House Sale Fallen Thru, what next?

worrieddad_4

Hi all

My buyer pulled out a couple of days ago. I've been pondering what I can do and was wondering what others thought:

My options as I see them are:

1) Carry on trying to find a buyer and risk losing the house we are buying. My house is attractive and I think its priced to sell. I just need to get a buyer in a position to proceed quickly.

2) Use one of them chain-breaking companies but I've no idea what their offer would be. Ie. what do they do? eg. Do they offer you say 85% of the value or even less? I am willing to take a hit but not too much

3) perhaps try to sell thru an Auction. Again, typically what can I expect in way of prices? Do houses in good condition sell or is it geared more towards investors who are more interested in fixer upers.

Thanks all

linda.b_4

We found out new years eve our buyers buyer had pulled out. Put house straight back on market and this week have received 2 offers! We did approach people we are buying from and they did say they would hold on a while till we got another buyer (didnt say how long). if you think yours will sell fast put it back on and if you are willing to take less, drop the price. We had 3 viewers at weekend so it looks like the buyers are out in force. Good luck.

Doozergirl

1) Yes. It's very upsetting and incredibly unfortunate. You have to hope that your vendors don't find a new buyer before you do as I'm sure it will be recommended that they remarket. You have to believe that there's a reason it's not meant to be if the worst happens.

2) No. They will certainly offer you less than 85%.

3) Not really. It's hard to say, because auction buyers are primarily investors, not really people looking for their family home - or if they are, they're looking for a deal. It's awkward trying to get a mortgage within 28 days and expensive to survey a house before having an offer accepted, so you're seriously limiting your market.

I hope things work out for you.

black-saturn

Best thing to do is just soldier on. I had 6 houses fall through on me before I got this one :eek:

Zannie

I looked up the chain busting companies myself and on the internet - google the name - and they came up as a watchdog report offering 50% and 65% if my memory serves me well. People generally go to auctions for bargains and there are quite a lot of fees - talk to your local auction house they will give accurate advise

lilyann1

Our buyers buyer pulled out a day before we were all due to exchange back in June.
It was agreed by all of us that we would let our buyer remarket their property and we would all hang on within reason. They had loads of veiwings and many people interested and found FTB who could proceed.
It is all going through now so fingers crossed we make it this time.
It is awful when it happens.Just keep in contact with everybody and let them all know whats going on.Good luck

aloiseb

When auctioning a property about 10 years ago, we found that you have to wait until the next auction but one, if you had just missed going into the brochure for the next one. You might have to wait several weeks, and it also costs about £500 + to be put in the brochure.
That was in the days before Ebay! - maybe things are different now that online selling has taken off. Good luck - hope you find a new buyer befroe you have to worry too much.