs' too...


If you really want to stress yourselves out on top of the moving process, it's pretty much the whole time. I would say:


Beginning - buyers may still be looking elsewhere and choose another over yours. They may also get cold feet and pull out early on.


Survey - again, often with FTBs, they get very jittery after a survey. Nearly always not as bad as they seem, but people panic.


Near exchange - panic, are we doing the right thing. Someone may have picked yours as a 'compromise house' and be getting cold feet. They may also be planning to gazunder which may or may not work. I know at least four people who lost their houses the day of or day before exchange.


Not to mention the fact that any one of the links may drop out causing the whole chain to collapse or have to start again.


Basically, the whole 12 or so weeks is stressy and anyone can pull out at any time.


Try not to stress. Whatever happens happens...


Jx

tain

hazyjo wrote: »

Bloody hell there's enough to worry about without including the 'What Ifs' too...


If you really want to stress yourselves out on top of the moving process, it's pretty much the whole time. I would say:


Beginning - buyers may still be looking elsewhere and choose another over yours. They may also get cold feet and pull out early on.


Survey - again, often with FTBs, they get very jittery after a survey. Nearly always not as bad as they seem, but people panic.


Near exchange - panic, are we doing the right thing. Someone may have picked yours as a 'compromise house' and be getting cold feet. They may also be planning to gazunder which may or may not work. I kow at least four people who lost their houses the day of or day before exchange.


Not to mention the fact that any one of the links may drop out causing the whole chain to collapse or have to start again.


Basically, the whole 12 or so weeks is stressy and anyone can pull out at any time.


Try not to stress. Whatever happens happens...


Jx

Haha cheers. If anything, I'm asking because we're not getting stressed at the moment, and don't want an unexpected kick in the teeth!

A few of the main points from above and from what I've read don't apply to us (we're FTB, the chain is tiny, etc.), but we also don't know enough about the process to know what the significant stages are. Cheers!

Surrey_EA

hazyjo wrote: »

Basically, the whole 12 or so weeks is stressy and anyone can pull out at any time.


Try not to stress. Whatever happens happens...

Pretty much sums it up!

Multiple people involved, all with their own particular agenda and objective, make buying and selling property unpredictable.

There are lots of variables, you will only be able to control so many of them, the rest you just have to trust to luck.

hazyjo

Surrey_EA wrote: »

Pretty much sums it up!

Multiple people involved, all with their own particular agenda and objective, make buying and selling property unpredictable.

There are lots of variables, you will only be able to control so many of them, the rest you just have to trust to luck.

Six in our chain :rotfl:


Gonna be bumpy...

Mrs_CP

Contracts signed, exchange and completion dates both agreed - days to go and our buyer pulled out.


Best to keep your fingers crossed and be prepared for the unexpected, telling yourself every day you will get there eventually!

Ithaca

I felt the same way during our last move, but the reality is 100s of homes get bought and sold each week in the UK without incident. This Board especially tends to self-select for bad experiences - people rarely come on here to start a post saying "Moved House - Nothing Remarkable Happened" so you get a false impression of how bad it can be!

I have the same challenge being married to a doctor... every time one of the kids has a rash with a temperature we're on full alert for meningitis / ebola / bubonic plague because she only sees the stuff that's serious enough to justify a trip to A&E. Usually takes me to suggest a dose of calpol and an extra episode of Peppa Pig will probably sort it.

So chances are everything will be fine, bar one or two niggles which you'll be able to sort with help from your estate agent and solicitor :-)

loveka

I have 'sold' twice. First one, our buyer pulled out the day before exchange. The people we were buying from stuck with us and waited for us to find a new buyer. We were so grateful to them for waiting. Then, on the day of exchange, as the process was actually happening, they pulled out. 9 months after first accepting our offer!

You can never tell.

goodwithsaving

What a bizarre question.
The whole thing is stressful. I worry about the what if's and it makes it a nightmare.

gettingtheresometime

Son, a ftb, is currently doing my head in with his house purchase.

As I've said to him if he thinks this stressful then wait until he's in a chain!