Buyer pulled out just before exchange

NameUnavailable

GDB2222 said:

NameUnavailable said:

For a quick sale you could put the place up for auction - proper auction that is, not 'modern method', but you will usually get a lower price that you would expect from sale via agents.

Auction sales are not as quick as all that. You need to sign up around 6 weeks before the sale, so they can get you in the catalogue. And it takes a couple of weeks to go through the signing-up process. The auctions are usually once a month, so you may have to wait for one. It could easily be 2-3 months from deciding to auction your home to the hammer dropping. Then, it's normally another 4 weeks to completion.  And, of course, not all properties in the auction actually sell. 

Not as long as that in my experience. Most hold monthly auctions so more like 2 months maximum wait depending on the dates, potential buyers are free to make offers prior to auction but if it goes to the actual auction and then assuming it sells you actually sell - contracts are exchanged immediately. Completion can be whatever you want it to be - you set the rules, but 4 weeks is standard of course.

It removes the risk of buyers pulling out or not getting the mortgate or the other 1001 things that can happen between someone making an offer and exchange of contracts in a normal sale.

Of course there is a downside which is that auction buyers won't usually be paying EA asking prices.

iwb100

Crashy_Time said:

iwb100 said:

We had a buyer pull out saying they couldn’t get a mortgage once. Except their broker contacted our estate agent to say they had a mortgage offer for our property. People will say anything. Usually it’s either they’ve found another property they prefer, OR their circumstances have changed, either a promotion means they can afford bigger and better or lost their job etc and can’t afford it. Or they just got cold feet about buying entirely. This latter one is common with first time buyers of a nervy disposition. 

Or they have decided/realised that the house is over-priced and don`t want to come out and say that for whatever reason.

That falls in ‘found something better’ only way they’d realise it’s overpriced...other than valuation being lower but then they’d usually hit problems with the mortgage. 

Davesnave

Crashy_Time said:

iwb100 said:

We had a buyer pull out saying they couldn’t get a mortgage once. Except their broker contacted our estate agent to say they had a mortgage offer for our property. People will say anything. Usually it’s either they’ve found another property they prefer, OR their circumstances have changed, either a promotion means they can afford bigger and better or lost their job etc and can’t afford it. Or they just got cold feet about buying entirely. This latter one is common with first time buyers of a nervy disposition. 

Or they have decided/realised that the house is over-priced and don`t want to come out and say that for whatever reason.

If they are genuinely wanting to move, it will be: "Sorry, found something much better for the money."

Few people will come out and say that, though it's entirely honest. Others would do exactly the same in that situation too.

HanPop

I feel for you, our buyer pulled out after we had all been to the solicitors to sign for exchange! We were expecting a phone call that afternoon to say we’d exchanged and instead we got told the buyer was ‘thinking about it’ all over the weekend?! It was awful, then she was uncontactable on the Monday and on the Tuesday afternoon she pulled out. It was one of the worst things we’d been put through. It then took us 4 more months to sell, luckily we still managed to get the new build we wanted (several others had tried to buy it but it had fallen through) so it all worked out in the end. It was v stressful though.

Crashy_Time

Davesnave said:

Crashy_Time said:

iwb100 said:

We had a buyer pull out saying they couldn’t get a mortgage once. Except their broker contacted our estate agent to say they had a mortgage offer for our property. People will say anything. Usually it’s either they’ve found another property they prefer, OR their circumstances have changed, either a promotion means they can afford bigger and better or lost their job etc and can’t afford it. Or they just got cold feet about buying entirely. This latter one is common with first time buyers of a nervy disposition. 

Or they have decided/realised that the house is over-priced and don`t want to come out and say that for whatever reason.

If they are genuinely wanting to move, it will be: "Sorry, found something much better for the money."

Few people will come out and say that, though it's entirely honest. Others would do exactly the same in that situation too.

Maybe they don`t need to move, maybe they are just tyre kickers looking for value?

Crashy_Time

iwb100 said:

Crashy_Time said:

iwb100 said:

We had a buyer pull out saying they couldn’t get a mortgage once. Except their broker contacted our estate agent to say they had a mortgage offer for our property. People will say anything. Usually it’s either they’ve found another property they prefer, OR their circumstances have changed, either a promotion means they can afford bigger and better or lost their job etc and can’t afford it. Or they just got cold feet about buying entirely. This latter one is common with first time buyers of a nervy disposition. 

Or they have decided/realised that the house is over-priced and don`t want to come out and say that for whatever reason.

That falls in ‘found something better’ only way they’d realise it’s overpriced...other than valuation being lower but then they’d usually hit problems with the mortgage. 

Maybe they have realised that everything is overpriced going into a massive recession?

Davesnave

Crashy_Time said:

Davesnave said:

Crashy_Time said:

iwb100 said:

We had a buyer pull out saying they couldn’t get a mortgage once. Except their broker contacted our estate agent to say they had a mortgage offer for our property. People will say anything. Usually it’s either they’ve found another property they prefer, OR their circumstances have changed, either a promotion means they can afford bigger and better or lost their job etc and can’t afford it. Or they just got cold feet about buying entirely. This latter one is common with first time buyers of a nervy disposition. 

Or they have decided/realised that the house is over-priced and don`t want to come out and say that for whatever reason.

If they are genuinely wanting to move, it will be: "Sorry, found something much better for the money."

Few people will come out and say that, though it's entirely honest. Others would do exactly the same in that situation too.

Maybe they don`t need to move, maybe they are just tyre kickers looking for value?

Maybe all sorts of things. We were looking for value in the last recession, and when we had no joy with two other properties we offered on, we bought this one. The owners of those houses thought we were tyre kickers, while the pundits cautioned prices would fall further, but who cares? If you find the right house at a price you can afford, it might be risky to let it escape just because 'something better might turn up.' (The Micawber Effect!)

Crashy_Time

Davesnave said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

iwb100 said:

We had a buyer pull out saying they couldn’t get a mortgage once. Except their broker contacted our estate agent to say they had a mortgage offer for our property. People will say anything. Usually it’s either they’ve found another property they prefer, OR their circumstances have changed, either a promotion means they can afford bigger and better or lost their job etc and can’t afford it. Or they just got cold feet about buying entirely. This latter one is common with first time buyers of a nervy disposition. 

Or they have decided/realised that the house is over-priced and don`t want to come out and say that for whatever reason.

If they are genuinely wanting to move, it will be: "Sorry, found something much better for the money."

Few people will come out and say that, though it's entirely honest. Others would do exactly the same in that situation too.

Maybe they don`t need to move, maybe they are just tyre kickers looking for value?

Maybe all sorts of things. We were looking for value in the last recession, and when we had no joy with two other properties we offered on, we bought this one. The owners of those houses thought we were tyre kickers, while the pundits cautioned prices would fall further, but who cares? If you find the right house at a price you can afford, it might be risky to let it escape just because 'something better might turn up.' (The Micawber Effect!)

Last time the rate cuts and money printing immediately pumped the bubble back up, and it was a banking crisis not a whole economy crisis, they can`t really cut rates much more can they and what good is money printing if people are scared to spend/borrow? The point I was making though is that contrary to some of the fantasy peddled on here many buyers/renters do have a lot more choice than to just pile into the first over-priced house they come across, hence the reason that many delusional, and even sensible, sellers are in for quite a tough time going forward IMO.