Buyers pulled out on exchange!!!!

lilyann1

Been to sign our contracts today with exchange agreed for tomorrow and completion set for 28th July.Five of us in the chain 2 below ,2 above. Just heard that bottom buyer pulled out half an hour after he had given his solicitor permission to exchange tomorrow!!!!
Why does this happen!!!
So upsetting.What do we do now apart from waiting for our buyers to get another buyer.

Jorgan_2

Sorry to hear your news. Is there no chance the buyer will change his mind? Are you going to re-market your property or just wait to see what happens with your buyers property?

Debt_Free_Chick

Who knows ... a death in the family, redundancy, sickness, a duff survey, post-survey questions reveal a problem, no planning permission for an extension (the solicitors' current favourite!), unplanned pregnancy, a lottery win ..... etc

Sorry ... but there are endless reasons and you simply have to live with it. It could happen time & time again.

I assume you've told your estate agent? Other than that, simply get on with life until you get another buyer.

Sorry to appear harsh, but there is simply nothing you can do and stressing over this and what might (or might not) happen in the future will not help.

cattie

So sorry to hear this has happened, but perhaps some kind of crisis or tragedy has happened to the buyer. Sadly bolts from the blue do happen.

I've been lucky in never really been in a chain situation myself & it must be horrendous when something goes wrong so far down the line. I'm seriously thinking that when I sell this house I'll go into rented accomodation for a while to avoid the whole dreadful chain situation.

silvercar

Happened to us. This is the second house we are going for after the first chain disintegrated from both ends.

We were a chain of 5, then the bottom person couldn't get their mortgage. Estate agent to house number 3 didn't keep an eye on the chain and failed to find out what had happened. Anyway the one that dropped out was replaced by someone with their own property under offer so we became a chain of 6! The bottom end was not progressing and the top end was getting impatient, so we decided to jump in and buy out number 4 as a buy-to-let! So we are now number 2 and 4 in the chain!
Not looking forward to completing on two houses on the same day!

lilyann1

Thank you all.I am in constant contact with our buyer and seller and we all know we want each others houses. Our buyers have had another viewer already tonight, so fingers crossed he likes it and it could all be back on,not for tomorrow of course but a month further down wouldn't be too bad.
Fingers crossed everybody please.

terrierlady

this just shows how stressful the whole job is both selling and buying often the bottom link is a ftbyr who gets the wobbles at the last moment, on our developments we take care to nurse them along, but there are hundreds of reasons why people pull out and nothing one can do to stop it.
Sounds like you did all the right things keeping in touch etc, perhaps it maybe for the best a new purchaser will appear and who knows I have even had the original purchaser who pulled out ring a couple of days later and proceed to exchange. so good luck I'm sure the sale will progress soon.

lilyann1

After 2 days of worrying ,turmoil and stress since this all happened, our buyers have several viewings arranged this weekend,so fingers crossed.All EA's involved have got all parties to agree to wait for the time being as it should be easier they say for our buyer to find a buyer than it is for 5 of us in the chain to all try and find new buyers. Lets hope it all gets back on track soon.The old man that backed out for ill health is sunning himself in Spain for a month!!!! Can't be that ill if he can leave the country!!!

mjfusent

I really do know how you feel. The exact same thing happened to us 3 weeks ago today (see my previous post). We where on our way to sign contracts on "exchange day" with completion scheduled one week later. Bottom of the chain said it was "personal catastophy", it felt like that for the rest of the chain, I can say! We alone stood to loose £2,000+ in survey, search, mortgage and legal fees - the property buying system in the UK stinks IMHO.

BUT, after speaking with them, we stuck with our buyers (who'd lost their buyers) - they said they still wanted to buy our house. Our vendors (understandably) went back on the market. Our buyers sold again within a few days, to a non-dependant buyer, we went back to our vendors and the chain has re-formed. Hopefully we will be exchanging in 2-3 weeks. I really do hope both you & we have sucessfull outcomes.

At the time I said "worse things happen at sea" and "at least no-one has died" but I was gutted, as I said I know how you feel, take stock, hang in there, & hopefully it will all turn out OK.

BTW - I don't beleive so many "personal problems" happen to buyers on exchange days, I simply think some (very few) folks have no morals and hope what they pretend actually happens to them one day!

Jorgan_2

OP have you put a timescale on how long you are going to leave your properties of the market? Its best to try and put a time limit on these things so you all know where you stand as one persons idea of waiting a reasonable time will be different to someone elses'.

People withdraw from purchases for all kind of reasons, some feel they are under to much pressure to get things done, others just change their minds.

Hope things work out for you.

lilyann1

Yes we have said we'll let our buyers market their property again for about 2 weeks and see how things are going. We will then have to address the situation,if they haven't sold and see whether we put ours back on aswell.It's all a matter of not knowing what to do at the moment.