Would you feel guilty pulling out of a sale

Leeds_Fella

Thanks Barnaby, good words

I think I know what I will be doing, I won't feel good, I won't be proud, but I'm sure I will not be the first or the last to pull out of a sale near the end - the good news if any is that it would not be a big chain I would be breaking and hence screwing lots of people and families up, there is only me and the vendor in the chain and he already has his next house - yes I suppose I'm trying to make myself feel better before you ask

Do you guys and girls think, the vendors EA's, who seem to monopolise the market in this area, would take my offers on any future houses seriously, if I pull out?

ruggedtoast

Bro - normally I'd say my word is my bond etc, but we've never been in this situation before. Houses are massively overvalued and who knows how far the market could fall. We've had month on month falls for coming up to half a year now, thats never happened before.

Sounds like you were smart selling to rent recently. Dont be dumb now, you're family is more important.

merlinthehappypig

I think that the EA you are currently dealing with might initially be reluctant to take you seriously in the short term. It depends what reason you give them, I guess. That said, I can't see them being overrun by buyers in the coming months/years so I daresay financial concerns will override any scruples that they might have.

pickledpink

Ultimately you have to look after your own interests, but it's a pity you let things progress this far before deciding to pull out. I dare say quite a few people will be spitting your name out in the next week or two.:mad: But such is life I guess.

Personally, even if you do manage to save around 30 grand (and there's no guarantee you WILL) I don't think that's a huge amount when you're talking half a million quid.

Another thing to remember: if you really like this house (especially if it's unique in some way, or the house is exactly what you want in a home) you may end up the loser in the long run. Someone else may buy it from under your nose, and you'll may not find another one that ticks all the boxes this particular one did.

If you don't mind feeling crappy at pulling out so late then go ahead; but remember - karma has a funny way of coming back to bite you on your a*se!:eek:

nelly_2

in the last few years their house has gone up well over whaqt they spending on the loan so it aint a problem in the big schemme

mymatebob

Feel guilty by all means but you should not put your well being (in whatever form) above your considerations for others.

Do what is right for you.

fc123

Offer 30 grand less?? Not nice but if that's what this is about why not ask?
Gazundering is not nice....but then what has nice got do with anything.

How perfect is the house?

PS; 10 years back I wouldn't have posted anything like the above but 10 years on.........

PPS; they have a bridging loan but they chose to do this so you can't just complete because of a strangers circumstances.

skap7309

Simply....you need to ask yourself,

Do i put up with the possible misery and stress knowing your house is worth less in 12 months time because you did not want to offend two people you did not know? If you really like the house then all is good but you sound like you are having strong second thoughts.

merlinthehappypig

pickledpink wrote: »

Personally, even if you do manage to save around 30 grand (and there's no guarantee you WILL) I don't think that's a huge amount when you're talking half a million quid.

Personally that statement sums up just about everything that is wrong with our housing market and our general attitude to debt. £30000 is an enormous amount of money to most people. Yes, as a percentage of £500000 it's not too much, but then £500000 is an obscene amount of money.

Take that £30000 in isolation and see what you would feel like if you had it to spend. Work out how many hours you would have to work to earn that £30000 after tax. It would have taken me 20 years to save that sort of money after paying all the bills and I had a decent job before my illness.

Having sold to rent we are far more aware of the real value of money. Before it never actually felt like ours when we were spending it - we just borrowed it from someone else. It's very different when you have it in the bank and it's actually yours.

This isn't a criticism of pickledpink - we all seem to have this attitude that it doesn't really matter what we pay for anything as we are never faced with the reality of having to find the cash from savings or pay it back in one go.

I can guarantee that the last 10 years of HPI wouldn't have happened if we had all handled the cash we were paying out first and we would all be a lot better off as a result.

sarkin

Its a buyers market if you dont want the property pull out. Look how many buyers got gazumped over the last ten years. Its your money spend or save how you like. The seller will not be happy, but that's there problem not yours. I run my own business, people treat me however they want as long as they get whats right for them not me.