Selling my house.

khickey88

Ok so I'm in a weird situation. So I accepted an offer for our house 12 months ago from a buyer that already knew we had to find a house to buy before we carried on with the sale. We've missed out on 6 houses over the last 12 months also with the lockdown and me been not well in hospital it hasn't gone to plan.
We are now looking at houses and the prices have shot up even more, houses that was £200k are up for £230k it's gone mental. I feel we just can't afford the house we want anymore.
And with our next door neighbour selling there house exactly the same as hours (our houses are all 5 years old on a new build estate) for £17k more than we accepted last year I'm wondering if its a possible to pull out of our sale and put it back on?
Its seems a really nasty thing to do after they waited 12months but I honestly can't see us finding anywhere as it stands.
Our house sold quick and had over 10 offers(some over the price we accepted ) all from 1st time buyers.
I also haven't paid out anything on solicitors fees. Is this a normal thing to happen? Would purplebricks be happy to put it back on sale? Ive paid them all upfront also.
What would others do? 

warwick2001

Yes, you can do this (pull out and remarket). House buying has no rules stating once you accept an offer you have to see it through, as the buyer could also pull out at any point before completion. However, how would you feel if someone did this to you? Morally, does this sit comfortably given that your buyer has wasted/waited 12 months for you to move? Only you can answer that question.

If you look at it as a purely business venture, and want to maximise your return from the house sale, then do exactly as you query. Pull out, and remarket at the higher amount. You will have to read your contract with Purple Bricks to see what they would do in this situation, or give them a ring and discuss it with them. I'm pretty sure they would do it. Ultimately its your house, and you can do as you wish.

gwynlas

Given that house prices in your area have risen it is probably best if you remarket the property. You should again seek valuations from estate  agents who have sold properties on your estate recently. If your neighbours house selld for £17k more all well and good but they might be open to offers closer to what yours sold for. Houses on an estate might have an identical build but orientation and plot size matter also personal decoration and hard landscaping might affect perceived value/

khickey88

It's is the moral thing that is stopping me. I would not want someone to do that to me and didn't want to do it someone else but I feel the longer it's going on and house prices are shooting up the harder it's getting for us. As it stand he's getting a massive bargain.

I am not worried about selling it the house is in amazing condition inside and out and got a lot of attention. If anything I sold it quick last year (2 days) as we had an offer on another house. We accepted his offer then had a 5k better offer the next day but we honoured the offer we accepted. 

RelievedSheff

I think in this instance as your buyer has been so patient I would stick with them and spend my time finding a house to buy.

It isn't their fault that house prices have gone up since you accepted their offer.

To be quite honest I am amazed that they are still willing to wait after 12 months and with no further progress.

khickey88

RelievedSheff said:

I think in this instance as your buyer has been so patient  would stick with them and spend my time finding a house to buy.

It isn't their fault that house prices have gone up since you accepted their offer.

To be quite honest I am amazed that they are still willing to wait after 12 months and with no further progress.

I am also amazed they have still willing to wait. Tbf I think earlier in the year I spoke to them and they mention they was been furlough so waiting must of benefited them but it did concern me a bit at the time. 

GDB2222

If PurpleBricks want more money, there are a couple of other fixed price agents that offer much the same service and are vastly cheaper.  Strike and Doorsteps spring to mind.

london21

House prices have jumped up during the lockdown.

because you are also looking to buy a new one, ideally need the maximum you can get. Purplebricks are a little laid back but if you insist it can be re-marketed  or ask the current buyers if they are willing to pay market rate, likely to say no.

I am surprised they have waited 12 months. Likely aware of the bargain they are getting. 

woahsoah

khickey88 said:

It's is the moral thing that is stopping me. I would not want someone to do that to me and didn't want to do it someone else but I feel the longer it's going on and house prices are shooting up the harder it's getting for us. As it stand he's getting a massive bargain.

Admirable but daft. Ask the buyer to improve his offer or relist it. You are giving him first dibs.

Weathergirl_76

A difficult decision, as you clearly have a serious buyer, who has waited months. Who’s to say the next person will stick with the sale to the end and not pull out. If you decided to re-list, I would be making sure any potential buyer had an agreement in principal and/or proof of funds, and was ready to proceed. Your agent would need to check the chain etc. 

I’m also thinking you will very likely now miss the stamp duty deadline, so factor in the additional cost of stamp duty on your onward purchase. 

You could approach your agent and see if the buyer is willing to increase their offer to enable you to find a property and explain why. You’re not being greedy, you genuinely have been priced out of finding a home. If I was buying your house, and I could stretch a little higher, having waited 12 months and knowing the reason why you are struggling, if I was getting a bargain I would increase a little to keep the house. It’s everywhere you look that prices have shot up, I’m sure your buyer is not silly and is hearing the same. 

 You could also evidence (not sure how) the property next door has sold at £17K more.  

Perhaps you could draft an email for the agent to pass onto the buyer and explain it and see what your buyer thinks. That way they are not being put on the spot over the phone with the agent, have the info directly from you and your reasoning behind it. Good luck. 

Weathergirl_76

Ps- just thinking, is their mortgage offer still in date? I think they only last a few months. I don’t know if furlough affects mortgage applications. Maybe someone on here will know. I thought mortgage offers only last a few months, and you are nearly a year on.