House sale probably fallen through

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House sale probably fallen through


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Old 7th January 2014, 02:47 PM
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Default House sale probably fallen through

Just had an email from couple buying our house to say they are no longer being offered a mortgage so cant buy our house aaaarrrrrggggg
Just paid a non refundable deposit on storage to hold our stuff prior to moving
The womans in tears as they really want our house
Looks like Spain moving further away from us

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Old 7th January 2014, 02:53 PM
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How frustrating! We had a similar situation when the guy who bought our house had his mortgage application rejected. Fortunately his family rallied round and I think they got it in his father's name eventually.

Let's hope your buyers manage to find an alternative solution or someone else comes along quick.
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Old 7th January 2014, 03:15 PM
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Originally Posted by Janeym8 View Post
Just had an email from couple buying our house to say they are no longer being offered a mortgage so cant buy our house aaaarrrrrggggg
Oh dear, sorry to hear that. Wonder why their mortgage was turned down?

We all learn by experience unfortunately (sometimes the hard way) but here's a few tips for the future:

Always ask the estate agent representing you whether the prospective purchaser can raise the finance to purchase the property when you consider any offer made. I grilled mine fairly rigorously on this before I accepted the offer. If you're not convinced or are unsure the buyer can raise the finances, insist on keeping the property on the market until the mortgage is approved so you can keep backup plans in place. But make it crystal clear to estate agent and buyer than you will not be considering any other offers whilst it stays on the market.

Never put any plans in place to move house until you exchange contracts. That's the point of no return really and that's when you commit yourself to either buying or selling. The deal can fall through at any point up to exchange of contracts, almost for any reason and frequently does. If I had a pound for every time someone told me that I'd be rich! But it is true, don't get too excited until you exchange contracts.

I'm about three days from completion on my property sale!

Best of luck finding another buyer and don't get too despondent about it all, it's all part and parcel of selling a property. Just remember, don't get too excited until you exchange contracts.
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Old 7th January 2014, 03:41 PM
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Oh Sorry to hear Janeym8. selling its so flipping stressful. Ours went through really easily and I found that a strain. Not much comfort but at least houses are moving quicker than before now.

We are in rented and waiting to move in 6 weeks. I really do wish you a speedy sale, I know this is a horrid time
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Old 7th January 2014, 03:46 PM
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Put deposit on storage today only because we couldnt be guaranteed storage if we waited
Not doing anything until its all completed legally,except for above for reason stated
Just a bit down about it to be honest but we did think it was all going too well

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Old 7th January 2014, 03:59 PM
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Were they turned down for a mortgage or just not a mortgage up to the amount they needed to purchase your house.. If it was the latter perhaps some creative thinking is in order..


In Canada, sometimes the seller 'carries' a second mortgage on the place to make up for the shortfall.. If you have equity might be worth checking into... Just make sure it is done legally so you.. Seller financed mortgages .. disadvantage as 2nd mortgage. You would be 2nd in line should the buyers default on the payments, the bank being the 1st in line...

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Old 7th January 2014, 04:36 PM
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Were they turned down for a mortgage or just not a mortgage up to the amount they needed to purchase your house.. If it was the latter perhaps some creative thinking is in order..


In Canada, sometimes the seller 'carries' a second mortgage on the place to make up for the shortfall.. If you have equity might be worth checking into... Just make sure it is done legally so you.. Seller financed mortgages .. disadvantage as 2nd mortgage. You would be 2nd in line should the buyers default on the payments, the bank being the 1st in line...

Not sure what their problem is,think they might have been turned down
Our estate agent told us everything was ok and "just a formality" when they put their offer in
Fingers crossed they can sort something out
We will speak to our solicitor and find out

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Old 7th January 2014, 07:23 PM
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Originally Posted by Janeym8 View Post
Not sure what their problem is,think they might have been turned down
Our estate agent told us everything was ok and "just a formality" when they put their offer in
Fingers crossed they can sort something out
We will speak to our solicitor and find out
We went down that road, took four and a half years to sell, but eventually it sold

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Old 7th January 2014, 07:37 PM
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Can you not rent it out and rent in Spain???

Jo xxx

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Old 8th January 2014, 01:22 PM
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Can you not rent it out and rent in Spain???

Jo xxx
Unfortunately not we need the funds from house sale to move over and buy or we would as our son and his family would love to live here

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