Selling property... buyer withdraws offer... arrrgh

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vkurup

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We put our property on the market and got a decent offer for it (not the asking price though).. Based on this, we put an offer on something else. The vendors we are dealing with are a lovely old couple who have lived there for 40+ years and now selling to move closer to their kids oop north.

All was fine, till our buyers sat thru the bank holiday weekend and developed cold feet. Apparently someone told them that property prices in the area are likely to crash over the next few months. So they withdrew the offer!!! Arrgghhh

Beyond the irritation and headache i have little feelings for this (though i did punch a cushion when i heard the news) but I really feel sorry for our vendors who must have got their hopes up.

Just thinking thru what options we can pursue. Any bad experiences of collapsing chains on the forum? Feels like I missed a putt to save a point..:rant:
 
Probably best to play it straight with your intended vendors to keep them onside in case someone else turns up with an offer on yours.

Can't help thinking that this will get more common as the election comes around as it seems fairly obvious that osbourne and his gopher in the boe have been desperately propping up house prices until next May. Once that comes and goes, whoever gets in will pop the bubble and then.......

I would imagine that once that frame of mind starts circulating, asking prices might look a bit optimistic.
 
happened to me three times this year. Twice it was the week that they were due to sign on the dotted line. We remortgaged and took out some equity for the deposit on the new place. I then changed the existing mortgage to a consent to let and got a new mortgage for the new place. Bit of a nightmare but it got us out of a hole and allowed us to buy the new place. the only problem then is that you're stuck with two mortgages. We decided to let out the old place.
 
Were there any others offers in the same ball park figure your turned down at the time. I'd be making the estate agent work for his commission right now getting it back out and advertised asap and sorting out more viewings if there isn't a viable second offer you can fall back on
 
HomerJSimpson said:
Were there any others offers in the same ball park figure your turned down at the time. I'd be making the estate agent work for his commission right now getting it back out and advertised asap and sorting out more viewings if there isn't a viable second offer you can fall back on
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unfortunately, not in the same ball park. have asked the guys in smart suits to go fishing again. I have half the mind to see what is the best our buyers can do - but equally I want to not do it just out of principles. I think we will wait for the day to pass before letting our vendors know.
 
vkurup said:
unfortunately, not in the same ball park. have asked the guys in smart suits to go fishing again. I have half the mind to see what is the best our buyers can do - but equally I want to not do it just out of principles. I think we will wait for the day to pass before letting our vendors know.
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get the estate agent to get ask the buyers whats the best they could seriously offer now as you're in a chain. Once they come up with a figure and think they are getting a bargain because you need it- turn them down flat.....after sitting on it for 3 days
 
CMAC said:
get the estate agent to get ask the buyers whats the best they could seriously offer now as you're in a chain. Once they come up with a figure and think they are getting a bargain because you need it- turn them down flat.....after sitting on it for 3 days
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:clap: top man
 
Ouch but that's the issue with trying to move on the market. Chains break easily and the longer they get the weaker they become.

I'm in the other position and might be forced to withdraw an offer. Everything in place but computer says no in the banks. My advice to anyone now is make sure your CC is set up to pay via direct debit. I'm being hammered now for an £11 oversight nearly 2 years ago.
 
Hardly a bubble, prices were climbing, especially London and it's surrounding areas. Then the Gov of the B of E made an off the cuff remark about interest rates rising and property prices dropped. Later he said that raising rates would not help the economy because he needed to stimulate spending and let wages catch up to their respective position. Basically it's London that has gone mad the rest of the country has recovered at the rate it would normally. There are estate agents who are over valuing properties but then when the banks send in in dependant valuers this gets put back into perspective.
We have just bought a house and been quite lucky to have been at the dip in the market and not over paid plus hit the numbers of the independent valuer. We also did not get carried away with our present properties value, we had been there long enough to get the increase and to have a substantial stake in it. However why sell if you can let out ? The house is 30 mins from London and the train station is 10 mins walk away may be less. So it has some appeal.
Will property prices drop, only in London but the rest of the country should be fine provided the banks don't start selling their debts to each other (again).
I would look at zoopla and other valuation websites regarding your house and see how it compares to what you were offered. Sometimes people get carried away and just don't realise the cost implications before making an offer.
Good luck and investigate your letting market if your Surrey your London connections must be reasonable.
 
