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Beginner September 2007

Just when you think things are coming together - buyer pulled out of house sale!

rah, 19 January, 2009 at 11:36 Posted on Off Topic Posts 0 9

Hi All,

Had the bad news this morning, we were about a week away from exchange and our buyer has pulled out, we can't believe it, it has taken us 5 months to get an offer and we have reduced the price by £25,000 we have fallen in love with a house near Cambridge (had to move due to H and I getting new jobs) and we're pretty much going to lose it, (it was a real battle to get it too as there was an investor interested, and I'm sure as soon as we tell them what has happened they will accept his offer). We currently renting in Cambrige and still paying a mortgage on our house in Norwich, (we could rent the house out in Norwich but the rental income wouldn't cover the mortage).

We've both felt so unsettled since we moved here, and are renting a flat in an area we don't like (but is convenient). I've got so much on my mind at the moment and really thought things were going to be ok, perhaps stupidly given the "current clinate"

I've been sitting at my desk in tears - not good! Sorry - no need to reply - just needed to get it out!

Thanks for reading

Edited to add, The buyer pulled out due to problems with his finances, he was spliiting up with this partner, and apparently she changed her mind about buying him out (Or so we are told). If only this had happened last week before we'd paid for a full structural survey - not money we can afford to throw away grr!

9 replies

Latest activity by rah, 19 January, 2009 at 14:42
  • P
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    Peaz ·
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    Really sorry to hear, this. To get a buyer in this market is great (have been on the market since Jan 08 and supposed to be exchanging this week but am feeling so negative about it).

    I really hope it all works out- your seller may be sympathetic to your situation.

    xxx

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  • R
    Beginner September 2007
    rah ·
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    Thank you!

    It's been really stressful, particularly because we have to move, and pehaps we sohuldn't have been so positive about it.

    Wishing you the best of luck with your sale!

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  • Hello Sunshine
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    Hello Sunshine ·
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    I'm so sorry to hear this Rah, we relocated last year and were in a similar situation with the renting and selling for nearly a year. I know there's nothing I can say that will help as it's so disappointing but you have my every sympathy. There were times when we honestly thought stuff it, let's just go back as it was so stressful but stick with it.

    Best of luck, hope you find a new buyer soon. Do you know why they pulled out?

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  • R
    Beginner September 2007
    rah ·
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    That's exact;y what I though - sod it lets go back to Norwich, where we have a house we love and our friends near-by - however we'd both be unemployed so not really feasible!

    Yes the buyer pulled out as his girlfirend who was meant to be buying him out decided not to - very strange especially since he'd had mortgage offers and paid for a survey (as have we!!) -grr!

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  • Taffie
    Beginner July 2007
    Taffie ·
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    So sorry to hear this. House selling / buying is so stressful at the best of times, it must be heartbreaking for it to go wrong now. Are you going back on the market, or try some other tactic?

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  • R
    Beginner September 2007
    rah ·
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    We're back on the market already! But to be honest I think we're going to have to have a big talk about all the options tonight, the thought of having to go through it all again makes me feel sick!

    It doesn't help that I've got my PhD viva in less than 2 weeks!

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  • Hello Sunshine
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    Hello Sunshine ·
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    I guess then at least you can take some consolation that it's nothing about the house but just their circumstances. We had all kinds of set-backs getting to where we are now but I feel so much more settled now and it has been worth it so don't give up!

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  • RuthG
    Beginner July 2004
    RuthG ·
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    Aw, it's so crap isn't it! We've been on the market now since sept 07, we're currently on our 6th buyer. We had a buyer do exactly the same to us as you've had and it's gut wrenching, I was ready to hunt him down! He kept us hanging on for 5 months.....

    I hope you find another buyer soon! We've dropped the price of ours by over 25% otherwise we would keep getting priced out of the market. What have your EAs suggested?

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  • tahdah
    Beginner September 2009
    tahdah ·
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    OMG I sooooo know what you're going through.

    This time last year I was trying to sell my house I'd already had 2 prospective buyers pull out on me. The 3rd I thought was 'the one' and they were even a cash buyer. We got to 4 days before completion and they pulled out. No explaination, no nothing I sat at my desk and wept.

    It truly felt like my world had collapsed I even took myself off to our local park (away from work) and sat on a bench in tears...couldn't move, couldn't speak it was the strangest and worst feeling...possibly worse than when my ex actually left!

    At least yours had an excuse, there will be another buyer but you may just have to give them a real bargain to be able to move on.

    ?

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  • R
    Beginner September 2007
    rah ·
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    Small update

    My H's parents have very kindly offered to lend us the money for the deposit on the new house, so we don't lose it, until we can sell our house. This is great and takes the immediate pressure off, although we will have to pay 2 mortgages for a while, but we should be able to manage if we find a buyer soonish.

    My sympathies to all those who have been through this, it's horrible, especially when you're trying to move on.

    ?

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