House sale fallen though for second time!

Vanilla scent

Long time reader first time poster.

Hey all,

We put a house on the market in July and it sold within a few week only for the buyer to pull out in September went for another property.

Back on market, sale agreed pretty shortly after that and was to sign contracts this week but got the call that buyer is pulling out again.

Obviously feeling devestated as thought it would be all finalised by Xmas.

So do we put it back on the market again, does it look bad for a property to back up for sale after 2 x sale agreed signs?

Is it just a bad time of year now. This is our first time selling, so is this to be expected?

antoinolachtnai

If you have to sell you have to sell. What caused the purchasers to pull out?

Gumbo

I would reach out to the buyers and ask them was there a specific reason that they pulled out. Feedback so to say.

10-10-20

https://www.boards.ie/discussion/comment/121383898#Comment_121383898

I feel that going to the buyer to ask for feedback is likely to cause them to give an excuse rather than workable feedback. "We didn't feel like we could emotionally attach to the property" when the gaping cracks in the walls was the real reason!

Should the EA not be communicating concerns or pull-out feedback?

Del2005

The market is slowing down and I know of several sales which have fallen through, especially if chains are involved. I don't think that people pulling out in this market is a problem with the property just the market. As said earlier if you need or want to sell put it back up for sale, the market is slowing so if you pull it then when you relist it could be worth less.

Did both purchasers perchance get your property surveyed?

Ubbquittious

House sales ABSOLUTELY LOVE falling through in this country. I have heard of more sales falling through than successful ones in the past few years

Cristianc

Irish system is absolutely idiotic. You don't meet the seller/buyer and there are two solicitors.

As a buyer you bid like crazy for a property you know nothing about and the seller doesn't want to reveal anything about. You go sale agreed, start conveyancing with two solicitors slowly exchanging paperwork and then discover the seller hasn't paid management fees in years, there are fire and water ingress issues with tens of thousand of euros remediation costs, or structural problems, or there are problems with the title deed. And it's taken several months of conveyancing to discover this because the agent told you everything is perfect.

It's the mentality "I sell it the way it is, somebody's desperate to buy it" that's not working anymore.

herbalplants

https://www.boards.ie/discussion/2058323071/house-sale-fallen-though-for-second-time

Don't mind me asking, is the house in Dublin?

I think you need to put it back up.

Vanilla scent

First found a different property and the second just said personal circumstances changed

Vanilla scent

Just outside Dublin

Vanilla scent

Yes, both did a survey

RichardAnd

I went sale agreed on two properties before I bought my house. The first fell through after my solicitor got a hold of some very dodgy financial statements from the management company of the apartment complex. The second fell through due to messing about by the vendors. As mentioned above, it happens a lot in Ireland. YOu have a house when you have the keys in your hand.

bea468

I think part of the reason some sales fall through is the fact that there are so few properties for sale in the first place. People go sale agreed on somewhere that they don't think is perfect but the best of a bad bunch so to speak and then they see something better in another few weeks or months. If there was better supply people could chose exactly what they want which they can't do that the moment. That's just anecdotal experience from my own experience and friends who are currently trying to buy!

Vanilla scent

You could be on to something there.

I think that's what happened with the first buyers.

They were still looking after going sale agreed on ours and then found something else

tvjunki

Lack of properties available is one. Neighbour got sale agreed within a week of going on the market but they cannot move as they cannot find a property that suits their needs. Do not think they have signed contracts yet.

Think some of it also has to do with the banks stress tests on ability to pay the mortgage and the valuation the bank puts on the property. We put a house up for sale year before last, got sale agreed and then that person their own sale fell though so we put it back up on the market. Their buyer on their house, the bank would not give the mortgage to them.

We got sale agreed with a relation and then the bank did not give them the mortgage their broker suggested.

Back up again and then the relation went to a different broker and they got the mortgage.

All you can do is make sure your agent is taking offers from some who has their paperwork in order or is a cash buyer which is not easy at the moment.

