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Perfect, buyer pulls out after a week...

...having sorted the solicitor and getting an offer accepted on another property!!

Thankfully vendors given us 2 weeks it seems as property not back on RM! So not all lost, absolutely gutted, anyone come through a similar situation and ending up buying/selling???

Agents put sold board up in 4 hrs, not replaced it again "for sale" 2 days on...got far too excitied!! (Trying to blame something...haha!)

Love the property process. Gutted.

Comments

  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    very common, just make sure it's on Right Move and take the sign down yourself if the agent wont
  • Morata_
    Morata_ Posts: 182 Forumite
    Thankyou, have just requested the board be changed.

    Read 1-4 fall through, in 2017 how can this stat be so high?

    Praying we can attract a new buyer quickly...
  • LEJC
    LEJC Posts: 9,618 Forumite
    Lots of reasons...we could probably start a list as to why people pull out...and everyone who contributes will probably come up with a differing reason.

    I've bought 4 properties in 6 years...and one of those purchases I pulled out of the original property we wanted when negotiations ground to a standstill

    so I guess I'm possibly average and in line with the stats.
    frugal October...£41.82 of £40 food shopping spend for the 2 of us!

    2017 toiletries challenge 179 out 145 in ...£18.64 spend
  • Only a week? Count yourself lucky - our second lot of buyers kept us hanging for over 4 months before deciding they had changed their minds. The air was blue around here that day. Best of luck, hope you find another buyer soon.
  • Morata_
    Morata_ Posts: 182 Forumite
    Thanks all, gives me hope we may just pull this off.

    Totally feel you're pain - 4 months then pulling out is harsh. Maybe they should introduce "fees" on making offers to offer sellers a little assurance and protection?
  • Time2go
    Time2go Posts: 198 Forumite
    I heard it was 1 in 4.

    Buyer 1 pulled out in a week after found place was listed and council scared him off. Two months later Buyer 2 pulled out as couldn't get right mortgage after 1 day. Accepted low offer from buyer three on provision exchanged within 4 weeks as we are buying a new build. We are now in week 7 and otherside solicitor is saying at least two more weeks till exchange!!!! We are now deciding whether to pull out.
  • Natbag
    Natbag Posts: 1,563 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    After a week isn't so bad, was 5 weeks for us by which time everyone else who had been interested in our property were no longer so, so we had to start from scratch. We sold within two days the first time, but the second time we used up the whole two-week period of grace that our seller gave us to find another buyer.
    Selling and buying a house is a nightmare. It is a long and complicated road that is full of pitfalls, and things can go wrong at almost any stage. It's sadly very common. You just have to stay positive, pick yourself back up, do as much as you can to help things along and ride it out (and hopefully stay reasonably sane in the process!).
    Best of luck :)
    Property buying/selling timeline - currently into week 21
    04/12/20: Both properties listed for sale
    11/01/21: Offers accepted on both sales & on our joint purchase
    25/01/21: Identity checks completed, solicitors instructed
    27/01/21: Purchase survey & valuation complete, mortgage offer received 
    05/02/21: Reduction agreed on partner's sale (under-valuation) & on purchase. Mortgage offer amended
    08/02/21: Buyers pack returned to solicitor - sellers packs already returned
    26/02/21: Partner's sale contract signed
    10/03/21: Purchase searches all back
    16/03/21: My sale contract signed
    28/03/21: Purchase enquiries satisfied, Title Report & contracts issued, contracts signed & returned
    11/05/21: Still waiting on final enquiry in the adjoining chain to be resolved. Consent to break the chain granted, instruction to move to exchange given.
    17/05/21: All parties agreed to June 3rd for completion
    27/05/21: Exchanged on my sale only
    28/05/21: ALL EXCHANGED!
    03/06/21: Completion
  • Going through this ourselves as our buyer couldn't get the mortgage
    Fed up!
  • cloo
    cloo Posts: 1,291 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Just be glad it was only a week before you'd spent a tonne of cash
  • We pulled out from a house purchase after a month over 40 years ago, as we both realised we couldn't live there as it had a 'creepy' feel :(

    We also pulled out of one a few years ago, as we found out that the freeholder would not allow us to rent it out, also after about a month.

    It happens, Just get back into the saddle and carry on riding.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
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