Numerous lost offers on our property - what to do?

Scotbot

Two months in the second buyer will have lost money as well. Chances are their financial circumstances have changed it is a very turbulent economy right now.
The only thing  you can do is insist on seeing proof of funds provided to the EA prior to viewings. Even that may not be possible because of GDPR but at least ensure the EA has a process for obtaining it.

Flugelhorn

MEY010621 said:

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).

these are what it is all about really - there is a slightly frantic element to the market, a bit like pre August 1988 when the "one lot of mortgage tax relief per person" was changed to "one lot per mortgage" - it was bonkers, I sold two houses with one line adverts in the local paper, both went to the first people who saw them and they offered at the time viewing, both said that they had missed out on so many properties simply not being there quick enough 

Falafels

My estate agent vets potential buyers before they're taken anywhere near the property, and when someone was very interested but still had a property to sell, it was not taken seriously by either myself or the agent. That is, until she got back a couple of weeks later having secured an offer on her own place.

Losing your buyer two months in is very galling. However, with the other two they'd not even begun the process before changing their minds, seemingly on a whim. Don't get too vested until solicitors have been instructed and/or satisfactory surveys have been carried out, as nothing important is going to happen until then. Your estate agent will handle this side of things, and a good one will be able to tell the difference between serious applicants and dreamers. 

Whatever... there's no way you can make your potential buyers agree to anything prior to exchange of contracts - and I'd be walking away very, very quickly if a vendor tried. What you DO need to do is manage your own expectations, and don't assume a sale's going ahead until you have concrete proof that it actually is.

Sorry that you're going through all this - and good luck with it all!

Falafels

Flugelhorn said:

MEY010621 said:

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).

these are what it is all about really - there is a slightly frantic element to the market, a bit like pre August 1988 when the "one lot of mortgage tax relief per person" was changed to "one lot per mortgage" - it was bonkers, I sold two houses with one line adverts in the local paper, both went to the first people who saw them and they offered at the time viewing, both said that they had missed out on so many properties simply not being there quick enough 

Yes, I remember that well. Complete insanity!

Jeepers_Creepers

Missymoo, fair chance you've just been unlucky. You are clearly having genuine interest and offers, so I don't think it should put you off continuing to market your house if it's what you want to do. You know what they say - 'fourth time lucky'. 

Can you find a conveyancing solicitor who will not charge fees should the sale not proceed through no fault of yours? For the last house we tried to buy, the EA recommended a particular solicitor for this reason, and it proved to be a good move when we were subsequently gazumped (almost certainly something the EA knew would be likely as they held off - with provably false excuses - sending out the 'thingy of sale' to us, to allow the other buyer time to get their finances in order. But, hey, I'm hijacking your thread with my grievance... :-) )

GixerKate

It sucks and we are in a similar boat having had two buyers disappear.  The first one walked away at the beginning of the lock down, luckily enough before much money was spent, the second was further through the process and then his circumstances changed and he couldn't proceed.  By that point we had progressed with our searches etc for the place we are buying.  The third set are still going and we are fighting to get to exchange so am hoping that this time we get there.

It is very disheartening, especially with the thought of having to keep the property ready for viewings (I have 2 children, 2 dogs and a cat so keeping it tidy is not possible!) but stick with it, the right buyer will be out there. 

HanPop

I feel for you, it’s so disheartening. When we were selling our house last year our first buyer pulled out on the day of exchange, then the next ones couldn’t get enough mortgage, then the next ones were ‘desperate’ for our house and disappeared off the face of the earth and then the next ones put an offer in and when we accepted they withdrew it?! All in all with 3 small children and the fear of losing our dream property it was v v stressful. In the end I wanted to take it off the market, had a last viewing after we’d taken the for sale sign down and they bought it. It has definitely put me off selling again. Hang in there, I’m sure it will work out in the end. 

random321

I think these things are just part and parcel of house selling / purchasing. A potential reason could be due to the stamp duty reduction, resulting in more properties becoming available on the market and prospective buyers changing their minds on your property?

As first time buyers, our vendor pulled out of the sale the week we were hoping to exchange with no reason given whatsover. We lost roughly £1000 in fees which we had saved hard for and had to start the process from scratch.

5 years later (earlier this year) we purchased our second property and sold our first home, but not after our first set of prospective buyers had strung us along for 2 months and then cited a 'change in circumstances' for pulling out of the purchase. Luckily we sold 2 days later and the sale / purchase went through.

So in all we've only purchased twice (and sold once), and run into issues each time!

Crashy_Time

Forget the deposit idea, you will be laughed out of town, if you want to hold buyer interest, especially in the tough times ahead, drop the price.