So, the house seller has changed their mind after accepting my offer, what next? Finding an affordable home can be a lengthy and stressful process and finally finding the right one and it falling through can be heart-breaking. However, at least if you then know what you are looking for in a house and which areas you prefer, you already have a good idea of what to look for in the next one.
Can a seller pull out of a house sale after accepting an offer?
The answer is yes, they can. A seller can pull out of the house sale right up until the contract has been signed.
Why would a house seller pull out of a sale?
There are many reasons why a seller may want to pull out of a house sale. These could be;
- The property they are wanting to buy has fallen through – If the home they were looking to move into sale has fallen through, then they may want to pull out. This is because they would have nowhere to live if they were to sell their current home.
- They no longer want to move – Sometimes simply people change their mind on wanting to move. Circumstances may have changed and they have decided they no longer want to move
- They think they can get more for their money – Maybe they have found their new place needs more work than they first thought and they need more money
- They have decided to go with another buyer – They have changed their mind as they think another buyer has more chance of completing the deal
As well as many other reasons that we haven’t covered.
What are the reasons a house seller changes their mind?
If they have offered more money and or there is more chance of the other buyer completing the transaction as they have no chain or a smaller chain. Yes, this can happen. It can be really disappointing to say the least. You have your heart set on your new home only for the seller to change their mind and go with someone else.
If it is to do with the chain you are in that could be the issue. Property transactions tend to rely on
What should I do if the house seller has changed their mind?
There is nothing that you can do in regards to the seller changing their mind. You could ask for compensation from them for your survey/mortgage/admin costs, but they are under no obligation to provide you with this.
You may want to then look at starting to property hunt again whilst your mortgage offer is still in place and can be altered to a new property. If you leave it over a year since your quote was taken out, you will have to apply for another one and pay for the costs that this incurs.