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It Was All Going So Well..


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#1 Triassic

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Posted 15 March 2016 - 12:47 PM

We should have exchanged contracts last friday on the sale of our current home. Nothing happened!

Just had the call to say the buyer has pulled out due to their buyer pulling out. According to our solicitor, their buyer had been told by a neighbour the house had been underpinned. Two full structural surveys later and no evidence of underpinning, they walked away on the day of exchange.

The poor couple buying (sorry no longer buying) our house are distraught as they feel their home is somehow blighted with the under pinning stigma. I suggested maybe a specialist insurance package might help. Thoughts?

So our house is back up for sale and will sell soon, no doubt, fingers crossed and all that!

#2 bitpipe

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Posted 15 March 2016 - 07:04 PM

Makes you wonder if there was some grudge held by the neighbour?

#3 recoveringacademic

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Posted 16 March 2016 - 06:19 AM

If people walk away the day of the exchange, they were never going to buy in the first place.

#4 Barney12

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Posted 16 March 2016 - 08:06 AM

View Postrecoveringacademic, on 16 March 2016 - 06:19 AM, said:

If people walk away the day of the exchange, they were never going to buy in the first place.

I'm inclined to agree. It sounds to me like an elaborate excuse.
They also may have been trying to drive the price down with a last minute 'chip', I've seen it done more than once and as people are often so financially/emotionally attached to the process at that stage they often agree.

#5 ProDave

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Posted 16 March 2016 - 08:21 AM

Buying and selling houses is a rotten process. The English system is dire, at least with the Scottish system, it becomes binding much earler on in the process (But the Scottish system in some respects is harder for a buyer)

When we sold up down south in 2003, our first buyer pulled out the week before completion, leaving us up the creek without a paddle. You have my sypathies.

#6 joe90

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Posted 16 March 2016 - 01:40 PM

And my sympathies, I had buyers pull out a few days before exchange twice and it took 2 years to finally sell ( for much less money)!

#7 Triassic

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Posted 16 March 2016 - 09:29 PM

It's all rather annoying, I am left wondering why anyone would pay for two structural surveys, both of which confirmed the house was sound structurally and yet they get cold feet and pull out of the deal, causing a four household chain to fall apart. At least I've not lost money in all this, but I am left in limbo as I don't have the cash needed to fully finance my self build.

#8 ProDave

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Posted 16 March 2016 - 10:18 PM

Join the club.

My builds will be slowing to a snails pace if we don't find a buyer soon. where is this housing bubble they keep talking about?

Edited by joiner, 11 April 2016 - 05:56 AM.


#9 Triassic

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Posted 17 March 2016 - 10:25 AM

View PostProDave, on 16 March 2016 - 10:18 PM, said:

where is this housing bubble they keep talking about?
it's in London, that's the place where everyone lives according to the press!

Mind you, the market around me, in the Northern Powerhouse!, has picked up recently, so hopefully we will have another buyer soon. A friend buying at the £110k end of the market tells me that three of the four properties she wanted to view this week have sold within a few days of going on the market. We can only live in hope, if all else fails it's going to be self build on the drip drip.

Edited by Triassic, 17 March 2016 - 10:26 AM.


#10 Triassic

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Posted 08 April 2016 - 05:27 PM

I see that the BBC are reporting that house prices have risen by 10.2% in the last twelve months. Not round here they haven't, prices have remained flat for years.

#11 joe90

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Posted 08 April 2016 - 05:35 PM

Round here ( Bristol ) the estate agents windows are full of houses that are already sold!, there is very little to be bought ( I have two family members trying to buy a house and finding little to put an offer on.

#12 jsharris

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Posted 08 April 2016 - 06:37 PM

The same here, we keep getting cards through the letter box from estate agents seemingly desperate to try and persuade people to sell, as there seems to be a shortage of houses. Given the massive number of new houses being built in the area I'm surprised by this, but I have noticed that the developers seem to be very, very slow with some of the estates. Some may remember that around 18 months ago there was a fiasco here, where a quite openly "influenced" planning committee granted planning permission to a development of 28 houses, around 400m away from where we currently live.

That developer completed the S.106 and all the pre-commencement conditions in January 2015, yet there is no indication at all of work starting on site, 14 months later. At the presentation to the planning committee the agent for the developer kept pressing the fact that there was an urgent need for housing in this village and there were village people unable to find houses to buy. Funny old thing that they've done nothing for 14 months.

It can't possibly be linked in any way to the rising housing market, can it?

I mean, a developer who was so concerned about meeting the urgent village housing need surely wouldn't delay just to be able to sell at a higher price, would they?................

