11 weeks in and seller has pulled out of 2nd purchase

Myci85

Just wanting to vent some frustration on here, as I'm sure we won't be the only people in this situation. 

We are 11 weeks in to buying a house, everything pretty much ready our end, and have just found out that our vendors have pulled out of the second property they've put an offer in on in that time. Both times they've pulled out due to a bad survey apparently. Starting to question how serious they are about moving, or if they're waiting for the perfect house and just haven't been open with us. 

We are in rented and our elderly landlady wants to sell by end of the year, so really wanted to be out by then, but we've been actively trying to buy since January and just seem to hit one hurdle after another. Feeling pretty dejected at this point. 

Estate agent says the vendor has previously said they won't move into rented, but we've said basically either they consider renting to facilitate selling to us, or we have no choice but to start looking elsewhere. There just aren't many properties that fit our needs as well as this one did.

Hoenir

Myci85 said:

 Both times they've pulled out due to a bad survey apparently. 

If the vendors aren't willing to negotiate on the price. Then there's no deal to be struck. 

Brie

Been there, had that done.  I'm sure a large percentage of buyers have had similar frustrations.  Happened twice to us where we were first time buyers and in hindsight we ended up in a much nicer place.  Eventually.  You'll get there.

mebu60

I'd definitely start looking elsewhere.

I'd also ask the EA to establish what the main issues were from the surveys on the two aborted purchases. If it transpires they are spooked by the standard CYA surveyor-speak they will never buy another property! 

Ensure the EA knows you are looking at alternatives. The EA needs to assist the vendors to move on, into rented if necessary, or risk losing you and they'll have to start the sales process all over again. 

Myci85

mebu60 said:

I'd definitely start looking elsewhere.

I'd also ask the EA to establish what the main issues were from the surveys on the two aborted purchases. If it transpires they are spooked by the standard CYA surveyor-speak they will never buy another property! 

Ensure the EA knows you are looking at alternatives. The EA needs to assist the vendors to move on, into rented if necessary, or risk losing you and they'll have to start the sales process all over again. 

I do wonder if it is that they're being spooked by standard stuff, as from what we've been told, they're moving from a pretty solid ex council house to an older property, which will obviously throw up some issues. And they don't appear to have any particular pressing reason for moving, so I do feel they may be happy to just keep looking for something they think is perfect. I just wish they'd be honest if this is the case and not keep saying they're keen to move ASAP.

The estate agent actually mentioned about talking to them about finding alternative accommodation, ie rented, before I did, so will see what happens. But will absolutely let EA know if we start looking elsewhere. 

MeteredOut

Just start looking elsewhere. If something comes up, pull out of the existing purchase and go for that.

After two withdrawals, you don't owe the vendors any goodwill.

Hoenir

Myci85 said:

mebu60 said:

I'd definitely start looking elsewhere.

I'd also ask the EA to establish what the main issues were from the surveys on the two aborted purchases. If it transpires they are spooked by the standard CYA surveyor-speak they will never buy another property! 

Ensure the EA knows you are looking at alternatives. The EA needs to assist the vendors to move on, into rented if necessary, or risk losing you and they'll have to start the sales process all over again. 

so I do feel they may be happy to just keep looking for something they think is perfect. I just wish they'd be honest if this is the case and not keep saying they're keen to move ASAP.

Given the expense and hassle of moving. Shouldn't be any great surprise that any decision is considered carefully. Won't be railroaded by an impatient buyer. Keep looking yourselves you may never know what might come to market. 

dander

I've been on the other side of this one as a vendor, and I pulled out of selling my house because I didn't need to move.

I didn't aim to be a !!!!!! about it, and I did look into selling without somewhere to buy so that I didn't let the buyers down, but it was a completely unacceptable level of risk, and cost. Renting a much smaller property would have been twice what I was paying in mortgage payments, plus storage costs for furniture, and although there would be some interest earned on equity, it would be taxed. I'd have been losing about 1k a month, while also being off the property ladder and with the risk the property market might rise while my equity was depleting. On top of that, the rental market is super competitive, and most properties seem to be looking for 1 year minimum tenancy. 

That's a really long way of saying that it's really easy to say your vendors should "consider renting to facilitate selling" but it's an almost impossible ask for many. You might find pressing for that actually makes the vendors choose to pull out and try to move again where there's more on the market to suit them.

There's nothing to stop you looking elsewhere -  you don't have to tell your vendors that you are doing it. If you think you can't wait, then look around to see if there's anywhere you'd prefer to offer on. But there's no point pulling out of one property in a bit of a strop if you then can't find an alternative option.

silvercar

My son is in the same position. His initial mortgage offer expires tomorrow! The sellers only found a property 2 months ago after 4 months of looking. The seller’s sellers refuse to move until they are both ready (divorcing couple) and the whole chain just has to wait. My so. Is now on his second mortgage offer that will cost him an extra £50 a month. 

chrisw

Myci85 said:

Estate agent says the vendor has previously said they won't move into rented, but we've said basically either they consider renting to facilitate selling to us, or we have no choice but to start looking elsewhere. There just aren't many properties that fit our needs as well as this one did.

You could always move into a different rented until another property comes up that fits your needs.

Murphybear

chrisw said:

Myci85 said:

Estate agent says the vendor has previously said they won't move into rented, but we've said basically either they consider renting to facilitate selling to us, or we have no choice but to start looking elsewhere. There just aren't many properties that fit our needs as well as this one did.

You could always move into a different rented until another property comes up that fits your needs.

We often see “move into rented” on here.  It sounds good in theory but, unfortunately,  getting a rented property isn’t that easy these days.  Landlords often want a 12 month contract plus there’s the added expense of moving twice.  

We were looking to buy a bungalow a few years ago.  We found one that was absolutely gorgeous and had a large garden.  We put in an offer which was accepted.  A couple of months down the line the vendor withdrew as, apparently, he had always told his parents they would get first refusal if the bungalow were being sold.  According to the EA he had forgotten this  

We carried on looking and found an equally gorgeous bungalow which was much more convenient for work.