Property Saviour logo
Call Me Back, Please

House Buyer Pulled Out?

Property Saviour » Contract of Sale » House Buyer Pulled Out?

If you’ve agreed on a sale of your property, chances are you’re part of a property chain. This is common when buyers aren’t first-time buyers or investors. A property chain is when the buyer of your home needs the sale of their own to complete the purchase of yours.

This chain can have several links with different buyers and sellers who depend on each other to progress.

If one link in the chain fails, it could cause the entire process to break down and your buyer to pull out. In this article, we explore property chain breaks and the options available to you.

Table of Contents

Can a buyer pull out of a house sale?

If you’re selling your house and the buyer backs out at the last minute, you might be confused, wondering why they did it and if it was legal. The simple answer is, usually, yes. The buyer can withdraw from the purchase of your property until the contracts are exchanged.

The reason behind this is that, before exchanging contracts, the purchase of a property is not legally binding for either party. Once the contracts have been exchanged, however, it becomes different as it is then subject to the terms specified in the contract.

When does a buyer usually pull out of a property purchase?

When you accept an offer from a buyer on your property, as mentioned before, this doesn’t necessarily mean that the process is complete.

On average, there are several months between the offer being accepted and the property being completed, and during this time, there are various reasons why the buyer may pull out of the deal at any moment.

The most common time for a buyer to pull out is after the RICS survey. This is an exhaustive survey of the property carried out by a third party, which will highlight any problems or potential issues.

If anything is flagged up in the survey, it may frighten the buyer or they may try to reduce their offer to accommodate the issue, which is usually what causes the sales process to break down.

Another frequent time for a buyer to withdraw is at the mortgage approval stage. This usually happens a few weeks down the line and occurs if the buyer’s finances are not in order and their application for a mortgage on your property is rejected.

House Buyer Pulled Out
House sales can be complicated and usually take some time, so it's not unusual for things to arise during the process that could cause a buyer to withdraw from the sale.

For what reasons does a buyer pull out of a house sale?

House sales can be complicated and usually take some time, so it’s not unusual for things to arise during the process that could cause a buyer to withdraw from the sale.

If you can understand why they’re pulling out, sometimes there may be something you can do to address their worries and keep them in the sale.

Here are some of the main reasons why a buyer might decide to not purchase your property:

  • The buyer’s chain could be broken,
  • They could find another property,
  • Their financial situation could change,
  • Issues raised in the property survey could be a cause for concern.

All of these can be daunting and require careful consideration before making any decision. Doing your homework and exploring the world of property can help you make an informed decision without breaking the bank in today’s digital age.

Knowing the signs – being prepared

It can be frustrating, but if you anticipate that your buyer may back out, you can be prepared. Always watch for the signs that they might be unreliable. Taking a bit of foresight can help you avoid any disappointments.

Several re-negotiation discussions

It should raise a few red flags if the buyer is continually attempting to renegotiate their initial offer.

It is not unusual for buyers to want to renegotiate after an inspection, but if it is happening regularly, it is likely that they are not prepared to pay close to the original price, or do not have or cannot get the funds.

This could be an early indication that they are either seeking a substantial reduction or are about to pull out of the purchase entirely.

When Does A Buyer Usually Pull Out Of A Property Purchase
It is not unusual for buyers to want to renegotiate after an inspection, but if it is happening regularly, it is likely that they are not prepared to pay close to the original price, or do not have or cannot get the funds.

Slow to the milestones

There are several steps to go through when purchasing a property. These can include verifying identity with estate agents, appointing solicitors, arranging a survey, and having a house repayment plan in place to buy the property.

If a buyer is consistently slow at reaching these milestones, it can be a sign that they are not fully committed or that they could miss deadlines and delay the whole process.

Hard to get a hold of

Effective communication is vital throughout the process of a house changing ownership. Another indication of hesitance can be when it is difficult to contact the buyer.

To ensure the process proceeds smoothly, it is important for vendors and buyers to maintain an open line of dialogue.

What can you do when your buyer pulls out & can you stop them?

