Selling house after sale fell through

builderscraic33

Hi everyone . First time posting here . Just looking for some advice .

put our house up for sale in summer , sold within 3 weeeks for 50k over asking . Sale fell through . Relisted and sale agreed again at same price as before . Got word day before Xmas eve buyers were pulling out . Major Debbie downer for Xmas . Anyway , just got word today the buyers have had change of heart and want to proceed . They have had survey done and we had agreed a reduced price . Initially they rejected the reduced offer but have now decided they want it . We relisted the house yesterday and think that we will keep listing live for future potential buyers right up until contracts are signed . We had taken house off market when we went sake agreed with these guys . They mucked us about for months and we lost lots of potential viewers before they withdrew completely Xmas eve .

they want to proceed but need a further structural report before they can drawdown (house over 100 yrs old) . They are getting 20k off what was sale agreed . Survey threw up few issues but nothing major considering age of property .

I guess I’m just wondering if we are right to keep it on the market until their second survey is complete and we know they are bulletproof . Don’t want sale to fall through again but they are really getting a bargain and I think anyone who views the house from here on out might bid higher . It’s an amazing house , 5 bedroom town centre . 210 is what’s been accepted and agreed on but I think we could get much more .

any advice / thoughts most welcome

Cinderella2000

As someone currently buying, I'm trying to figure out why you are at sale agreed if you're so confident you could get more for it?

Did the 1st sale agreed fall through because of survey?

This second sale agreed is very unstable however I don't think you're in as strong a position as you might think. Maybe more details on the survey report would clarify but u accepted a reduced offer- of 20k! There's major work needed somewhere!

For your sake keep it listed, that said buyers may use it as an excuse to eventually pull as they see it you're not committed & they're paying for not 1 but 2surveys on it! I hope you've looked into the price of surveys.

I'd suggest , if it goes to viewing again you instruct EA to disclose any known structural issues. Cut out the time wasting.

builderscraic33

Hi and thanks for your views . Really appreciate any kind of opinions on this .

the first sale fell through due to buyer inheriting a property . There was a long bidding war and he came out top . When that same fell through the underbidders were informed but all 3 had either found something else or were not fully approved financially so we went back to market .

the first people to see the house offered the same price we were sake agreed at on condition all future viewings would be cancelled . Happy days , we were happy to do that . There were 15 viewings lined up that we cancelled . Buyers got their survey done and it was very thorough. There were lots of issues raised but nothing major ( moss on roof , leaking gutter etc.) we offered them 20k off agreed price as we needed a quick sale due to being sale agreed on something else . There is a basement below the house and our buyers wanted to convert this to living accommodation . This is where they realised their budget would be stretched as it’s a massive space . House was sold as seen and completely up to them what they want to do with basement .

so , house was relisted yesterday . Already 5 viewings booked on it and someone who previously viewed (cash buyer wants back in the game ) . It’s moving very fast as such a dire supply . That’s the reason I think it could sell for closer to the original sale agreed price . The buyers rang up today , they want it at the 210 and we have agreed to that but will keep the listing up until everything is signed . They understand this abd are happy that we’d even entertain them again considering how they pulled out on the mouth of Xmas . They are definitely getting a bargain .

so there are viewings lined up , they know this . The only way this sale will not go through is if a cash buyer makes an offer . The buyers have their second survey booked in for tomorrow . With the lack of supply and the price increases in the locality I’m pretty confident their offer will be trumped . Only time will tell I guess . House is in showroom condition having undergone extensive refurbishment, rewire , replumb , insulated , brought from derelict state to B3 BER . We spent €150 k in renovation so would only be breaking even if selling at 210 . If we were to do the same work again today it would cost 2 times as much nearly. House is in midlands area in a big enough town .

JamBur

The lads in RicherSounds are great for TVs, audio and property advice!

z80CPU

Richer Vibes.

KaneToad

I've sold houses without agents before. The system we have here is very unsatisfactory - both sellers & buyers can pull out at the last minute (prior to contracts signed).