#13 notnickclegg

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Posted 09 April 2016 - 06:53 AM

Houses, and particularly family homes on the "good" side of town, are still flying off the shelves in the Hampshire/Surrey borders market town where I live. It's largely driven by a lack of supply - my road has about 150 houses on it and we have maybe 1 or 2 a year that sells.

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#14 Triassic

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Posted 09 April 2016 - 07:52 AM

I'm helping a disabled friend, who having received an inheritance, wants to move from rented into a small bungalow, we've looked at everything that's come on the market. Every single one has been sold within a couple of days, yet larger houses sit there for months without any interest.

When I look around the village we hope to move to, if we ever sell out current house, there are eleven new homes. Not one has been built by developers. Four have been built for estate and farm workers by the business owners, four are self build, one was built by a local young farming couple (without pp, now gained after the planners wanted it ripped down) and the rest are a farmer converting outbuildings into homes.

#15 ProDave

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Posted 09 April 2016 - 08:21 AM

Don't get me started again. I SHOUT at the television whenever anyone mentions shortage of houses for sale and rising prices.

We have just changed to a different estate agent in a desperate move to find a buyer. They promised the earth, like they all do. The things that persuaded us to try this new agent were the massive on line presence, they claim to list all properties on 150 property web sites and the fact they "vet" all prospective buyers so all buyers they send round are in a position to make an offer and proceed.

Well 1 week later, we have a viewing, that now makes 2 viewings in 16 months. This couple seemed quite interested, they want to run it as a b&b but in a bigger way than we did with all 5 bedrooms let (we only ever let 2 of them). Then they dropped the bombshell, "we had better think about putting our house on the market" So what happened to vetting all buyers and only sending buyers able to proceed. Yes another load of estate agent tosh just to get you signed up.

There is something depressing living in a house that it appears nobody wants to buy. And it's not that they don't like it when they see it, it's that nobody even comes to see it.
We are in a 20 week contract with this agent now so obviously we will let the 20 weeks run, but I expect to be changing again in 19 weeks time.

To all you chacing houses that sell before you see them. Come and look at the Highlands. Plenty for sale, and you will be able to take your time, have a good look and choose a house without having to make a hasty (possibly wrong) decision.

Edited by ProDave, 09 April 2016 - 08:23 AM.


#16 Roger440

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Posted 10 April 2016 - 09:02 PM

It's still too cold ;)

#17 notnickclegg

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Posted 11 April 2016 - 08:46 AM

View PostProDave, on 09 April 2016 - 08:21 AM, said:

There is something depressing living in a house that it appears nobody wants to buy. And it's not that they don't like it when they see it, it's that nobody even comes to see it.

Are other properties in the area selling? If so, and you aren't even getting viewings, could it be that the price is above some critical level that has people crossing it off their list without even looking?

Jack

#18 jsharris

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Posted 11 April 2016 - 10:11 AM

I suspect it is just that demand has dropped right off for houses of that size.

When we lived in Portpatrick (Dumfries and Galloway, so a long way South of Dave, I know) the bigger houses that were often used as B&Bs tended to be purchased by English people. I'd go as far as to say that out of the couple of dozen B&Bs in the village, only one that I know of was run by a local family.

Is it possible that all the uncertainty over Scotland's future, caused by the referendum, has undermined confidence in people from outside Scotland when it comes to buying property?

It wouldn't surprise me, as we're still in touch with some friends from Scotland and some of them were seriously concerned about the future around the time of the referendum and I know of two who sold up and moved South before it, as they weren't happy at taking what they saw as a risk that the economy might suffer, either from independence or from the increased devolution that is trickling out now.

#19 ProDave

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Posted 11 April 2016 - 01:54 PM

Jeremy has hit the nail on the head re English buyers and Scotland.

It's not just our area, but it is mainly a problem with the larger houses not selling. As pointed out, many of the locals cannot aford to buy them, and with few English incomers, there are not many peiople that can buy them.

I have been doing some work for a familly that have moved up here from Dunoon. They still have a 4 bedroom shouse to sell down there, and like ours it has been on the market over a year. Because there's is empty they face the prospect of being charged double council tax on it by the end of the year, a "punishment" for having an empty house. Oh the irony of it. So they have said if it hasn't sold by the end of the year they will take it to auction to get whatever they can for it. We are not that desperate, and don't face that punishment because we are still living in ours.

Edited by ProDave, 11 April 2016 - 01:55 PM.


#20 Triassic

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Posted 23 April 2016 - 06:08 AM

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POPULAR

We're celebrating!

We've just accepted an offer on our house from the original purchasers. Have a drink on me!!!!

The offer is from the couple who's original buyer got cold feet and pulled out of the deal at the last minute, they've just had a new offer on their house and everything is back on track, so fingers crossed that the sale goes smoothly this time.