You’ve been told that your buyer is withdrawing, so what can you do to prevent this from happening? It might be out of your control, but you still have choices, particularly if you plan to make a follow-up purchase.

Can you stop house buyer pulling out
Sometimes, a simple conversation with the buyer can be enough to prevent them from withdrawing their offer. However, more often than not, they want to renegotiate the price.

Can you stop them & is it worth it?

The first question to ask yourself is: can you stop the buyer from pulling out? This is closely followed by: is it worth it?

Sometimes, a simple conversation with the buyer can be enough to prevent them from withdrawing their offer. However, more often than not, they want to renegotiate the price.

It may be worth considering accepting a slightly lower price, especially if you have already spent money on solicitors and other related costs. However, you must also understand that sometimes it is not worth going out of your way for the buyer.

If you cannot come to an agreement, don’t panic. You may still have a few options that will allow you to save your onward purchase.

Your options

Not all hope is lost. If your prospective buyer is willing to wait, you may still have a chance to get your deal back on track and rescue the house you were so eager to purchase. With some effort, you may yet make your dream a reality.

Go back to market

If you want to sell the property, the most obvious choice is to go back to the open market where you originally sold it.

To make it happen quickly, it’s best to price the house competitively. Have a look at properties with similar features and try to set a lower price than them. This way, you can ensure a speedy sale and keep your onward move on track.

Contact previously interested parties!
It might be worth asking your local estate agents to approach any of the interested parties to see if they would still be interested in the property they almost missed out on.

Contact previously interested parties

If you were fortunate enough to have a bidding war on your first agreed sale, it might be worth asking your local estate agents to approach any of the interested parties to see if they would still be interested in the property they almost missed out on.

Contact a cash property buyer

Another option is to reach out to cash house-buying companies like ours. We can’t always provide market value, but if you’re willing to accept a lower offer, we could be the perfect solution.

We can buy your house in just 10 days, with no chain – fast enough to help you with your onward purchase.

Should I cancel my onward purchase?

Losing a buyer can be devastating, and you know this from experience. Most of the time, cancelling your onward purchase is the only option in these situations.

However, there are sometimes alternatives. If your onward purchase is willing to be flexible and wait a little longer, you can explore solutions such as Property Saviour or attempt to quickly sell at a lower price on the open market.

What’s the financial impact of a buyer pulling out
Losing a buyer can be devastating, and you know this from experience. Most of the time, cancelling your onward purchase is the only option in these situations.

What’s the financial impact of a buyer pulling out? (Solicitor Fees & Survey)

Unfortunately, if your buyer has pulled out, you may incur some costs that may not be recoverable. This could be a few hundred pounds in selling conveyancing fees.

However, if you had to pull out of purchasing another home due to your buyer withdrawing, the cost could be in the thousands.

This includes legal and conveyancing costs, the cost of searches on an onward purchase if you can’t find another buyer, and any surveys that you may have done.

Fortunately, when you choose Property Saviour, we cover all your fees, including your solicitor’s. This should help to offset the financial impact of your buyer pulling out.

Why Choose Us?

If your buyer has backed out or you need some advice, our team of property experts is here to help.

Send us a message or come to our office – we’d be delighted to assist.

auction hammer

Property Saviour Price Promise

  • The price we’ll offer is the price that you will receive with no hidden deductions.
  • Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
  • These valuations or surveys result in delays and price reductions later on.
  • We are cash buyers.  There are no surveys.
  • We always provide proof of funds with every formal offer issued.
calculator

We'll Pay £1,500 Towards Your Legal Fees

  • No long exclusivity agreement to sign because we are the buyers.
  • You are welcome to use your own solicitor. 
  • If you don’t have one, we can ask our solicitors for recommendations.
  • We share our solicitor’s details and issue a Memorandum of Sale. 
Sell

Sell With Certainty & Speed

  • Our approach is transparent and ethical, which is why sellers trust us.
  • 100% Discretion guaranteed. 
  • If you have another buyer, you can put us in a contracts race to see who completes first.
  • Complete in 10 days or at a timescale that works for you.  You are in control.

Sell with certainty & speed

Share This Article:

Related Articles

Skip to content