Numerous lost offers on our property - what to do?

Missymoo64

Our property has been on the market since early June 2020. Since it has been on the market, we have had over 15 viewings, 3 of which have resulted in offers, all of which we have lost. The couple who made the first offer disappeared into ether, never to be seen again. The second couple ‘changed their minds’ about the property two months I , costing us a significant amount in legal fees which we will never get back. The third offer fell through after a week as the broadband speed at the property was not fast enough for her needs! ( BTW, we have a fast broadband speed at our property that allows both me and my partner work from home and run numerous Wireless appliances off our

Broadband 🤷🏻‍♀️) ! We advised her that she could upgrade the broadband speed at the property to suit her needs but she claimed she was told that this was not an option by Sky ?! 
Anyway, we have yet another viewing booked in for today but we are just so ‘over it’ and are fed up of accepting offers from people who pull out days/weeks later! I have bought and sold many houses in my time but have never come across anything like this, has anyone else gone through a similar thing? 

We are so disheartened now that we are either considering taking our property off the market which I would be such a shame, given the current stamp duty holiday OR asking future buyers to pay a pre-contract deposit to protect us from them pulling out without a good reason although I don't know how potential buyers would react to this? Any help/advice would be very much appreciated ! Thank you. 

DayDreamerandGeneralWaster

Isn't it just how it goes sometimes? Last time we sold, we had a similar story. I expect there are a few people out there who do it to pass thr time. As a buyer l wouldn't sign a contract. To make it enforceable you would need to pay a solicitor anyway so you would still be losing money..!

davidmcn

DayDreamerandGeneralWaster said:

Isn't it just how it goes sometimes? Last time we sold, we had a similar story. I expect there are a few people out there who do it to pass thr time. As a buyer l wouldn't sign a contract. To make it enforceable you would need to pay a solicitor anyway so you would still be losing money..!

And by the time the solicitors have negotiated the definition of a "good reason" (any suggestions, OP?) you may as well have just had a normal contract. Whose idea was this? 

getmore4less

Forget a non refundable pre contract deposit.

If you are getting viewing and offers then the asking price is about right.

Have you got a place to move to yet?

Have you measured/checked your broadband, it may be an issue if you are getting work from home wanabees and their enquiries are not resulting in the right answers before viewing.

if you you can verify high speed is available maybe add it to the listing.

What BB speed are you getting?

[Deleted User]

You put it on in June ?

You are expecting way too much of the house buying/selling system if you think 2 months on the market is unreasonable.
It can take years to sell a house, the only guaranteed way to sell in a few weeks is to sell it at the lowest price, that's not always possible but it gets the job done.

Viewers often lie about their reasons for not liking a house, don't believe everything you're told, it could just be the colour of the carpet and they're too short-sighted to consider replacing it with a new one.

Don't look at properties until you're a good way into the selling transaction because the most proceedable buyers will always be at the top of the game in a sellers eyes and placing offers early on in the transaction will only give you needless anxiety.

ElizabethRose

Did your estate agents even vet the first buyers correctly? Second offer they may have been put at risk work wise hence pulling out. Third offer I can also understand as broadband speed whilst working from home is essential. Whisf our old supplier speed was sufficient for my husband we had to upgrade for my work. 

It sounds like you have been very unluckily. Regards a pre contract I doubt people would be willing to sign. Another option is an auction to guarantee completion in I think 28 days but expect to take a hit on the value.

natasha22

As a ftb, i wouldnt sign a contract like that.
I would be dubious if the seller said to me 3 buyers had pulled out for silly reasons so they were trying to prevent that. I would wonder what those 3 people had all found.

Thats not to say i don't believe that buyers can be flakey and unreliable or doubt the above, i just wouldnt want to sign a contract based on it. 

numbercruncher8

Not gonna happen is it. The problems are unfortunate but that is part and parcel of the property game. Taking out your problems on a new set of buyers is a bit out of order, given that it's everyone's right to pull out of a transaction before exchange.

I lost several offers when bidding (suspect gazumped), imagine if I had no trust and went to the next owners asking for a deposit to ensure they didn't pull out, I'd imagine I'd be told to get lost. 

The stamp duty holiday is a bit of a red herring I feel, buyers end up paying the savings they would have made into slightly higher prices.

If you're getting offers you're on the right track so you just have to keep on going. It is far more disheartening to lose an offer at a very late stage, perhaps when you have incurred more costs. And yet, they could pull out for the very same reasons.

GDB2222

The property market has gone a bit bonkers, and perhaps people are making offers left right and centre? Then they calm down and think it through.  I’m not sure I’d believe the excuses given for backing out.

[Deleted User]

1. The estate agent isn’t vetting them thoroughly enough.

2. Too many dreamers out there at the moment. They were never serious from the start and the game ends when it gets too real for them.

3. The more spiritual answer my mum always gives me... Everything happens for a reason and the right house for you isn’t out there yet (Take of that what you will).

ian1246

Know how you feel. Had an offer on our house we accepted, well below asking price (he was a first time buyer & we really wanted a bungalow we had viewed)  & had an offer accepted on our dream Bungalow. All going well for the last 3 weeks... then our buyer has a change of personal circumstance (no further detail... so i think its BS) & pulls out yesterday evening. We re relisting today & shall have to tell our seller tonight.

Its so soul destroying & frustrating that others can put you through so much stress and life altering effects (loosing your future dream home) without any recourse.