Kurooi

Could be bad luck, but do keep tabs on your EA. They should give you progress updates, tell you about the bidders and what their situation and mortgage approvals are like, and give you good reason as to why someone pulled out. A smart EA would have gotten feedback, hints at least to what was wrong with surveys or what other property people went for.

Also I sincerely hope the EA got their deposits (refundable) as they were sale agreed, certainly a requirement before they slap a sale agreed sign on the house and their website. The deposit tends to make people feel more committed to the transaction even if it is all fully refundable no questions asked.

Heard of a case recently where the buyers were allowed move in before handing over the money. Started renovation work and then the mortgage fell through. They won't leave now. Possibly can't as nothing to rent.

syrgian

I fear this is what my seller thinks is going to happen. I went sale agreed in September, and I haven't managed to get the bank offer letter yet, 8 weeks later. It's not really my fault (other than my choice of broker+bank), but I fear the seller is going to lose their patience and decide to put it back on sale. I will definitely buy the house. I have AIP from multiple banks that could finance the house, and money to spare after the purchase (so I could deal with a smaller mortgage). It's just that the best offer was from BoI, and they are unbelievably slow, after each small nitpick that I take 1 hour to address, they take 5-8 days again to answer.

How could I give reassurance to the seller that I will finish the purchase? And maybe prove them that I have been doing everything right, but the bank is very incompetent?(or maybe the broker, as I can't see the conversations between them). I already asked my solicitor to forward my apologies for the delay and reassurance that I will finish the purchase, but I don't know if that will actually reach them. Their solicitor has the 10k deposit, but I know this doesn't reassure much.

RichardAnd

https://www.boards.ie/discussion/comment/121395324#Comment_121395324

Wow! Who would allow someone to move in before they even paid for the house?

https://www.boards.ie/discussion/comment/121395711#Comment_121395711

Ask John Magnier.

FledNanders

https://www.boards.ie/discussion/comment/121395665#Comment_121395665

I was in your seller's position recently when we were selling our house. We were sale agreed for a long time with nothing happening as our buyers were getting a mortgage from BOI and they were painfully slow with everything.

If they are like we were, they will not pull out of the agreement as it would just mean going back to the very start of the process again which would take much longer in all likelihood (plus doing more viewings, which are a total pain).

All you can do is keep giving regular updates and assurances to the EA that all is in order but it is just BOI delaying things, and tell them to pass on the updates to the sellers.

Oh and make sure you have your property survey etc done (and sent to your solicitor) while you're waiting, and get that all in order for when you get your offer letter so there are no further delays.

A very frustrating process for both parties involved.

Good luck.

syrgian

https://www.boards.ie/discussion/comment/121396992#Comment_121396992

Thank you for your post.

I don't talk to the EA anymore (haven't spoken in 30 days at least). Did you talk mostly to your EA rather than your solicitors?. The last time I spoke to the EA was when I went for a second house viewing with a plumber to assess some improvements we want to do.

I have indeed carried the valuation and surveyor report, which all came as I was expecting and in line with what we need.

C3PO

I went Sale Agreed on four properties in the last year before finally getting the last one over the line. The three previous houses fell through for different reasons but all of them could have been avoided if a “pre-sale” pack was required which included structural and boundary surveys and a full legal pack. Save both vendors and buyers a lot of time and grief!

Wildly Boaring

https://www.boards.ie/discussion/comment/121385118#Comment_121385118

100%

Selling a house shouldn't be the same as selling and old micra.

Estate agents should be forced to do fundamental work. Get the survey, get the seller's solicitor to provide details such as free title, get management fee details etc. Then put on market.

If there's an issue this would need to be in a standardised standardised section on the ad.

Current system suits nobody except those offloading dodgy assets. Oh and estate agents and solicitors of course

Whatwicklow

https://www.boards.ie/discussion/comment/121413942#Comment_121413942

This 🔝🔝