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Sale fell through

tina.thorpe
tina.thorpe Posts: 10 Forumite
Eighth Anniversary First Post
in House buying, renting & selling
I'm gutted the prospective buyer has had to pull out of buying our house after 4 weeks!
We was going to offer on a house tomorrow. 
First time sellers, does this happen often ? 
«1

Comments

  • Tiglet2
    Tiglet2 Posts: 2,719 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    Fairly common to be honest.  This is why FTB's have it easy with nothing to sell!  Nothing is binding until you have exchanged contracts, so anyone can change their mind up until then.
  • Woolsery
    Woolsery Posts: 1,535 Forumite
    1,000 Posts Photogenic Name Dropper
    edited 13 July 2022 at 4:01PM
    About 30% of prospective sales fall through, but that's an average and some properties are more prone than others to purchaser  withdrawal.
  • lookstraightahead
    lookstraightahead Posts: 5,558 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Were they having to wait until you found a property? What are your circumstances?
  • GixerKate
    GixerKate Posts: 453 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Yes I'm afraid its pretty common, at least it is towards the start of the process where money hasn't been lost.  Did they give a reason?  All you can do is chuck your property back up for sale and hopefully get another buyer in time for you to continue with the property you want to buy.

    Good luck.
  • tina.thorpe
    tina.thorpe Posts: 10 Forumite
    Eighth Anniversary First Post
    Yes the man, main wage earner lost his job.
    So back on the market. 
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    tina.thorpe said:
    Yes the man, main wage earner lost his job.
    So back on the market. 
    Very good reason to pull out, not much you can do about that really.
  • Ramouth
    Ramouth Posts: 672 Forumite
    Eighth Anniversary 500 Posts Name Dropper
    Good news for OP as a seller (but not for the lost buyers - I hope they find new employment without too much trouble) is that it is a good reason for the agent to give the new potential purchasers.  It is clear that it isn’t that the previous purchasers found something dodgy about the house that put them off.  I was always a little concerned when I saw places come back onto the market.
  • Woolsery
    Woolsery Posts: 1,535 Forumite
    1,000 Posts Photogenic Name Dropper
    edited 20 July 2022 at 9:47AM
    Ramouth said:
    Good news for OP as a seller (but not for the lost buyers - I hope they find new employment without too much trouble) is that it is a good reason for the agent to give the new potential purchasers. 
    Sadly, in many people's estimation, words emanating from an EA's mouth might be worth approximately as much as the air they displace!
    It's not an automatic red flag when a sale falls through. Doing due diligence is sufficient, and putting trust in what an agent says isn't part of that.


  • london21
    london21 Posts: 2,235 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Can be common, luckily only 4 weeks and not 3+ months. 
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