House sale fell through

Running_Horse

Is there any reason you cannot do the work yourself?

We had 2 sales fall through, and noted the work our buyers said needed a £20,000 discount. One year and £2,000 of work later we were back on the market for an extra £10,000. And sold immediately.

A_Nice_Englishman

sparkle03 wrote: »

Hi There,
I know exactly how you feel hun, I put my house on the market in june and sold it withinh three days for pretty much the asking price. Three months down the line after many excuses as to why things hadnt moved on she decided she didnt want it anymore, turned out she couldnt get a mortgage.

....

I feel like I have wasted 5 months of the year all down to time wasters.
Now we just have to play the waiting game again and see what comes of it!

What did your estate agent say to you? This is what the Ombudsman for Estate Agents' Code of Practice says

7. Financial Evaluation

7a At the time that an offer has been made and is being considered by the seller, you must take reasonable steps to find out from the prospective buyer his source and availability of the funds for buying the property – and pass this information to the seller. Such information will include whether the prospective buyer needs to sell a property, requires a mortgage, claims
to be a cash buyer (*) – or any combination of these. Such relevant information that is available should be included in the Memorandum of Sale – but caution must be exercised with regard to personal data covered by the Data Protection Act.

7b These reasonable steps must continue after acceptance of the offer until exchange of contracts (in Scotland, conclusion of missives) and must include regular monitoring of the prospective buyer’s progress in achieving the funds required reporting such progress to the seller.


In practice, this means the estate agent should have seen a letter from the buyer's lender showing that the required mortgage had been 'agreed in principle'.

NOVASTAR

Hi digiman97
Its a real pain when it falls through, but I had 2 sales agreed on my flat (one on the first viewing and the other on the second) which fell through but the 5th viewing is supposed to complete a week today, so take heart - you will get another offer im sure.
Good Luck

Debt_Free_Chick

digiman97 wrote: »

I had my house for sale until the ftb buying MY buyers house, pulled out of the sale because of the recent media reporting on a property cool off/corection.I feel fed up now and doubt my house will sell,as it needs work doing to it.

Is it back on the market?

You sure as hell won't know whether it will sell, if it's not yet back on the market

smousie

Good on the ftb! They've made a common-sense decision based on the current state of the market; I can fully understand their disinclination to buy when there's a chance that prices might fall in the near future.

If more ftbs would hold off from buying for a while then property prices might return to a reasonable level. Most of the ftbs I know are waiting for a 30-50% correction in prices before they'll be willing to buy.

HugoSP

smousie wrote: »

If more ftbs would hold off from buying for a while then property prices might return to a reasonable level. Most of the ftbs I know are waiting for a 30-50% correction in prices before they'll be willing to buy.

The fly in the ointment here is that FTBs need places to live. If prices fall too much then we're into prices that BTLs will pay. If a BTL investor can get some 5% revenue he will buy. Some properties are close to if not on the mark now.

In any case if you want to rant about high prices, why don't you go onto the HPC thread at the top of this forum? It was put there for exatly that purpose. The OP wanted advice, not views. If we want views we will ask for them.

digiman97

HugoSP wrote: »

That may be correct, unless X=Y now, we don't
know whether it is or is not overpriced. I don't know where the house is, or what size it is, or what needs doing to it. Nor do I know what similar mystry houses are selling for in the area. So I couldn't agree or disagree.



WOW! you can tell all this from a two line opening post? I'm impressed, and I just had you down as a nutter

The OP's house sale has fallen though. This happens in any market. Some on here are looking extremely hard for as much evidence as possible for a housing crash of monumental proportions. Why they wish such misery on those who have a house I don't know. I know a lot of people whowant to buy but can't, but they wouldn't wish misery on those who have bought, because they are decent people.

The reason that they've given for backing out may or may not be true. If the house needs work they may have felt that they were taking too much on in this climate. In an ideal world the sale would have gone through for the vendor, but it didn't.

The vendor needs to have a good chat with the agent and discuss what efforts are going to be put into the marketing of the house. If they got one offer there must be more on it. Above all the estate agent needs to be upfront that the vendors pulled out because of personal reasons, not because of problems with the house.

I paid a Redemption fee to the bank,does anyone know if i get this back.

hierrodaknuckles

i'm a little confused digiman. if it's the buyers that have pulled out of buying the house of the peopl who were meant to be buying your house, can't you just sit tight until they find another buyer again? do they still want to buy your house?

sorry if i have missed something here, but if they do still want it, why not say you'll still do the deal with them when they are ready, but you are not making the sale exclusive or whatever and remarket it in the meantime.

pamaris

Can you drop the price and tell your buyer to pass the savings down the line to keep the chain going?

WTF?_2

digiman97 wrote: »

I had a buyer who knew the work that needed to be done,it's amazing how many people jump to conclusions on here, without knowing all the fact.

Thanks Hugo i appreciate your positive input.

The thing is, when the market is rising strongly people are a lot more willing to buy places that need fixing up as it's the only way they can afford to jump on the property bandwagon.

Once it isn't booming, it's only natural that people shy away from properties that require work. Why do you expect things to be any different in your case?

Either lower the price in line with the market or do the work yourself to make your house more saleable at a higher price. It's not rocket science.