Buyer has pulled out - what now?

curlywurly81

Hi All

My partner and I had an offer accepted on our flat 4.5 weeks ago. Yesterday we found out that owing to the homebuyers report our buyer wished to withdraw - no attempts to negotiate and no real idea of what the problems are that caused him to withdraw. He has apparantly now gone on holiday and also apparantly withdrew from another property following receipt of the homebuyers report - curious!

We appreciate thay he is able to withdraw although we are obviously disappointed as we had found a property to buy and we were fairly well progressed.

We have not informed the sellers of the property we had hoped to buy yet as we are trying to see if we have any other options.

We are not relying on the flat to provide much of the deposit so we are considering either trying to let it out or proceeding with our purchase and hoping that we may sell soon (potential problems with the flat do worry us as someone else may pull out - we are trying to see whether we can get a copy of the homebuyer's report if possible) and covering the mortgage whilst we do so - risky though.

If we keep a mortgage on the flat do we need to declare this to our new mortgage company?

We are hoping that there may be a solution ot our problem else we shall have to pull out of the purchase - we don't want to mess our seller around as we know what it is like!

Any help greatly appreciated!

timmyt

curlywurly81 wrote: »

Hi All

My partner and I had an offer accepted on our flat 4.5 weeks ago. Yesterday we found out that owing to the homebuyers report our buyer wished to withdraw - no attempts to negotiate and no real idea of what the problems are that caused him to withdraw. He has apparantly now gone on holiday and also apparantly withdrew from another property following receipt of the homebuyers report - curious! I bet he cannot raise the money. Loser

We appreciate thay he is able to withdraw although we are obviously disappointed as we had found a property to buy and we were fairly well progressed.

We have not informed the sellers of the property we had hoped to buy yet as we are trying to see if we have any other options. your agents are cracking on remarketing

We are not relying on the flat to provide much of the deposit so we are considering either trying to let it out or proceeding with our purchase and hoping that we may sell soon (potential problems with the flat do worry us as someone else may pull out - we are trying to see whether we can get a copy of the homebuyer's report if possible) and covering the mortgage whilst we do so - risky though.

If we keep a mortgage on the flat do we need to declare this to our new mortgage company? yes

We are hoping that there may be a solution ot our problem else we shall have to pull out of the purchase - we don't want to mess our seller around as we know what it is like!

Any help greatly appreciated!

see above in red

LilacPixie

Agree with Timmy. What does the homebuyers report say?? No idea on your ocation but where I m you cn download a home report directy from the advertising agents website. Also if the report is bout your home were you not offered a copy when it was created??

curlywurly81

I don't think we can access the homebuyers report unless the person who was going to buy the flat will let us have a copy? I Will check it out.

Really hope there is a way out of all this!

new_home_owner_3

Id just remarket the flat, he probably couldnt afford it unless hes playing games, he may go away on holiday come back and offer you less.

Call me paranoid but if hes done it on another property as well and he knows your position, he may be doing this to get a lower price.

I mean if he hasnt even asked for a reduction after forking out for a survey, why did he have it done in the first place?

I think hes playing games especially has he as done it to two properties, i wouldnt contact him at all, if hes a investor, he may even be in cahoots with the estate agents.

id tell the estate agents you are going to instruct another agent to sell your property, and then see the agents reaction, a lot of agents would pester them to find out why they dont want to buy, why havent yours?

new_home_owner_3

As for keeping the flat and continuing with your purchase, can you afford to pay the both mortgages?

If not dont proceed until you sell otherwise you could end in a right mess, its not good saying we may let it out, what are the letting like in the area? will your mortgage company give you consent to let?

If i was you i would explain to the people who you are buying from, it happens all the time and im sure if your flat sold once it should sell again.

delmar39

Sorry to hear your news. We've just sold our house, but there were many ups and downs along the way so I know how you must feel. I wouldn't say anything to the people you're buying from UNLESS you have to sell in order to buy their place. It doesn't matter to them where your money is coming from to buy their place, just as long as you can afford to pay them when it comes to exchange and completion. You could always get a survey of your place done to see what potential issues there are so that you're armed with the info. If on the other hand you cannot afford it without the sale and renting doesn't seem like a good option, then you'll just have to go to your seller and be honest - they may wait they may not. Until someone sorts the process out in this country until exchange of contracts nothing is certain. Not good, but good luck.