Our Buyer's Buyer has pulled out - what to do??

Treacle44

Estate agent hadn't bothered to let us know, only found out by chance on Rightmove. Rang the agent to have a moan, we're gutted.

The question is what to we do now? Put ours straight back on the market (which in turn could result in our the place we're buying being put back on the market too) or give our buyers a while to sell their bungalow again?

If we wait, any advice how long to wait for?

Gutted

Thanks

silvercar

Put yours back on the market. Tell your buyers that you are doing this only because they are not proceedable and if they find a buyer (as they really need to remarket their property) or they buyer's buyer finds a buyer then the chain will be reformed.

You can do no more than keep everyone informed.

A faint hope is to enquire along the chain if anyone is in a position to buy the buyers buyers property for resale or letting and keep the chain intact.

chickmug

Are you sure your EA even knew? Sometimes the agent is not told and finds out through some party (such as solicitor or other EA) in the chain.

If you want to be totally honest all parties should be told what has happened so each can make their own decision on how to proceed. But, like many do, you can keep it secret and hope the chain is reformed very quickly and the people you are buying from are none the wiser.

So over to you and your morals perhaps?

Doozergirl

You need to put your house back on the market. If your buyers find a buyer then all is rosy again but you need to protect your own interests and give yourself the best chance of selling quickly.

Your vendors may put their house back on the market regardless of what you do, fact is, you want someone to buy your house asap and whilst it may be disappointing for your buyer, they have as much chance of finding a new buyer as quickly as you do.

Treacle44

Thanks for the advice, we've decided to hold off putting ours back on the market for a week or so and hopefully they might sell again as it's a small bungalow and it apparently very sellable according to two estate agents. Hopefully it might go again quickly as it did before and the chain can be resurrected again.

Fingers crossed.

x

Doozergirl

I think you're too nice.

You're giving them the opportunity to buy your house more than you are giving yourself the chance to buy the house that you want.

As long as you're clear what you've prioritzed. Good Luck though, I do hope they sell quickly for you.

Treacle44

Maybe, but for a week it might be worth it. If we have to back on the market again we have the hassle of waiting for viewings again and starting from scratch again with the conveyancing