Sale Agreed and Vendor pulls out at last minute

Are people experiencing this much? Friend of mine sale agreed on a house around the 450k mark. After about 6 weeks at sale agreed and gettin close to signing contracts the vendor pulls out for personal reasons! My friend is down quite a bit of money on surveryor costs etc. Is there much of this going on out there? She is now going to take a step back from the property market as cant be bothered with it anymore and I dont blame her. Might be the best thing that ever happened to her. Might not be long now before we see sale agreeds falling through because the buyer gets cold feet as opposed to the seller pulling the property because they feel they will get more by putting it on again in a month or two.

It happens.

Seller may have been lookign to buy another house which they failed to get.

Seller may be pretending to sell it for the banks but really wants to stay.

So many reasons really

What a mess. Sorry to hear that but it might be a blessing in disguise.

If we had a more diverse and stable market people could sell their gaff and temporarily rent until they find/have the place they need bought, think of it as a bridging rental.

It seems to be normal as opposed to the exception to take an all or nuttin’ approach to these matters, personal or national. It’s like every decision becomes your first bungie jump.

I’ve come across this a couple of times lately. Gaius drew my attention to this thread from Boards which points out a few tell-tales signs that a house isn’t really for sale (e.g. estate being elusive about views; houses coming on and off the market; goes sale agreed only for the deal to fall through because vendor is non-cooperative).

A friend of ours went through this for several months before walking away in frustration. If agents *knowingly *facilitate this they should be reported to the regulator.

Agents have little or no interest in this behaviour

After all they only get paid when the house is sold :slight_smile:

Yes, I had this conversation with an agent recently as a house she was trying to sell was causing great consternation. I (twice) wanted to buy it and she spent many hours on it without receiving a penny. It had gone sale agreed, fallen through and was back on the market but the vendor wasn’t returning the agent’s calls. The agent said she was pretty much giving up on hounding him and was understandably peeved at having put in a lot of effort for naught.

However, she still left the ad up online and in her window for several weeks before I rang yet again to ask if it was really back on sale. Only then did she take it down. I think sometimes they like to be seen to be active in the area in the hope of picking up other houses to sell.

My sympathies to your friend. This happened to us twice over our 7yrs of house hunting. First time it was a couple splitting up. We signed the contracts, there were delays and delays then no one able to contact vendors or their solicitor. Stalking the house one day I saw that the For Sale notice was ripped up from the garden and chucked out onto the path. An EA from another company who knew which house we were buying had the heart to ring me out of the blue and tell me that the vendor happened to be talking to them and told them they were pulling out of the sale. Turns out one party refused to sign the contracts.
Next time it happened again we had had a survey done, then there was a story that the vendor was waiting on a redundancy package so they could buy another house but it wasn’t materialising so they took the house off the market. I actually burst into tears coming out of the estate agents that day. I’d purposely not showed the house to the kids until we had had the offer accepted, and I’d learned to go and view houses without the kids because as they get older the prospect of moving gets harder for them. They get attached to whatever house they are in, then the grown ups are all full of talk about ‘the new house’, then suddenly the ‘new house’ is gone again.
In both those scenarios above we had gone through literally weeks of negotiations and bidding, engaged solicitors, had surveys done etc.

The day the bank issues the contract the vendor pulled from the sale, as he thought it was taking too long, and put the price up by nearly 15%. This was a Friday, I asked for my deposit to be returned. On Monday the sale was back on but he did not want to leave for 6 weeks.

Sometimes ass-holes just can help themselves.

Sorry to hear that bookworm. Sounds like a nightmare. To be screwed over twice is cruel.

Good point about the kids. We generally try to avoid bringing them along to viewings but sometimes it’s unavoidable. Can be confusing for them alright.