After 6 weeks of negotiation our buyers have pulled out. On there second viewing they brought two builders and sister with them They had full structural survey (4hrs) damp course & wood survey, drain survey with CCTV and an oil survey to move the tank. In all 9 people.There was a problem with cracked drain.They decided that if they were going to dig up the garden they would have a new septic tank. The damp survey said we needed to dig out some soil the wood was ok. Not bad survey for a 200 yr. old cottage. We reluctantly agreed to drop the price 10k. After all was agreed and solicitor sent contract to them they wanted to send local EA to value the property to see how much it would be worth after they had done some building work.It would be loosing one bedroom.We said we had had enough surveys and could they do it after they took possession. They said they would send the EA some pics instead. Its obvious the structural survey couldn't have been bad as they would not have continued for weeks. After a week of silence we were suddenly told by solicitor they had pulled out. No explanation. Any ideas how we could stop this happening again? It has all been very stressful.

Oh dear wendy what a pain!

I think you were right not to allow any more surveys to your house. Maybe I'm a cynical fool but it seems to me like the prospective buyers were trying to drive down the price of your cottage by means of continuous surveys.

I really don't think you can stop this happening again but if it was me, I would be taking in the reactions and language of any other prospective buyers which should hopefully indicate who is likely to be a geniune buyer.

Good luck with selling your cottage!

People I am afraid are coming round to the idea that houses arent worth what Estate agents (and sellers) reckon they are.

Other explaination, they couldnt secure a mortgage. Many of the big lenders now require a 15-25% deposit, which in our debt fuelled economy is nigh on impossible to find. As I have said elsewhere, prices will have to therefore fall to meet what people can borrow. There are a lot of forced sellers out there.

Oh, even though IRs have dropped, lending costs have soared, LIBOR was up to 5.93188% and going up as of this morning. That typically equates to a 7% SVR, which, at current prices, is well beyond peoples means. Lat time the US fed dropped rates, 2 year+ mortgage rates went up becuase of expectations of inflation to return.

Wendy, I am not being malicious by the way, I can imagine what you are going through is very stressful, I am simply pointing out the current market dynamics.

Wendyc, i'm sorry to hear what you are going through - i know how you feel, i've been there! My buyer pulled out on day of exchange - she told her solicitor it was because she couldnt afford it - a year later i found out she'd met a new chap and they'd decided to buy together.

What i am trying to say is unfortunately sometimes people just change their mind for different reasons, whether it be financial, personal or they just decide the property is not for them.

I wish i could suggest a way to prevent this from happening again, but unfortunately there isnt one!

Good luck for selling again and quickly.

Sorry to hear about this wendy, have been through that myself some years ago. I agree with dg1, it just comes under the heading of "these things happen". I would be suspicous of buyers who wanted endless surveys, either they want to drive down the price considerably, or they are terminally indecisive and cautious. You were unlucky, hopefully next time you will be luckier.

Thank you all for your responses. I have never experienced all these surveys before when selling other houses. They were cash buyers so didn't need a mortgage as pflusk thought .I had 5 valuations. We accepted an offer £25000 below the highest as we want to sell quick and know how jumpy the market is at the moment. We will give it a few months and if it doesn't move I think we will stay put. We are in a fortunate position as we love it here and don't need to sell just got itchy feet. Cheers to all!!

Buyer behaviour at the moment is considerably worse than any sellers in the best of markets.
When the market was good some sellers would apply pressure to make complacent buyers move at what should be reasonable timescales. (sales should not take 8-12 weeks) so the strong market enabled sellers to demand 6-8 week sales.
It was a rareity if a seller at the last demanded more money before exchnage many of them happy that their property had sold quickly at a good price.
Now lets look at buyers at the moment
They think a survey is a tool, not for checking that the house is in good shape but a tool to renegotiate price! Most of the time the property has not been downvalued nor any retentions imposed until essential works are done.
It is simply an excuse to shaft the seller!
Buyers bring along 'surveyors' that are friends of theirs, again with re negotiating in mind. I have read the disapointment in some buyers voices when they admit that a survey did not reveal problems!!!
And another point, one which I will never understand is how a potential buyer will highlight just about everything they don't like about a property and let's face it, unless they are buying a million pound property there will always be compromises, then go on to offer why!!!
I always say 'if you don't like it don't offer, buy something else'
Can I go on to say if you are thinking of buying right now make sure you are serious the amount of people that are just out for the day is all too apparent, you are not clever, you are sad, get a hobby. Sellers don't put their properties on the market just for your weekend entertainment!
The level of idiots out there right now viewing properties with no intention of buying is staggering.
We show them round properties they say 'I don't like this' we say, 'let's move onto the next one' and they say 'no let me just have another look round' then proceed to open every single cupboard in the kitchen as if they have lost something! WHY.

All sellers should keep properties on the market until the buyer at least has committed financially and ideally until they have a mortgage offer!
Remember everyone 'Buyers are liars' this is the best advice I have ignored too many times!

Lots of good advice there. I would only add that I think you have to mentally prepare yourself for these idiots, don't let yourself become too stressed or worried. You could not have changed the outcome and you did your best. What will be will be..

DEAR WENDY, TO SORT OUT THE GENUINE BUYER.ASK FOR A NON RETURNABLE OPTION TO PURCHASE.THIS PROTECTS THE BUYER FROM GASUMPING AND PROTECTS THE SELLER BY COVERING THE COSTS INCURED WHEN BUYER RENAGES. A 1/2% WOULD NOT BE UNREASONABLE.HOWEVER,YOU WILL FIND THAT IN A BUYERS MARDKET,THIS MIGHT BE DIFICULT.MUCH EASIER IN A SELLERS MARKET.SPEAK TO YOUR SOLICITOR.DO NOT CONFUSE AN OPTION AS IT DEFFERS FROM A DEPOSITE,AS THIS IS RETURNABLE.
REGARDS,DONQUIJOTE.