We bought a four bed detatched new build in Bracknell (RG12 postcode). The final phase being released has them on the market for £425,000 and we paid £403,000 (inheritance plus the sale of our previous home). It is still a sellers market, especially around here. No sign of the bubble bursting yet
 
CMAC said:
get the estate agent to get ask the buyers whats the best they could seriously offer now as you're in a chain. Once they come up with a figure and think they are getting a bargain because you need it- turn them down flat.....after sitting on it for 3 days
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Also suggest to the Estate Agent that you could farm it out elsewhere.

It's an old trick to forget a couple of 'near offers' in order to convince you to negotiate with the high bidder!
 
Many moons ago we had a similar thing going on when we moved, our purchasers dropped out so we told the people in the house we wanted to buy that despite the hiccup that we were still interested in the property and that our offer ( which they had acceepted ) was still on the table.

This went on for about six months until we finally got an offer for our house and it was going through, the only hiccup was that it was slightly less than we wanted so we went back to the house sellers and explained what was going on and suggested to them that they should go to the developer of their new build and see if he could move on price as he had more leeway than the rest of us.

The developer came up with a plan that involved him buying the house we wanted to buy on the same day and then sold it to us on that day thereby saving the couple buying the new house , the estate agent fee.

The estate agent wasn't too happy but he couldn't do anything about it because he hadn't introduced the developer to the property.

So if your couple are buying a new property then there are deals to be done, all be it in a devious way.

Good luck
 
London mike 61 said:
Many moons ago we had a similar thing going on when we moved, our purchasers dropped out so we told the people in the house we wanted to buy that despite the hiccup that we were still interested in the property and that our offer ( which they had acceepted ) was still on the table.

This went on for about six months until we finally got an offer for our house and it was going through, the only hiccup was that it was slightly less than we wanted so we went back to the house sellers and explained what was going on and suggested to them that they should go to the developer of their new build and see if he could move on price as he had more leeway than the rest of us.

The developer came up with a plan that involved him buying the house we wanted to buy on the same day and then sold it to us on that day thereby saving the couple buying the new house , the estate agent fee.

The estate agent wasn't too happy but he couldn't do anything about it because he hadn't introduced the developer to the property.

So if your couple are buying a new property then there are deals to be done, all be it in a devious way.

Good luck
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Indeed they are buying a new build flat up north.. We will have to see what to do now. We viewed the property a couple of times and it was like going to your grans house. The vendor has a funny bone and we all had a good laugh. I do wish them well.

In an ideal world, we would like to rent out our current pad and buy the new place. Doing the sums on this and we will be about 20-25K short to make it viable on our own. I need to find someway to find 25K that can be returned over 8-9 months.
 
Same thing happened to me and HiD, we had an offer in on my flat, so we found a house we liked and put an offer in, alas the person buying my flat pulled out so we had to pull out.

I looked as it as fait in that we were not meant to have that house. A couple of weeks later we had a firm good offer on the flat, HiD went to the estate agents, they had just received instruction on a house which hadn't even had the board put up outside it. We viewed that same night and had an offer in first thing in the morning and that is the house we're still in.

Somethings are meant to be.
 
Khamelion said:
Same thing happened to me and HiD, we had an offer in on my flat, so we found a house we liked and put an offer in, alas the person buying my flat pulled out so we had to pull out.

I looked as it as fait in that we were not meant to have that house. A couple of weeks later we had a firm good offer on the flat, HiD went to the estate agents, they had just received instruction on a house which hadn't even had the board put up outside it. We viewed that same night and had an offer in first thing in the morning and that is the house we're still in.

Somethings are meant to be.
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The house we are in has been very kind to us, so I think it might just want us to hold onto it. Now got an IFA reviewing options for us to let it and help buy the other one. Mortgage figures are eye watering and we will be having cupcakes and sandwiches for xmas.. but you can see how it will all be fine in 2 yeas time (I hope)
 
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