Help please...buyer pulled out week b4 completion after 13 weeks wait...

Stevenic

I can't offer any advice I haven't any experience with this type of thing, but I hope that you get another buyer soon. Good luck.

Hectors_House

I'm afraid I've just pulled out a buying a house after the survey found problems with the roof, damp and woodworm.

The specialists quoted £5 - £7K for the roof repair, and at least £2K for a new damp course and to treat the woodworm.

The seller told us we had to pay for the specialist reports and would then 'negotiate' the cost of any work that needed doing.

Needless to say, we pulled out.

They had had a go at 'developing' the place and didn't notice you could see the sky through the holes in the roof (long-standing storm damage that hadn't been fixed), and by blocking up the fireplaces they created a damp problem in the chimney stack which has left the stack crumbling away.

What was annoying, in our case was a previous buyer had pulled out and when we asked the EA why they claimed they didn't know. I had to spend £500 out of my deposit savings to find out the house was a lemon.

As another poster has said, the market as it is now means that a buyer doesn't expect to be having to repair the roof after they've moved in.

To the OP, I'd suggest its best to be honest about what your last buyer's survey has found and you may find someone who would be interested if you take your asking price down. Or get the work done yourself and try marketing again.

If you've gone to the effort of replacing the damp course, rewiring etc. and the rest of the house is in good shape (no woodworm or damp) you might yet find a buyer.

ruggedtoast

I think its time, time for a ... RIGHTMOVE LINK!!! :j :beer::T

Nenen

Would it be worth asking the ex-buyers if they would consider exchanging if you dropped the price by 5-8K to reflect the work that still needs doing? If they accepted and exchanged immediately (assuming they're ready to go) then at least you'd come out of this with something for all your hard work.

Davesnave

I

think its time, time for a ... RIGHTMOVE LINK!!! :j :beer::T

I don't think I would if I were the OP. That would just give some of the 'holier than thou crowd' something else to sneer at!

I would do as some of the more helpful posters have suggested, either trying to re-kindle the deal with a sweetener, or going down the route of getting estimates for the most vital work and getting it done pronto. There is a period of great uncertainty at the moment, so now is as good a time as any to sort things out. In a few months, prices may still be dropping, but the market will have adjusted to the new reality and people will be viewing again, albeit with a keen eye on striking a deal.

Above all, keep doing your homework re local pricing on Rightmove, as some markets are changing fast, then make sure you're competitive, or better. It may be wiser to take a financial hit now and get the money into a high interest account than end up chasing your market down to wherever it's going, but only you can take that decision.

egg345

Thanks for the more recent much more helpful posts-what a difference when the tones of sarcasm and ridicule have gone.

Offering a 10k reduction tomorrow through solicitor-private sale so no EA. As an allowance so they still get their mortgage for the full amount.
Generous amount on a 180k house so if they are the real reasons they pulling out it will more than cover the costs.

Other than that, will get it on the market and we will address every one of the points so at least when it does sell there is nothing else to face.

Others in same area are between 175k and 195k so will price low to be int eh best situation we can.

Once again thanks for all the useful and supportive comments.
Didn't want a 'hug' when I came on so no idea why our actions were slammed, we've made naive mistakes-hands up, didn't need knocking further.

Doozergirl

Good Luck, egg

angiemax28

Hi just read all your posts and I have to say that I am shocked at the tone of the initial replies you received.. you poor thing, you ask for a bit of help and have people trying to rub your face in it, almost wishing you to fail and take a big loss... I was going to post and ask for advice myself, I have 2 houses to sell, neither selling etc (am not a 'developer' before the nasties get their knickers in a twist and start wishing financial ruin on me!) but after reading the responses you got, I don't think I'll bother, this used to be a really good site and has helped me loads in the past when buying etc... I can't believe how it's changed! I really hope that you manage to sell your house soon and I think that you did loads of work on it, certainly more than the lick of paint that has been insinuated!!!
I know exactly how you feel, these are worrying times for sellers but nobody has a crystal ball so you never know it may work out ok.
I wish you all the best
Angela

EdInvestor

neas wrote: »

because the stereotypical 'flipper' is naive and has no experience but believes himself/herself to be a developer... when in fact they just repainted and benefited from a house price inflation.

The term "flipper" actually applies to someone who agrees to buy an off plan new build property in the hope that he will be able to sell it for a higher amount before completing the purchase, ie making a profit without even taking possession of the property.

The OP is better described as a cross between a speculator and a developer .A speculator is someone who spots a property with undiscovered potential - either in an area which is rapidly improving, or because the property is poorly presented or needs renovation work. Both types of buyers look to remedy any defects and then sell on at a profit. A developer (often a builder) will usually take on more complicated projects than a speculator. Both are perfectly legitimate businesses, well recognised by HMRC.

It should be noted that people who own homes and then sell them hoping to benefit from a price crash buy buying back in cheaply later are also speculators.

Sooler

egg345 wrote: »

Others in same area are between 175k and 195k

... and may well have ancient wiring that will need updating, knackered central heating that will need replacing, old horrible kitchen and bathroom ... and will be in a chain.

Sounds like your house just needs some finishing off.

Will the roof felt last 3 years or may be more - does it need replacing now.
Might another survey not mention it, or if it does just say the house has been priced with that, and anything else a future survey may point out, already taken into account.