For that reason, I kept my property listed until contracts were exchanged. Some might argue that it dissuades the buyers but it didn't in my case.

builderscraic33

Omg , didn’t realise I didn’t post this in the correct forum . First time using it … don’t know what I’m at 🤦‍♀️

builderscraic33

Thanks ☺️

yes , our buyers are aware it’s not going to be listed as sale agreed until the contracts are signed abd they are happy with that . We accepted their initial offer abd cancelled 15 viewings on the property while they faffed about before eventually pulling out . So , yes .. I think the very least they can expect is that we keep our options open having shut all options down for them previously . If a better offer comes along they will just have to deal with it . We are sale agreed on something else so every penny counts !

NIMAN

Is there a 6yr warranty on the house?

Richersounds.ie: DavidS

https://www.boards.ie/discussion/2058330634/selling-house-after-sale-fell-through

Hi builderscraic33,

I think you've maybe posted in the wrong forum!

I'd love to help but this is beyond even my expertise I'm afraid 😀

If you try posting in a general forum you might be able to get more specialist advice.

Hope you're able to get sorted!

Kind regards

David

builderscraic33

Hi sorry !! I’ve not posted before and didn’t know what I was at . I’ve no idea now how to move this to the correct area 🤦‍♀️. My apologies for clogging up with irrelevant topic !! Hopefully a MOD can move this to where it should be as I’m totally lost 🤦‍♀️🤦‍♀️🤦‍♀️

Richersounds.ie: DavidS

https://www.boards.ie/discussion/comment/121597854#Comment_121597854

I'll see if I can tag @The Ritz to see if we can get it moved!

builderscraic33

🙏 thank you ☺️

Boards.ie: Mike

Moved to correct forum.

Leg End Reject

https://www.boards.ie/discussion/comment/121597043#Comment_121597043

There were lots of issues raised but nothing major ( moss on roof , leaking gutter etc.)

This doesn't make sense, you knocked €20 k off the price of a house you spent €150 k renovating? Why was it only worth €230 k? Are you sure there weren't some less minor issues identified?

What the buyer wants to do, and how much it will cost them is not your concern, so the basement is irrelevant.

Shield

https://www.boards.ie/discussion/2058330634/selling-house-after-sale-fell-through

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herbalplants

https://www.boards.ie/discussion/comment/121602691#Comment_121602691

I agree with above. The buyer budget for what they want to do with the house is none of your business.

You shouldn't have offered 20k reduction.

Also, I’m wondering why you aren’t selling to the cash buyer.

spaceHopper

I would leave it on the market but not actively promote it. Let the current buyer do their survey and then they need to make a decision. If they pull out then you actively promote it. I think the 20K reduction was foolish on your part. Either they have the money to buy it or they don't. My suspicion is that they don't or have on buffer for anything they need to change. They have shown themselves to be unreliable so any messing and I'd look for another buyer - even if they come back with more money.

It's a 100 year old house moss on the roof and a gutter are all small fixed. I'd have told them you will get those fixed and the price remains the same. Any house that age will have issues but it looks like you've sorted most of them.

builderscraic33

Hi only getting to reply now . We needed to move fast abd offered 20k off as we are sake agreed on something else .

builderscraic33

Only offered reduction as we are sake agreed elsewhere abd don’t want to miss out on dream home over 20k . Yes it meant taking a hit but we thought it would be worth it so not to lose our dream home

builderscraic33

The cash buyer didn’t bid in the first round of bidding . Held back for some reason but as soon as house was relisted he was on the phone straight away . Has seen house twice now at this stage and is back tomorrow . He is looking for an investment and as a rental this property could easily house 12 people very comfortably so …. He’s doing his calculations and has mentioned he’d match the original 230 offer in cash . So looks like he’ll be getting it . But there’s 8 other people looking at it on Friday so who knows what will happen . Honestly , things are getting crazy out there …. It’s unreal the amount of interest since house was relisted a week ago . I don’t know if it’s due to the chronic supply or the charm of the house but we are glad now that the buyers pulled out as it’s opened it up to a wave of potential buyers that weren’t here a few months ago .

builderscraic33

Yes , you are right .

we were foolish to reduce the offer by 20k but not as foolish as they were to reject it . They have now been outbid and a huge amount of people are viewing and making offers . Some cash buyers , some investors . It’s just crazy now so in hindsight they really have lost the sweetest deal of a lifetime . I don’t feel bad about it one bit considering our generosity and having that generosity rejected . Once they realised their decision was the wrong one they were quite literally begging for a second chance but the house had already been relisted and it’s flying .